Brookfield, Cameco form $80B (U.S.) nuclear partnership

Mr. Connor Teskey reports UNITED STATES GOVERNMENT, BROOKFIELD AND CAMECO ANNOUNCE TRANSFORMATIONAL PARTNERSHIP TO DELIVER LONG-TERM VALUE USING WESTINGHOUSE NUCLEAR REACTOR TECHNOLOGY Westinghouse Electric Company, Cameco Corp. and Brookfield Asset Management Ltd. have entered into a strategic partnership with United States government to accelerate the deployment of nuclear power, in accordance with the president's May 23, 2025, executive orders. At least $80-billion to construct new Westinghouse nuclear power reactors; Partnership will accelerate nuclear power and artificial intelligence deployment in America; All values are in United States dollars. At the centre of the new strategic partnership, at least $80-billion of new reactors will be constructed across the United States using Westinghouse nuclear reactor technology. These new reactors will reinvigorate the nuclear power industrial base. As a result of this historic agreement, nuclear energy deployment will be a central pillar of America's program to maintain global leadership in nuclear power development and artificial intelligence (AI). Howard Lutnick, secretary for the United States Department of Commerce, said: "Our administration is focused on ensuring the rapid development, deployment and use of advanced nuclear technologies. This historic partnership supports our national security objectives and enhances our critical infrastructure. Together with Westinghouse we will unleash American energy. This partnership embodies the bold vision of President Trump -- to rebuild our energy sovereignty, create high-paying jobs and drive America to the forefront of the nuclear renaissance." Chris Wright, Secretary for the United States Department of Energy, said: "This historic partnership with America's leading nuclear company will help unleash President Trump's grand vision to fully energize America and win the global AI race. President Trump promised a renaissance of nuclear power, and now he is delivering." Connor Teskey, president of Brookfield Asset Management, said: "This partnership with the U.S. government will help unlock the potential that Westinghouse and nuclear energy can play to accelerate the growth of artificial intelligence in the United States, while meeting growing electricity demand and energy security needs at scale. Brookfield has more than half a trillion dollars invested in the critical infrastructure that underpins the U.S. economy, and we expect to double that investment in the next decade as we deliver on building the infrastructure backbone of artificial intelligence." Tim Gitzel, chief executive officer of Cameco, said: "Our highly successful partnership with Brookfield as owners of Westinghouse will be further strengthened through this collaboration with the U.S. government. We expect this new partnership to support the global growth opportunities for both Westinghouse's, and Cameco's nuclear products, services and technologies, adding significant long-term value for our stakeholders and enhancing energy, national and climate security around the world. As a strategic partner, Cameco is a secure and reliable Western-based supplier of the uranium fuel needed to support the civilian deployment and long-term reliable operation of Westinghouse's technology in the U.S. and globally." A new partnership for growth The partnership will facilitate the growth and future of the American nuclear power industry and the supporting supply chain. Each two-unit Westinghouse AP1000 project creates or sustains 45,000 manufacturing and engineering jobs in 43 states, and a national deployment will create more than 100,000 construction jobs. The program will cement the United States as one of the world's nuclear energy powerhouses and increase exports of Westinghouse's nuclear power generation technology globally. As part of the partnership, at least $80-billion of nuclear reactors will be constructed using Westinghouse technology. Once constructed, the reactors will generate reliable and secure power, including for significant data centre and compute capacity that will drive America's growth in AI. The partnership contains profit sharing mechanisms that provide for all parties, including the American people, once certain thresholds are met, to participate in the long-term financial and strategic value that will be created within Westinghouse by the growth of nuclear energy and advancement of investment into AI capabilities in the United States. Westinghouse overview Westinghouse is a recognized global leader in nuclear energy with its technology serving as the basis for more than half the world's operating nuclear power fleet. The company's industry-leading intellectual property is rooted in American engineering, pioneering the construction of nuclear energy plants in the United States in the 1950s and industrializing its technology worldwide. The AP1000 reactor is the most advanced reactor commercially available, with fully passive safety systems, modular construction design and the smallest footprint per MWe on the market. There are six AP1000 reactors currently setting operational performance and availability records worldwide with 14 additional reactors under construction and five more under contract. The AP1000 technology has been selected for nuclear energy programs in Poland, Ukraine and Bulgaria. Brookfield and Cameco formed a strategic partnership to acquire Westinghouse in October, 2022. The partnership brought together Cameco's expertise in the nuclear industry and nuclear fuel supply chain with Brookfield's recognized position as one of the world's largest investors in energy generation technologies. Brookfield initially acquired Westinghouse in 2018 and performed a successful turnaround to reposition the company to benefit from the resurgence in nuclear investment. About Brookfield Asset Management Ltd. Brookfield Asset is a leading global alternative asset manager, headquartered in New York, with over $1-trillion of assets under management across infrastructure, renewable power and transition, private equity, real estate, and credit. The company invests client capital for the long term with a focus on real assets and essential service businesses that form the backbone of the global economy. The company offers a range of alternative investment products to investors around the world -- including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies, and private wealth investors. The company draws on Brookfield's heritage as an owner and operator to invest for value and generate strong returns for its clients, across economic cycles. We seek Safe Harbor.