Westinghouse

Westinghouse Electric Company is a nuclear reactor technology original equipment manufacturer (OEM) and a leading provider of highly technical aftermarket products and services to commercial nuclear power utilities and government agencies globally. Westinghouse is a pioneer in the nuclear energy industry; it supplied the world’s first commercial pressurized water reactor in 1957.

The company enables carbon-free baseload and dispatchable energy that is needed to support the global energy transition. Like Cameco, Westinghouse has a long-term contract portfolio, which positions it well to compete for growing demand for new nuclear reactors and reactor services, as well as the fuel supplies and services needed to keep the global reactor fleet operating safely and reliably.

Background

On November 7, 2023 Cameco announced the closing of the acquisition of Westinghouse in partnership with Brookfield. Cameco beneficially owns a 49% interest in Westinghouse and Brookfield beneficially owns a 51% interest. Bringing together Cameco’s expertise in the nuclear industry with Brookfield’s expertise in clean energy positions nuclear power at the heart of the energy transition and creates a powerful platform for strategic growth across the sector.

This acquisition enhances Cameco’s ability to compete for more business by investing in additional nuclear fuel cycle assets expected to augment the core of our business and offer more solutions to our customers across the nuclear fuel cycle. Like Cameco, Westinghouse has nuclear assets that are strategic, proven, licensed and permitted, and that are in geopolitically attractive jurisdictions.

New builds:

Westinghouse undertakes its role in the design, development, engineering and procurement of equipment for new reactors. It does not provide construction services or assume any construction risk. This segment has the potential to add significant long-term value during the construction phase, and then to the core of the business through reactor services and fuel supply contracts once the reactor begins commercial operation.The focus on the importance of nuclear power in providing carbon-free, secure and affordable baseload power, as an essential part of the electricity grid in many countries, is creating new opportunities for Westinghouse’s proven AP1000 ® reactor design.

In development:

Westinghouse has submitted its pre-application Regulatory Engagement Plan with the US Nuclear Regulatory Commission for the development of its AP300™ small modular reactor, which is based on the proven and licensed AP1000 reactor design. Its eVinci™ microreactor design was recently awarded US Department of Energy funding for a test reactor FEED (front-end engineering design) at Idaho National Lab. The AP300 small modular reactor and the eVinci microreactor are expected to offer the same carbon-free baseload benefits as larger nuclear reactor technologies, but are tailored for specific applications, including industrial, remote mining, off-grid communities, defense facilities and critical infrastructure. As with the AP1000 reactor, they are expected to have applications beyond electricity generation, including district and process heat, desalination and hydrogen production.

For more information, visit www.westinghousenuclear.com or read Cameco's most recent Quarterly Report