The Globe and Mail reports in its Tuesday, May 5, edition that Brookfield Asset Management is partnering with U.S.-based start-up The Nuclear Company as it takes another step toward reviving a multibillion-dollar South Carolina nuclear project.
The Globe's Niall McGee writes that the two companies will form a new unnamed company that will specialize in using nuclear reactor technology developed by Westinghouse.
Brookfield acquired a 51-per-cent stake in Westinghouse in 2022. Cameco owns the rest. Westinghouse has been a trailblazer in the nuclear sector for decades as an original equipment manufacturer, parts maker and engineering services provider.
Brookfield said the new company will be project manager for the Fairfield County, S.C., nuclear project known as V.C. Summer, calling it "one of the most execution ready nuclear development opportunities in America."
The project, owned by South Carolina utility Santee Cooper, is undertaking a feasibility study before it goes ahead. The newly created company will aid in the due diligence process. Should the project move forward, a final investment decision is expected in 18 to 24 months.
The Globe says nuclear energy is experiencing a global revival.
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