A strategic framework between the US and South Korea has established a pathway to finance, construct, and deploy up to eight large-scale nuclear reactors in the US.
The agreement envisions deploying either Westinghouse Electric AP1000 reactors or Korean-designed APR1400 reactors, which utilise Westinghouse technology.
Under the terms, Korea will invest in the equity of Westinghouse, while Westinghouse will receive an upfront payment, guaranteed work, and a long-term fuel-fabrication services contract for any APR1400 reactors deployed in the US.
Depending on reactor technology selection, configuration, and site specificities, total investments under the framework could reach up to US$120 billion ($172.8 million). Korean manufacturing and engineering companies are set to supply key equipment, engineering, and construction services.
This funding commitment builds on an October 2025 strategic partnership formed between the US Department of Commerce, Westinghouse, and its shareholders — Brookfield Asset Management (NYSE:BAM) and Cameco (NYSE:CCJ) — to deploy at least US$80 billion worth of Westinghouse reactors across federal sites.
It remains separate from the US Department of Energy’s June 2026 strategic partnership, which included a US$17.5 billion conditional loan funding arrangement for long-lead item purchases.
Together, these initiatives support the US commitment to expand nuclear generation capacity to satisfy growing power demand driven by electrification, reindustrialisation, and AI infrastructure.
Terms of the framework remain non-binding and subject to final negotiations.
Westinghouse Electric is a pioneer in nuclear energy and a leading supplier of commercial nuclear power technology, equipment, and services globally.
Write to Paula Fabe at Mining.com.au
Main image: Westinghouse Electric
