Trump administration to offer $17.5 billion for nuclear reactors

Investing.com -- The Trump administration is offering $17.5 billion in financing to support equipment purchases for large-scale nuclear reactors manufactured by Westinghouse Electric Co., according to a Bloomberg report Tuesday.

The US Energy Department is extending the loans to seven utilities that have signed letters of intent, though the companies have not been identified. The move supports President Donald Trump's goal to construct 10 large nuclear reactors across the United States.

Trump views nuclear power as essential for supplying electricity to data centers and supporting economic expansion. Last year, he issued an executive order setting a target to have 10 conventional large-scale reactors under construction by 2030.

Development of traditional large nuclear plants in the US has largely stalled in recent decades. Only three such facilities have been completed since 2000, and no large nuclear reactors are currently under construction in the country. Multiple companies are working on small modular reactor projects, but these represent a different technology than the conventional plants targeted by the administration's plan.

Westinghouse manufactures the gigawatt-scale AP1000 reactor. The company is owned by Brookfield Asset Management and Cameco Corp., a Canadian uranium producer.

You May Also Be Interested In

• Tesla To Hire 1,000 More Workers At Plant Outside Berlin - DPA
• CXApp launches CXAI 2.0 enterprise AI platform
• SanDisk stock target lifted by Citi on continued demand strength