Cameco (TSX: CCO) announced this morning that it has entered into a memorandum of understanding to explore a possible collaboration in advancing the deployment of BWRX-300 small modular reactors in Canada and the world. The agreement is made with GE Hitachi Nuclear Energy and Global Nuclear Fuel-Americas.
“Cameco intends to be a go-to fuel supplier for these innovative reactors,” said Cameco CEO Tim Gitzel. “We’re looking forward to working with GE Hitachi and Global Nuclear Fuel to see what opportunities might exist around their novel SMR design.”
The BWRX-300 is a 300 MWe water-cooled small modular reactor that utilizes GE Hitachi’s Nuclear Regulatory Commission-certified economic simplified boiling water reactor design. It will also take advantage of Global Nuclear Fuel’s fuel design and supply chain. The company predicts that this new model will require less capital cost per MW produced compared to other small modular reactor designs.
Cameco comes into the collaboration with its experience as a manufacturer of fuel assemblies and reactor components for CANDU reactors.
“BWR and CANDU fuel types are closely related as both use similar cladding materials as well as ceramic, uranium dioxide fuel pellets,” said Canada SMR Country Leader for GE Hitachi Lisa McBride.
Furthermore, the company also shared that an independent PwC Canada report commissioned by GE Hitachi estimated that the first BWRX-300 in Ontario is expected to add $2.3 billion to the gross domestic product, $1.9 billion in labour income, and more than $750 million in federal, provincial and municipal tax revenue over its lifespan.
Global Nuclear Fuel is a joint venture between GE and Hitachi and operates primarily through Global Nuclear Fuel-Americas in North Carolina.
Cameco last traded at $23.36 on the TSX.
Information for this briefing was found via Cameco. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.