- American nuclear power operator Westinghouse Electric Company has resolved its technology export dispute with Korean companies
- With more than 30 countries and over 100 companies pledging to triple nuclear capacity by 2050, the demand for nuclear power is undeniable
- The implementation of the settlement agreement establishes a framework aiming for additional deployments to the mutual benefit of Westinghouse and the Korean companies
- Westinghouse owners, Cameco stock (TSX:CCO) opened trading at C$71.50
American nuclear power operator Westinghouse Electric Company has resolved its technology export dispute with Korean companies.
Its owners, nuclear fuel and services company Cameco (TSX:CCO) confirmed the news in a media release around this intellectual property dispute with Korea Electric Power Corp. and Korea Hydro & Nuclear Power Co., Ltd.
“This is a positive outcome for both parties, which we believe facilitates bringing world-leading reactor technology and related competencies in engineering, construction services, maintenance, fuel supply, and training to the global market,” Tim Gitzel, Cameco’s president and chief executive officer stated. “With more than 30 countries and over 100 companies pledging to triple nuclear capacity by 2050, the demand for nuclear power is undeniable. This agreement strengthens the industry’s ability to provide carbon-free, reliable, dispatchable baseload electricity to help achieve climate, energy, and national security objectives.”
The implementation of the settlement agreement establishes a framework aiming for additional deployments to the mutual benefit of Westinghouse and the Korean companies.
Cameco’s key uranium projects include Millennium, Yeelirrie, and Kintyre. The Cree Extension-Millennium project, a joint venture operated by Cameco, is located in the southeastern part of Canada’s Athabasca Basin.
Cameco stock (TSX:CCO) opened trading at C$71.50 and sits 14.86 per cent higher than where it was this time last year.
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(Top image: Westinghouse)