North America is betting on nuclear power! Who stands to benefit? Siemens Energy, Cameco, Constellation Energy, and American Atomics

Cameco and Constellation Energy: North America Bets on Nuclear Power

Canada is pushing ahead with the expansion of nuclear power. One particularly concrete example is the Darlington New Nuclear Project in Ontario. Four small modular reactors (SMRs) of the BWRX-300 type are to be built there. A construction permit has already been granted for the first reactor, with a capacity of approximately 300 MW. Together, the four SMRs could supply electricity to about 1.2 million households. The project is supported by the government. At the same time, the construction of larger nuclear power plants is also being considered. At the Bruce Power site, the Bruce C project could add up to approximately 4,800 MW of capacity. The Wesleyville project is currently undergoing the permitting process. In addition to Ontario, Saskatchewan, Alberta, and New Brunswick are also pursuing plans for new nuclear power plants or SMRs.

The US is also vigorously advancing the expansion of nuclear energy. The US government has set a goal of quadrupling installed nuclear capacity from the current level of about 100 GW to 400 GW by 2050. Among other things, ten new large reactors are expected to be under construction by 2030. In addition, existing plants are expected to provide at least 5 GW of additional capacity through output increases. Furthermore, the US Department of Energy is supporting the restart of decommissioned nuclear power plants such as Palisades and promoting the development of new reactor technologies and SMRs. This is intended not only to meet the growing electricity demand, driven in particular by AI data centers, but also to strengthen the domestic nuclear supply chain, including uranium supply.

Potential beneficiaries of this trend include companies across the entire nuclear value chain. As one of the world's largest uranium producers, Cameco benefits both from rising fuel demand and, through its stake in Westinghouse, from the construction of new reactors. BWX Technologies, a supplier of reactor components and nuclear systems, as well as GE Vernova, through the joint venture GE Hitachi Nuclear Energy and the BWRX-300 SMR, could also benefit from this expansion. In addition, major operators such as Constellation Energy and Vistra are benefiting from reactor life extensions, capacity increases, and the growing demand for baseload electricity for industry and AI data centers. At the same time, a more attractive market environment is emerging for smaller uranium explorers, as North America seeks to reduce its dependence on foreign uranium and fuel supply chains.

American Atomics: Exciting News

American Atomics has published a technical report in accordance with NI 43-101 standards for its Lisbon Valley East uranium project in the US state of Utah. The project comprises 217 claims. Of particular interest is its location within a historically significant uranium district. Between 1950 and 1990, approximately 80 million pounds of uranium oxide (U₃O₈) were mined in the Lisbon Valley.

The technical report highlights the geological potential of the northeastern side of the Lisbon Valley structure, which has been significantly less explored to date. Historical mining and drilling data suggest that the uranium-bearing zones have been displaced by a fault and may continue at greater depths. This hypothesis is supported by earlier drilling. Among other findings, a 3.5-foot-thick interval containing 0.28% U₃O₈ was identified. This is a comparatively high uranium grade. The key to the project's economic potential now lies in whether similar mineralization can be confirmed over greater thicknesses and distances.

In addition, oil and gas drilling in 28 of the 51 wells examined revealed noticeable to very strong gamma signatures within the potentially uranium-bearing rock layers. From this, a target corridor approximately 20 km long and more than 750 m wide can be inferred.

With the NI 43-101 report, American Atomics has established an important technical foundation for the further exploration of Lisbon Valley East. Under the motto "From Rock to Reactor," the company is pursuing an integrated strategy along the North American uranium and nuclear fuel value chain. Given the region's historical uranium abundance and the geological indications to date, Lisbon Valley East thus offers a promising foundation for systematically advancing the project.

This should also give American Atomics' stock another boost.

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Siemens Energy and Nuclear Power?

Siemens Energy also aims to be among the winners of the nuclear energy renaissance. The company is currently perceived primarily as one of the major beneficiaries of the boom in gas turbines. These are in high demand due to the rapidly rising electricity needs of AI data centers. However, Siemens Energy also supplies steam turbines, generators, electrical systems, and grid connection and control technology for nuclear power plants. While the actual reactor in a new nuclear power plant comes from suppliers such as Westinghouse or GE Hitachi, the components required to convert the generated steam into electricity and feed it into the grid are precisely those in which Siemens Energy has decades of experience.

Thus, the planned expansion of nuclear power in the US, Canada, and other countries opens up additional growth opportunities alongside the currently booming gas turbine business. Siemens Energy can benefit from new construction projects and small modular reactors as well as from the modernization of existing plants. For example, the company is collaborating with Rolls-Royce SMR on turbine technology for its planned modular reactors.

Nuclear power will be part of the global energy mix of the future. This presents investment opportunities along the value chain. Among uranium explorers, American Atomics stands out with its goal of an integrated US value chain. Companies such as Cameco and Constellation Energy are core investments in the sector. Siemens Energy also wants a piece of the pie.