Joint venture formed with a focus on finishing Summer-2 and -3

The Nuclear Company, a nuclear power project development firm headquartered in Lexington, Ky., is partnering with global investment firm Brookfield to form a new company specializing in the execution of projects involving Westinghouse nuclear reactors.

According to TNC, the new project development company "will offer execution capabilities for the deployment of nuclear projects based exclusively on Westinghouse reactor technology, including AP1000 and AP300, in addition to end-to-end project management; licensing support; and oversight of engineering, procurement, construction and commissioning activity."

V.C. Summer: Brookfield intends to use this joint venture as the project manager for potentially completing Units 2 and 3 at the V.C. Summer nuclear power plant in South Carolina, where two partially constructed AP1000 units sit. Late last year, Santee Cooper, South Carolina's state-owned electric and water utility, signed a memorandum of understanding with Brookfield regarding the sale of the units to the investment firm.

The Nuclear Regulatory Commission issued combined construction and operating licenses for Summer-2 and -3 in 2012. However, after five years of delays and cost overruns-during which about 64 percent of the engineering, procurement, and construction work was reportedly completed-the project was halted in 2017.

The completion of Summer-2 and -3 is described by TNC as "one of the most execution-ready nuclear development opportunities in America," and it notes that the new company "will support due diligence activity" for the project and "oversee the delivery should it move forward to final investment decision." However, the final development of the project "remains subject to further evaluation, regulatory approvals, and the execution of definitive agreements."

Built on the field of Vogtle: TNC was founded in 2023 with an AI-driven "Nuclear Operating System" concept designed to make reactor construction a more predictable, data-driven process. The venture capital-funded firm announced in 2024 that it plans to deploy a series of nuclear reactors by the mid-2030s using a "design-once, build-many approach."

Joe Klecha, TNC's chief nuclear officer, said of the partnership with Brookfield, "Our team was built on the field of Vogtle and on some of the most complex energy projects in the world. We know what it takes to deliver nuclear. What's been missing is a model that brings together the people, the capabilities, and the capital to do it at speed and scale. That's what this partnership creates."

Westinghouse acquisition and partnership: Brookfield acquired Westinghouse in 2018. In 2023, Cameco joined Brookfield as a co-owner of Westinghouse. In 2025, Westinghouse, Brookfield, and Cameco entered into a strategic partnership with the U.S. government to accelerate the deployment of AP1000 and AP300 technology.

Wyatt Hartley, managing partner at Brookfield, said that the joint venture with TNC "reflects Brookfield's disciplined approach to large-scale infrastructure investment and focus on partnering with experienced operators. By combining our global infrastructure development capabilities with nuclear project delivery expertise, we believe this platform has the potential to accelerate the American nuclear resurgence, building on the momentum of the Westinghouse partnership with the U.S. government."