Westinghouse Files Draft S-1, Paving the Way for an IPO
Westinghouse Electric Company said Friday on its website that it had submitted a draft S-1 registration statement to the U.S. Securities and Exchange Commission for an initial public offering of common stock. The filing could put the 140-year-old company among a growing group of nuclear-energy businesses entering the public markets. Investor enthusiasm for nuclear companies has remained strong over the past year as major technology companies build data centers and drive rapid growth in U.S. electricity demand. Westinghouse said it has not yet determined the number of shares to be offered or the price range. Those terms will depend on market and other conditions. The company is currently jointly owned by Brookfield Renewable Partners and uranium producer Cameco. Westinghouse is one of the most storied companies in the U.S. power industry and is among the few continuing businesses descended from the company founded by George Westinghouse in 1886. George Westinghouse was known for helping commercialize alternating current. In 1955, Westinghouse supplied the S2W naval reactor for the Nautilus, the first nuclear-powered submarine in the United States. In 1957, it supplied the world's first pressurized-water reactor nuclear power unit for a nuclear plant in Pennsylvania. Before the 1979 Three Mile Island nuclear accident in the United States, Westinghouse was responsible for building about 50% of the country's nuclear power plants and had built 31 nuclear plants overseas as a sole contractor. More than half of the nuclear reactors operating worldwide now use Westinghouse technology. Westinghouse's sales began to decline after the Three Mile Island accident. Following decades of multiple restructurings and ownership changes, Cameco and Brookfield Renewable Partners acquired Westinghouse in 2023 for $7.9 billion. Last month, Westinghouse said it would work with the U.S. Department of Energy to strengthen the U.S. commercial nuclear supply chain. Last week, the department said the United States and Saudi Arabia had signed a cooperation agreement on the peaceful use of nuclear energy. The agreement includes provisions allowing Saudi Arabia to conduct uranium enrichment domestically. Some analysts said the agreement is expected to be worth tens of billions of dollars, with Westinghouse expected to be the biggest beneficiary. The company's AP1000 pressurized-water reactor is a leading U.S. nuclear export product and is part of the third generation of nuclear technology. For years, special-purpose acquisition companies, or SPACs, were a major route to the public markets for growth companies. Since the beginning of this year, however, companies in industries including nuclear energy and quantum computing have increasingly chosen traditional IPOs. Major nuclear-energy companies including X-Energy and Standard Nuclear have gone public through traditional IPOs since the beginning of this year. Holtec Nuclear also filed an application for a U.S. IPO earlier this month.
Westinghouse said it has not yet determined the number of shares to be offered or the price range. Those terms will depend on market and other conditions. The company is currently jointly owned by Brookfield Renewable Partners and uranium producer Cameco.
Westinghouse is one of the most storied companies in the U.S. power industry and is among the few continuing businesses descended from the company founded by George Westinghouse in 1886. George Westinghouse was known for helping commercialize alternating current.
In 1955, Westinghouse supplied the S2W naval reactor for the Nautilus, the first nuclear-powered submarine in the United States. In 1957, it supplied the world's first pressurized-water reactor nuclear power unit for a nuclear plant in Pennsylvania.
Before the 1979 Three Mile Island nuclear accident in the United States, Westinghouse was responsible for building about 50% of the country's nuclear power plants and had built 31 nuclear plants overseas as a sole contractor. More than half of the nuclear reactors operating worldwide now use Westinghouse technology.
Westinghouse's sales began to decline after the Three Mile Island accident. Following decades of multiple restructurings and ownership changes, Cameco and Brookfield Renewable Partners acquired Westinghouse in 2023 for $7.9 billion.
Last month, Westinghouse said it would work with the U.S. Department of Energy to strengthen the U.S. commercial nuclear supply chain. Last week, the department said the United States and Saudi Arabia had signed a cooperation agreement on the peaceful use of nuclear energy. The agreement includes provisions allowing Saudi Arabia to conduct uranium enrichment domestically.
Some analysts said the agreement is expected to be worth tens of billions of dollars, with Westinghouse expected to be the biggest beneficiary. The company's AP1000 pressurized-water reactor is a leading U.S. nuclear export product and is part of the third generation of nuclear technology.
For years, special-purpose acquisition companies, or SPACs, were a major route to the public markets for growth companies. Since the beginning of this year, however, companies in industries including nuclear energy and quantum computing have increasingly chosen traditional IPOs.
Major nuclear-energy companies including X-Energy and Standard Nuclear have gone public through traditional IPOs since the beginning of this year. Holtec Nuclear also filed an application for a U.S. IPO earlier this month.