A Transatlantic Nuclear Pact

As world leaders look for ways to ensure reliable, low-carbon power in an era of soaring demand, the United States and the United Kingdom have taken a historic step. During President Trump’s visit to London, the two nations announced a sweeping new cooperation agreement on nuclear power. The pact is more than symbolic. It has real projects, real capital, and real strategic implications.

Major Projects Announced

Advanced Modular Reactors in Hartlepool

X-Energy (U.S.) and Centrica (UK) will lead plans to deploy up to twelve advanced modular reactors in Hartlepool, northeast England [1]. These units could power 1.5 million homes and create thousands of jobs, making the region a centerpiece of the UK’s new nuclear buildout [2].

SMRs for Data Centers

A second flagship project involves Holtec International, EDF, and Tritax developing an £11 billion small modular reactor-powered data center campus at the site of the former Cottam coal plant in central England [1]. With AI and cloud services consuming ever larger amounts of electricity, pairing nuclear with digital infrastructure highlights the new industrial logic for nuclear deployment [3].

Regulatory and Supply Chain Cooperation

Streamlined Approvals

One of the pact’s most significant features is regulatory recognition. For the first time, the U.S. and U.K. nuclear regulators will begin mutual recognition of safety reviews, reduce duplication and potentially cutting licensing timelines nearly in half [1][3]. This change addresses one of the largest barriers to global reactor deployment.

Fuel and Technology Commitments

The pact extends beyond projects to address critical enablers of deployment. Urenco, headquartered in the UK, will expand supply of advanced low-enriched uranium to U.S. markets, directly supporting the HALEU supply chain—long recognized as one of the key bottlenecks for next-generation reactors [2]. At the same time, Rolls-Royce’s small modular reactor design will formally enter the U.S. regulatory process, creating a pathway for transatlantic deployment and cross-market investment [1].

Strategic Implications

• Energy Security: Both governments frame this as a way to reduce reliance on fossil fuels and imported energy while ensuring long-term resilience.
• Economic Development: Projects are projected to create tens of thousands of jobs in construction, manufacturing, and operations [2].
• Tech Alignment: The direct link between nuclear reactors and data centers shows how the AI boom is reshaping power infrastructure [3].
• Global Competition: Streamlined U.S.-U.K. standards may set a benchmark for wider international adoption, strengthening Western competitiveness against Russian and Chinese nuclear exports [1][3].

Funding Gains, Structural Strains

The U.K. is already moving forward with large-scale projects like Sizewell C, which recently secured £14 billion in pledged funding [2]. Yet challenges remain. Financing, local approvals, and potential cost overruns loom over all major nuclear projects. The HALEU supply chain is still thin, and political risks could disrupt long-term commitments. Still, the pact represents an unmistakable acceleration of nuclear ambitions [3].

Closing Thoughts

This agreement extends far beyond the construction of new power stations. It is about establishing the technical, regulatory, and commercial frameworks needed to scale nuclear energy to meet 21st-century demand.

If successful, the transatlantic pact could usher in a new era for the industry, one where nuclear power is no longer viewed as a legacy option, but as a foundational pillar of industrial growth and digital infrastructure.

Takeaways

From a market perspective, the pact highlights several critical themes. Policy tailwinds are strengthening as governments streamline approvals and pledge long-term capital, creating the most favorable environment advanced reactor companies have ever seen [1][3]. On the fuel side, enrichment and HALEU producers are emerging as clear beneficiaries of expanded transatlantic commitments, with the bottleneck itself becoming an investment theme [2]. Technology convergence is also coming into focus, as AI and data centers become increasingly tied to nuclear deployment, opening the door to partnerships that link energy with digital infrastructure [3]. Finally, global competitiveness will favor firms that can successfully navigate cross-border regulatory frameworks, positioning them to capture international market share [1][3].

How May Investors Gain Exposure to Companies in the Nuclear Power Industry?

The Range Nuclear Renaissance Index ETF (NUKZ) seeks to track the performance, before fees and expenses, of the Range Nuclear Renaissance Index. The index aims to track the performance of a portfolio of stocks that are involved in the nuclear fuel and energy industry.

See www.rangeetfs.com/nukz for a full list of positions. Holdings subject to change.

Several of the companies highlighted in this blog also appear in the NUKZ ETF. These include (percentages as of 9/12/2025):

• Cameco Corp – 10.03%
• Centrus Energy Corp (Class A) – 4.05%
• BWX Technologies Inc – 1.84%
• Doosan Co Ltd – 1.26%
• Lockheed Martin Corp – 2.02%
• Rolls-Royce Holdings PLC – 2.95%

Sources:

[1] Reuters. “Britain, US to sign nuclear power pact during Trump’s visit.” Sept. 15, 2025.

[2] The Guardian. “UK and US line up string of deals to build modular nuclear reactors in Britain.” Sept. 15, 2025.

[3] Financial Times. “UK and US to sign major new nuclear power pact.” Sept. 15, 2025.

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