The Canadian engineering giant is pushing its CANDU reactor technology into the American market as AI data centers create an insatiable appetite for power
AtkinsRéalis, the Montreal-based engineering firm with six decades of nuclear experience, is working to get its CANDU pressurized heavy-water reactor technology licensed in the United States. The reason is straightforward: AI data centers need enormous amounts of electricity, and nuclear is one of the few energy sources that can deliver it around the clock without carbon emissions.
The company’s nuclear division now accounts for roughly 25% of total revenue, up from 15% just two years ago. Quarterly profit jumped 34% year-over-year, driven largely by that segment’s growth.
From reactors to AI factories
On March 16, AtkinsRéalis announced a collaboration with NVIDIA to design nuclear-powered “AI factories.” The partnership aims to integrate CANDU nuclear solutions directly into AI data center designs, essentially building power plants and compute facilities as a single package.
On May 13, AtkinsRéalis signed a strategic alliance with First American Nuclear, known as FANCO, to provide exclusive engineering, procurement, construction, and management services for EAGL 1 small modular reactors across North America. That deal could generate up to $250 million in service revenues over five years.
The company submitted its CANDU Monark design for licensing in Canada. The Monark reactor targets a net output of 925 MW, with the potential to be uprated to approximately 1,000 MW.
Why the US market matters
AtkinsRéalis’ CANDU technology has a particular advantage worth noting. Heavy-water reactors can use natural uranium as fuel, meaning they don’t require the enrichment process that light-water reactors depend on. That simplifies the fuel supply chain and potentially reduces costs.
The company has been engaging at the CEO level on US licensing efforts throughout 2025 and into 2026, suggesting this isn’t a casual exploration. It’s a core strategic priority.
For investors watching the nuclear-AI nexus, AtkinsRéalis trades on the Toronto Stock Exchange under the ticker ATRL. Investors should watch for formal licensing submissions to the US Nuclear Regulatory Commission as the next meaningful catalyst.
