President Trump unveiled that twenty leading companies are set to invest a cumulative $92 million in artificial intelligence and energy investments in Pennsylvania. This is largest package of investments in the history of the commonwealth, according to President Trump's announcement on Tuesday at Carnegie Mellon University.
McCormack, a first-term Republican senator, organized the first "Pennsylvania Energy and Innovation Summit" held at the university. He says investments in his state will create thousands of new jobs in Pennsylvania.
McCormick says the summit is meant to bring together top energy companies and AI leaders, global investors and labor to implement Trump’s energy policies and priorities.
“As the nation’s second largest energy producer and a global nuclear power leader, Pennsylvania is uniquely positioned to deliver the abundant, affordable energy that growing AI and advanced manufacturing sectors demand," he said. "We have the skilled workforce to build and operate this critical infrastructure, world-class universities driving innovation, and strategic proximity to over half the country’s population."
McCormick and Trump were joined at the summit by CEOs from Blackstone, Bridgewater, SoftBank, Amazon Web Services, BlackRock, and ExxonMobil, as well as some local companies like Gecko Robotics.
Administration officials including White House crypto czar David Sacks, Commerce Secretary Howard Lutnick, and Energy Secretary Chris Wright were also in attendance.
Both President Trump and McCormick credited McCormick's wife, Dina Powell McCormick, with suggesting the idea for an energy-focused summit in Pennsylvania. Powell McCormick served as Trump’s deputy national security adviser during his first term.
“I am proud to partner with President Trump and the business leaders here today to drive a new era of industrial growth that helps make America energy dominant while creating jobs and opportunities for working families across Pennsylvania," said McCormick.
Pittsburgh is considered part of the "Rust Belt" in Pennsylvania due to the region's former dependence on the steel industry, but AI development won't be the only industry impacting Pennsylvania's future economy.
Google has also announced plans to spend $3 billion to modernize two hydropower plants in Pennsylvania to meet increased power demands from data centers and AI facilities already in the region.
Brookfield Asset Management and Brookfield Renewable announced a contract with Google, calling it "the world’s largest corporate clean power deal for hydroelectricity." The Hydro Framework Agreement (“HFA”) promises to deliver up to 3,000 megawatts (MW) of carbon-free hydroelectric capacity across the United States.
"Our partnership with Google demonstrates the critical role that hydropower can play in helping hyperscale customers meet their energy goals," said Connor Teskey, President of Brookfield Asset Management. "Delivering power at scale and from a range of sources will be required to meet the growing electricity demands from digitalization and artificial intelligence."
The first contracts within the HFA are for Brookfield’s hydroelectric plants in Holtwood and Safe Harbor. Senator McCormick described his hopes for Pennsylvania in an interview with the New York Post.
“Too often the stories have been about what once was, well this is a moment about how great things will be,” said McCormick. “We are only beginning.”