Centrus Awarded $900 Million to Expand Uranium Enrichment in Ohio

Core Viewpoint - Centrus Energy has been awarded a $900 million task order by the U.S. Department of Energy to expand its uranium enrichment facility in Piketon, Ohio, which is expected to create thousands of jobs and enhance the U.S. nuclear fuel supply chain [1][2]. Group 1: Expansion and Job Creation - The expansion will support the production of High-Assay, Low-Enriched Uranium (HALEU) and additional Low-Enriched Uranium (LEU) to serve commercial utilities [1][2]. - The project is anticipated to create 1,000 construction jobs and 300 new operating jobs in Ohio, while retaining 150 existing jobs at the Piketon plant [8]. - Additional jobs will be generated at Centrus' centrifuge manufacturing plant in Oak Ridge, Tennessee, and across a nationwide network of suppliers, leading to thousands of indirect jobs [8]. Group 2: Financial Aspects and Commitments - Centrus has secured $2.3 billion in LEU purchase commitments from utilities, contingent upon obtaining necessary financing for the new capacity [4]. - The total task order contract value, including options, is $1.07 billion, with a base amount of $900 million for new enrichment capacity [6]. - The company raised over $1.2 billion in private capital through convertible note transactions to support its expansion plans [4]. Group 3: Technological Development - Centrus has constructed a cascade of advanced centrifuges to demonstrate HALEU production, which became operational in 2023 [3]. - The company plans to build additional centrifuge cascades to enhance HALEU production capacity and produce LEU feed material [4]. Group 4: Government Support and Bipartisan Efforts - The funding award was made possible by a bipartisan funding package supported by various Congressional leaders, highlighting a commitment to revitalizing the U.S. nuclear fuel supply chain [2]. - Centrus' President and CEO expressed gratitude to both Republican and Democratic leaders for their support in securing the funding [2].