Centrus Signs Contract for Advancing U.S. Enrichment Technology
22 Setembro 2016 - 9:45AM
Business Wire
Centrus Energy Corp. (NYSE MKT: LEU) announced today it has
entered into a new follow-on contract with UT-Battelle, LLC, as
operator of the U.S. Department of Energy’s Oak Ridge National
Laboratory, for maintaining and advancing U.S. gas centrifuge
uranium enrichment technology. The contract is valued at
approximately $25 million and runs through September 30, 2017.
Under the terms of the contract, Centrus will perform engineering
and testing work on the American Centrifuge uranium enrichment
technology to support future national security and energy security
needs.
“With this contract, our scientists, engineers and operations
staff can continue their vital work ensuring that an advanced U.S.
uranium enrichment technology is ready for deployment when the
country needs it,” said Larry B. Cutlip, vice president, Field
Operations. “While those decisions will be made by the President
and Congress, Centrus remains committed to being a reliable partner
for the U.S. government in advancing America’s critical national
interests.”
Under this new contract, Centrus scientists, engineers, and
operators will utilize the Company’s unique facilities in Oak
Ridge, Tenn., to develop and test technology improvements to reduce
costs, improve manufacturability, and enhance long-term reliability
of U.S. uranium enrichment technology. The work ensures that
critical U.S. expertise in centrifuge technology and operations is
maintained and advanced to meet the future needs of the nation.
The Company noted that, while the vast majority of its business
is focused on supplying nuclear fuel to utilities through contracts
with a global network of uranium enrichment producers, Centrus
remains committed to its role in supporting U.S. national
interests.
National Security
The United States, which once led the world in uranium
enrichment, shut down the last of its outdated and increasingly
uneconomical Cold War-era enrichment plants in 2013 – leaving the
nation without a domestic, industrial-scale uranium enrichment
capability for national security purposes for the first time since
the Manhattan Project. For commercial electricity production, the
United States now imports the great majority of its enriched
uranium fuel from Russia, Europe, and China.
While current market conditions do not support building a
full-scale uranium enrichment plant for commercial purposes, over
the long-term the United States will need to deploy a domestic
enrichment technology at industrial scale to strengthen energy
security, advance U.S. nonproliferation goals, provide fuel for the
long-term needs of the nuclear Navy, and ensure a supply of
tritium, which is needed to maintain the effectiveness of America’s
nuclear deterrent. In October 2015, the U.S. Department of Energy
issued a report to Congress which explored a range of possible
technologies and found that the American Centrifuge is the “most
technically advanced and lowest risk option” for restoring
America’s domestic uranium enrichment capability to meet long-term
national security needs.
About Centrus Energy Corp.
Centrus Energy is a trusted supplier of enriched uranium fuel
for commercial nuclear power plants in the United States and around
the world. With world-class technical and engineering capabilities,
Centrus is advancing the next generation of centrifuge technologies
so that America can restore its domestic uranium enrichment
capability in the future.
Forward-Looking Statements
This news release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934 -
that is, statements related to future events. In this context,
forward-looking statements may address our expected future business
and financial performance, and often contain words such as
“expects”, “anticipates”, “intends”, “plans”, “believes”, “will”,
“should”, “could”, “would” or “may” and other words of similar
meaning. Forward-looking statements by their nature address matters
that are, to different degrees, uncertain. For Centrus Energy
Corp., particular risks and uncertainties that could cause our
actual future results to differ materially from those expressed in
our forward-looking statements include, risks and uncertainties
related to the continued impact of the March 2011 earthquake and
tsunami in Japan on the nuclear industry and on our business,
results of operations and prospects; the impact and potential
extended duration of the current supply/demand imbalance in the
market for low-enriched uranium (“LEU”); risks related to actions
that may be taken by the U.S. government, the Russian government or
other governments that could affect our ability or the ability of
our sources of supply to perform under contract obligations,
including the imposition of sanctions, restrictions or other
requirements; the impact of government regulation including by the
U.S. Department of Energy and the U.S. Nuclear Regulatory
Commission; pricing trends and demand in the uranium and enrichment
markets and their impact on our profitability; uncertainty
regarding our ability to commercially deploy competitive enrichment
technology; risks and uncertainties regarding funding for the
American Centrifuge project and our ability to enter into an
extension of the agreement with UT-Battelle, LLC, the management
and operating contractor for Oak Ridge National Laboratory, for
continued research, development and demonstration of the American
Centrifuge technology; the competitive environment for our products
and services; the potential for further demobilization or
termination of the American Centrifuge project; risks related to
the current demobilization of the portions of the American
Centrifuge project including risks that the schedule could be
delayed and costs could be higher than expected; changes in the
nuclear energy industry; the impact of financial market conditions
on our business, liquidity, prospects, pension assets and insurance
facilities; revenue and operating results can fluctuate
significantly from quarter to quarter, and in some cases, year to
year; and other risks and uncertainties discussed in this and our
other filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the fiscal year ended
December 31, 2015 and subsequent Quarterly Reports on Form 10-Q,
which are available on our website at www.centrusenergy.com. We do
not undertake to update our forward-looking statements except as
required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20160922005663/en/
Centrus Energy Corp.Media:Jeremy Derryberry (301)
564-3392orInvestors:Don Hatcher (301) 564-3460
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