Highlights:
- Stephen M. Long appointed as the Chief Executive Officer of
Global Laser Enrichment LLC (GLE), effective September 1, 2021
- Formerly Senior Vice President, Business Development at
GE-Hitachi Nuclear Energy Americas (GEH), and GEH Global Laser
Enrichment (GEH GLE) Project Director, prior to that
- Uniquely positioned to lead the completion of GLE’s continuing
development and commercialization strategy and potentially take the
SILEX technology to market
Cameco (TSX: CCO; NYSE: CCJ) and
Silex Systems Limited (Silex) (ASX: SLX; OTCQX: SILXY) are pleased
to announce the appointment of Stephen M. Long as Chief Executive
Officer of GLE, effective September 1, 2021.
Mr. Long is a highly experienced and well-regarded
executive in the nuclear energy industry. He joins GLE from GE
Hitachi Nuclear Energy Americas (GEH), where he most recently
served as Senior Vice President of Business Development, capping
off a 13-year tenure with GEH in a variety of commercial, strategic
and project management roles. His career has focused primarily on
the nuclear fuel industry. He has been integral to the development
of GEH’s interests in the emerging small modular reactor and
advanced reactor markets, including the advanced fuels applications
associated with them.
Earlier in his career, Long served as Project
Director of GEH GLE for five years, ending in 2014. During that
time, he was instrumental in establishing the business case for the
Paducah Laser Enrichment Facility (PLEF) project and for leading
the technology development process.
“I am honored and delighted to be appointed as the
next Chief Executive Officer of GLE and to lead the company’s
efforts to rapidly scale and ideally deploy the innovative SILEX
laser enrichment technology,” Long said. “The opportunity for GLE
has never been greater. The world is aggressively pursuing
ambitious decarbonization targets, and advanced nuclear energy
systems and technologies are being rightfully recognized as
fundamental elements of the solution.
“GLE, and the SILEX technology, are uniquely
capable of addressing the wide range of LEU (low-enriched uranium)
and HALEU (high-assay low-enriched uranium) requirements needed to
fuel these emerging reactor designs,” Long said. “I’m eager to get
to work advancing this critical component of the advanced nuclear
supply chain.”
Following the successful completion of the GLE
restructure in January 2021, Cameco and Silex have focused on the
recruitment of an executive team to lead GLE through its technology
development and commercialization phases. Long’s appointment
follows the recent selection of James Dobchuk as Chief Commercial
Officer and President of GLE in June. Both of these executives will
report to the board of GLE, and their respective areas of focus
will see Steve lead the advancement of the SILEX technology, while
James will focus on the commercial opportunities for GLE in the
near-term and long-term.
“We’re very pleased to have someone with Steve’s
tremendous credentials and track record in the nuclear energy
sector serve as the CEO of GLE,” said Cameco president and CEO Tim
Gitzel. “The knowledge and expertise that he and James bring to the
table means that we have now secured the services of two highly
regarded executives to lead GLE moving forward. We believe we have
positioned this company for great success ahead, and we’re excited
to see what the future holds.”
“Steve’s extensive experience will provide GLE
with strong and experienced leadership, which will drive the
completion of GLE’s commercialization plan,” said Craig Roy, Silex
Chair and Chair of the GLE Governing Board. “The fact that he
previously led the GLE project is an added bonus. We are very
pleased that he will be able to step directly into the key Chief
Executive Officer role and have an immediate impact. We have
witnessed first-hand his tremendous dedication and rigor to his
work. He is very well-respected by the GLE team, GLE’s shareholders
and within the broader nuclear industry.”
Prior to his career with GEH and GLE, Long served
eight years as a submarine officer in the United States Navy. He
holds a bachelor’s degree in systems engineering from the United
States Naval Academy, a master’s degree in aeronautical and
astronautical engineering from the Massachusetts Institute of
Technology, and an MBA from the University of North Carolina
Kenan-Flagler School of Business.
Profile
Cameco is one of the largest global providers of
the uranium fuel needed to energize a clean-air world. Our
competitive position is based on our controlling ownership of the
world’s largest high-grade reserves and low-cost operations.
Utilities around the world rely on our nuclear fuel products to
generate power in safe, reliable, carbon-free nuclear reactors. Our
shares trade on the Toronto and New York stock exchanges. Our head
office is in Saskatoon, Saskatchewan.
About Global Laser Enrichment
The successful completion of the GLE restructure
occurred on January 31, 2021 following the conclusion of the US
government approval process. The transaction involved the joint
purchase of GE-Hitachi’s (GEH) 76% interest in GLE by Silex and
Cameco. Closing of the agreement resulted in Silex acquiring a 51%
interest in GLE and Cameco increasing its share from 24% to 49%,
with the option to attain a majority interest of 75% ownership.
The transaction included a site lease between GLE
and GEH, which will enable GLE to complete the SILEX technology
commercialization program at the test loop facility in Wilmington,
North Carolina. This program is expected to culminate with the
full-scale demonstration of the SILEX uranium enrichment technology
at the Wilmington site.
The Paducah Uranium Production Project
(Paducah project)
Underpinning the Paducah project is the sales
agreement between GLE and the US Department of Energy (DOE), which
provides GLE with access to large stockpiles of depleted uranium
tails inventories owned by DOE and located in Paducah, Kentucky.
Subject to successful commercialization of the SILEX technology,
the Paducah project represents an ideal path to market.
This opportunity is expected to involve GLE
constructing the proposed Paducah Laser Enrichment Facility (PLEF),
utilizing the SILEX technology to enrich the DOE tails inventories,
which have been stored in the form of depleted uranium
hexafluoride. The potential for second stage processing of PLEF
output, involving enrichment from natural-grade uranium to
low-enriched uranium for today’s conventional nuclear reactor fleet
and an additional stage for production of HALEU fuel for the
next-generation advanced reactor and small modular reactor markets,
are currently being assessed.
Caution Regarding Forward-Looking
Information and Statements
This news release includes statements considered
to be forward-looking information or forward-looking statements
under Canadian and U.S. securities laws (which we refer to as
forward-looking information), including: the appointment of Mr.
Long becoming effective on September 1, 2021; our expectations that
Mr. Long is uniquely positioned to lead the completion of GLE’s
continuing development and commercialization strategy, and that he
will provide strong and experienced leadership; the expectation
that GLE will be able to rapidly scale, deploy and market the SILEX
technology, and the extent of the opportunity for GLE; the ability
of GLE and the SILEX technology to address the wide range of LEU
and HALEU requirements; our beliefs regarding having positioned the
company for future success, our ability to complete GLE’s
commercialization plan and the culmination of the SILEX technology;
GLE’s continuing access to stockpiles of depleted uranium tails
owned by DOE and located in Paducah, Kentucky; and our expectations
regarding GLE’s construction of the PLEF using the SILEX technology
and the potential for second-stage processing of PLEF output.
This forward-looking information is based on a
number of assumptions, including assumptions regarding: Mr. Long’s
ability to achieve the objectives of his role; the ability of GLE
to rapidly scale, deploy and market the SILEX technology; the
extent to which GLE and the SILEX technology will be able to
address LEU and HALEU requirements; our ability to complete GLE’s
commercialization plans; continuing access to the DOE stockpiles at
Paducah; the construction of the PLEF and the potential for
second-stage processing of PLEF output. This information is subject
to a number of risks, including: the risk that Mr. Long could be
unsuccessful in meeting certain objectives for any reason; the risk
that GLE may not be able to rapidly scale, deploy or market the
SILEX technology successfully; the risk that GLE and the Silex
technology may be unable to address LEU and HALEU requirements to
the extent expected; the risk that we may be unable to complete
commercialization plans successfully; the risk that GLE may not be
able to continue to have access to the DOE’s uranium stores in
Paducah; the risk that the PLEF may not be successfully completed
and the risk that second stage processing of PLEF output may not be
achievable. The forward-looking information in this news release
represents our current views, and actual results may differ
significantly. Forward-looking information is designed to help you
understand our current views, and may not be appropriate for other
purposes. We will not necessarily update this information unless we
are required to by securities laws.
Investor inquiries: Rachelle
Girard 306-956-6403 rachelle_girard@cameco.com
Media inquiries: Jeff Hryhoriw
306-385-5221 jeff_hryhoriw@cameco.com
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