First New U.S.-Owned Uranium Enrichment
Plant
to Begin Production Since
1954
PIKETON,
Ohio, Oct. 11, 2023 /PRNewswire/ --
Today, Centrus Energy announced that it has begun enrichment
operations at its High-Assay Low-Enriched Uranium (HALEU) facility
in Piketon, Ohio, and expects to
begin withdrawing HALEU product later this month. It is the
only NRC-licensed HALEU facility in the
United States and the first new U.S.-owned, U.S.-technology
uranium enrichment plant to begin production since 1954.
Deputy Secretary of Energy David
Turk, National Association of Building Trade Unions
President Sean McGarvey, National
Association of Manufacturers President and CEO Jay Timmons, and Pike
County Commissioner Tony
Montgomery joined Centrus President and CEO Daniel Poneman to mark this historic milestone
in the restoration of U.S. nuclear leadership.
"This moment holds great pride – and promise – for the Nation,"
said Poneman. "We hope that this demonstration cascade
will soon be joined by thousands of additional centrifuges right
here in Piketon to produce the
HALEU needed to fuel the next generation of advanced reactors,
Low-Enriched-Uranium to sustain the existing fleet of reactors, and
the enriched uranium needed to sustain our nuclear deterrent for
generations to come. This is how the
United States can recover its lost nuclear
independence."
"It's remarkable what we can accomplish in the truly American
public, private partnership model. For the first time ever, an
American company is producing HALEU on American soil, providing
critical fuel for advanced nuclear reactors, a statement that
America's committed to our energy security," Deputy Energy
Secretary Turk said at the event.
Centrus met every required milestone on time and on budget
during construction of the cascade and is starting production two
months earlier than scheduled under the competitively-awarded,
cost-shared contract the company signed with the U.S. Department of
Energy in 2022.
HALEU is an advanced nuclear fuel required for most of the
next-generation reactor designs currently under development.
The capacity of the 16-centrifuge cascade is modest – about 900
kilograms of HALEU per year – but with sufficient funding and
offtake commitments, Centrus could significantly expand
production. A full-scale HALEU cascade, consisting of 120
centrifuge machines, with a combined capacity to produce
approximately 6,000 kilograms of HALEU per year (6 MTU/year), could
be producing HALEU 42 months after securing the necessary
funding. With appropriate support, Centrus could add a second
HALEU cascade six months later and subsequent cascades every two
months after that. That would mobilize hundreds of union
workers in Ohio to build and
operate the plant and support thousands of direct and indirect jobs
across a nationwide manufacturing supply chain. The
Piketon facility has ample space
for the thousands of machines that will be needed to meet the
growing demand for enriched uranium in the decades to come.
About Centrus Energy
Centrus Energy is a trusted supplier of nuclear fuel and
services for the nuclear power industry. Centrus provides value to
its utility customers through the reliability and diversity of its
supply sources – helping them meet the growing need for clean,
affordable, carbon-free electricity. Since 1998, the Company has
provided its utility customers with more than 1,750 reactor years
of fuel, which is equivalent to 7 billion tons of coal. With
world-class technical and engineering capabilities, Centrus is also
advancing the next generation of centrifuge technologies so that
America can restore its domestic uranium enrichment capability in
the future. Find out more at www.centrusenergy.com.
Forward Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the Private Securities Litigation Reform Act of
1995. In this context, forward-looking statements mean statements
related to future events, which may impact 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. These forward-looking statements are based on information
available to us as of the date of this news release and represent
management's current views and assumptions. Forward-looking
statements are not guarantees of future performance, events or
results and involve known and unknown risks, uncertainties, and
other factors, which may be beyond our control. 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 but are not limited to
the following which are, and will be, exacerbated by the COVID-19
pandemic and subsequent variants, and any worsening of the global
business and economic environment as a result; risks related to
component failure which prevent plant operations or HALEU
production; risks related to whether or when government funding or
demand for high-assay low-enriched uranium ("HALEU") for government
or commercial uses will materialize; risks related to (i) our
ability to perform and absorb costs under our agreement with the
U.S. Department of Energy ("DOE") to deploy and operate a cascade
of centrifuges to demonstrate production of HALEU for advanced
reactors (the "HALEU Operations Contract"), (ii) our ability to
obtain contracts and funding to be able to continue operations and
(iii) our ability to obtain and/or perform under other agreements;
risks that (i) we may not obtain the full benefit of the HALEU
Operation Contract and may not be able or allowed to operate the
HALEU enrichment facility to produce HALEU after the completion of
the HALEU Operation Contract or (ii) the HALEU enrichment facility
may not be available to us as a future source of supply; risks
related to the government's inability to satisfy its obligations
under the HALEU Operation Contract; risks related to uncertainty
regarding our ability to commercially deploy a competitive
enrichment technology; risks related to the fact that we face
significant competition from major producers who may be less cost
sensitive or are wholly or partially government owned; risks
related to the impact of government regulation and policies
including by the DOE and the U.S. Nuclear Regulatory Commission;
and other risks and uncertainties discussed in this and our other
filings with the SEC.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this
news release. These factors may not constitute all factors that
could cause actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results. Readers
are urged to carefully review and consider the various disclosures
made in this news release and in our other filings with the SEC,
including our Annual report on Form 10-K for the year ended
December 31, 2022, and our other
filings with the SEC that attempt to advise interested parties of
the risks and factors that may affect our business. We do not
undertake to update our forward-looking statements to reflect
events or circumstances that may arise after the date of this news
release, except as required by law.
Contacts:
Investors: Dan Leistikow at
LeistikowD@centrusenergy.com
Media: Lindsey Geisler at
GeislerLR@centrusenergy.com
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SOURCE Centrus Energy Corp.