Centrus Energy finalizes contract with DoE for uranium production

Centrus Energy’s wholly-owned subsidiary American Centrifuge Operating, or ACO, has signed a definitized contract with the U.S. Department of Energy to pioneer production of High-Assay, Low-Enriched Uranium – HALEU – at its facility leased from DoE in Piketon, Ohio. HALEU is an advanced nuclear fuel required for most of the next-generation reactor designs currently under development. The base contract value is approximately $150M in two phases through 2024. Phase One includes an approximately $30M cost share contribution from Centrus matched by approximately $30M from the Department to finish construction, bring the cascade online, and demonstrate production of 20 kilograms of 19.75% enriched HALEU by December 31, 2023. In Phase Two of the contract, ACO will continue production for a full year at an annual production rate of 900 kilograms of HALEU. The Department will own the HALEU produced from the demonstration cascade and Centrus will be compensated, with an expected Phase Two contract value of approximately $90M.