Centrus Energy (NYSE American: LEU) has secured a contract extension from the U.S. Department of Energy to continue the production of high-assay, low-enriched uranium (HALEU) through June 30, 2026. The extension is valued at approximately $110 million. This extension reflects the ongoing value of the partnership that the Department launched with Centrus in 2019 to restore America's ability to enrich uranium and provide a source of HALEU that the Department and the nation urgently need.
In 2022, Centrus won a competitively-awarded, three-phase follow-on contract to bring the cascade into production and deliver HALEU for the Department's use. Centrus completed phase I of the contract in late 2023 by launching enrichment operations and demonstrating first-of-a-kind HALEU production with the delivery of 20 kilograms of HALEU. Phase II of the contract called for Centrus to produce an additional 900 kilograms of HALEU by June 30, 2025, for the Department's use.
On June 17, 2025, the Department of Energy executed a contract amendment to split the first three-year extension period into a one-year extension option followed by a two-year extension option. The Department has exercised the first of these options, kicking off phase III with additional HALEU production through June 30, 2026.
The HALEU produced under this contract belongs to the Department and can be used to advance key national priorities like enabling the demonstration and commercialization of HALEU-fueled advanced reactors.
Since 1998, Centrus has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. Centrus is pioneering the production of HALEU and leading the effort to restore America's uranium enrichment capabilities at scale to meet clean energy, energy security, and national security needs. Today the company's shares have moved 4.58% to a price of $180.96. Check out the company's full 8-K submission here.
