Centrus Energy Signs MOU for Uranium Enrichment Plant Expansion

By Philip Seaworth • Tuesday, August 26 15:48 • Permanent Link

Centrus Energy (NYSE American: LEU) has announced the signing of a memorandum of understanding (MOU) with Korea Hydro & Nuclear Power (KHNP) and Posco International, aimed at exploring potential investment to support the expansion of Centrus' uranium enrichment plant in Piketon, Ohio. The signing of the agreement was attended by U.S. Secretary of Commerce Howard Lutnick and Korea’s Minister of Trade, Industry and Energy Kim Jung-kwan.

In February 2025, Centrus and KHNP finalized a supply contract to support the construction of new uranium enrichment capacity at Centrus’ American Centrifuge Plant in Ohio. As a result of the recent agreement, the two companies have agreed to an increase in the supply volume of low-enriched uranium (LEU) under the existing contract.

The entire supply commitment, including the expanded volumes, is contingent upon Centrus receiving the necessary federal funding to build the new LEU production capacity. Centrus is competing for funding from the U.S. Department of Energy to expand U.S. enrichment capacity.

The MOU, though non-binding, is aimed at facilitating additional private sector capital to support the potential expansion of Centrus’ enrichment capacity in Ohio. It also calls for the exploration of additional opportunities for cooperation, such as additional supply agreements for LEU as well as high-assay, low-enriched uranium (HALEU) for next-generation reactors.

Korea represents one of the largest potential export markets for U.S. enriched uranium and is leading the development and construction of new reactors around the world. KHNP, the world’s third-largest nuclear plant operator, currently has 26 nuclear reactors in operation and four under construction.

Posco International, a global leader in international trading and energy infrastructure development, is working to develop a next-generation high-temperature gas reactor powered by HALEU.

Centrus Energy, a trusted American supplier of nuclear fuel and services for the nuclear power industry, has provided its utility customers with more than 1,850 reactor years of fuel since 1998. With world-class technical and engineering capabilities, Centrus is pioneering the production of HALEU and is leading the effort to restore America’s uranium enrichment capabilities at scale.

The agreement with KHNP and Posco International reflects the strong demand for a U.S.-owned uranium enrichment capability and provides another potential avenue for private investment capital to bring added supply diversity and competition to the marketplace. As a result of these announcements, the company's shares have moved 11.79% on the market, and are now trading at a price of $207.1301. For more information, read the company's full 8-K submission here.

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