Centrus Energy (NYSE American: LEU) has detailed plans for a major expansion of its uranium enrichment plant in Piketon, Ohio, which is expected to create 1,000 construction jobs and 300 new operations jobs, while retaining 127 existing jobs. The expansion is dependent on federal funding decisions from the U.S. Department of Energy for low-enriched uranium (LEU) and high-assay, low-enriched uranium (HALEU) production. The company has raised more than $1.2 billion in convertible note transactions over the last 12 months and secured more than $2 billion in contingent purchase commitments from utility customers in the United States and around the world.
Centrus has already begun hiring in anticipation of the expansion and is partnering with JobOhio to identify and recruit potential job applicants. The expansion plans call for a multi-billion-dollar public and private investment to add thousands of additional centrifuges at its American centrifuge plant in Piketon, Ohio, delivering large-scale production of both LEU and HALEU.
Centrus is the only active enricher that uses American technology and manufactures centrifuges and supporting equipment exclusively in the United States. The company has also announced its collaboration with Korea Hydro & Nuclear Power and Posco International to potentially invest in the project. Additionally, almost 100 percent of the world’s enrichment capacity belongs to foreign, state-owned enterprises, while Centrus is the only American-owned uranium enrichment facility that fuels nuclear power.
The expansion project is expected to support hundreds of jobs at Centrus’ centrifuge manufacturing plant in Tennessee and throughout its manufacturing supply chain, which is entirely domestic, along with thousands of indirect jobs in Ohio, Tennessee, and across the country. The company will manufacture its centrifuges in Oak Ridge, Tennessee, with the support of a nationwide manufacturing supply chain that currently spans 14 major suppliers in 13 states.
Centrus has provided a collection of high-resolution images and b-roll for media use. The expansion is poised to have a significant impact on job creation and economic growth in the southern portion of the Ohiose region, with an expected 300 new operations jobs and 1,000 construction jobs at the Piketon site, while retaining 127 existing jobs. This is a major investment in Piketon that solidifies Ohio’s continued leadership in the energy sector. The project is not only a powerful economic driver but also a national security imperative.
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, providing its utility customers with more than 1,850 reactor years of fuel since 1998. The company 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. The market has reacted to these announcements by moving the company's shares 10.59% to a price of $305.24. For more information, read the company's full 8-K submission here.
