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Centrus Energy Corp. (NYSE: LEU) announced Thursday it will expand its uranium enrichment plant in Piketon, Ohio, in a project that could generate more than 1,000 construction jobs and 300 new operations jobs.
The facility will produce both low-enriched uranium (LEU) and high-assay, low-enriched uranium (HALEU), which are critical fuels for current and next-generation reactors. The scale of the expansion hinges on federal funding decisions from the U.S. Department of Energy.
CEO Amir Vexler said the effort marks a historic investment in U.S. nuclear capacity, emphasizing the need to reduce reliance on foreign-owned suppliers. He noted the project will use a fully American supply chain and create thousands of indirect jobs nationwide.
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Centrus’ centrifuge manufacturing facility in Oak Ridge, Tenn., and suppliers in more than a dozen states will support the Piketon expansion. JobsOhio and Ohio Southeast Economic Development will partner with the company to attract and train workers for the plant’s long-term operations.
Centrus has raised $1.2 billion in convertible notes over the past year and secured more than $2 billion in contingent commitments from utilities.
The company has also partnered with Korea Hydro & Nuclear Power and POSCO International. It has submitted proposals to the Department of Energy for competitive awards to boost domestic uranium supply.
Ohio Gov. Mike DeWine said the facility highlights the state’s role in national security, while Sen. Jon Husted said the project will be essential for America’s nuclear fleet. Rep. Dave Taylor praised the investment as a step toward restoring energy independence and creating U.S. jobs.
Price Action: At last check Thursday, LEU shares were trading higher by 7.89% to $297.77.
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