The US is pushing for more domestically produced uranium fast, as its longstanding reliance on Russian imports is coming to a ban-induced end. Centrus Energy is gearing up to make that happen.
Last week, the US uranium enricher and fuel producer announced that it would invest $60M into expanding a manufacturing facility in Oak Ridge, TN, where it builds its 40-foot-high centrifuges for uranium enrichment.
Demand signals: The US government officially banned imports of Russian uranium earlier this year. Until the ban takes full effect in 2028, American companies can apply for waivers up to a certain amount to maintain consistent operations and stockpiles.
- Russia fired back this month with its own ban on exporting uranium to the US. Its version requires Russian producers to acquire a license for each fuel shipment to the States.
- As of 2022, Russia supplied 12% of US uranium ore and 24% of enriched uranium imports.
The US is taking steps to remedy the expected supply gap. Concurrently with the ban, Congress freed up $2.7B in funding for domestic high-assay low-enriched uranium (HALEU) production. Last month, the DOE picked four companies to supply that fuel—including Centrus. (The group includes Orano, which is also building new uranium enrichment facilities in Oak Ridge.)
Up next for Centrus: With its $60M investment, Centrus will expand its 440,000 sq. ft. facility in Oak Ridge to increase centrifuge manufacturing. Those centrifuges are then destined for a facility in Ohio, where the company will get them up and running to produce uranium fuel.
Lead Reporter of Ignition
