Statement: Inflation Reduction Act Makes Critical Investment in HALEU Enrichment

Rhea-AI Summary

Centrus Energy Corp. (NYSE American: LEU) welcomed the Inflation Reduction Act, highlighting its $700 million funding for High-Assay, Low-Enriched Uranium (HALEU) production. This investment aims to bolster domestic production of advanced nuclear fuel, essential for future reactors. With the only U.S. Nuclear Regulatory Commission license for HALEU production, Centrus is committed to supporting the nuclear energy sector and contributing to climate goals. The company emphasizes the need for ongoing investment to develop necessary infrastructure for HALEU production.

Positive

• Secures $700 million from the Inflation Reduction Act for HALEU production.
• Possesses the only U.S. Nuclear Regulatory Commission license for HALEU production.
• Commits to supporting future nuclear energy initiatives aligned with climate goals.

Negative

• None.

BETHESDA, Md., Aug. 19, 2022 /PRNewswire/ -- Centrus Energy Corp. (NYSE American: LEU) President and Chief Executive Officer Daniel Poneman made the following statement about the nuclear energy related investments in the Inflation Reduction Act signed into law earlier this week:

"The Inflation Reduction Act makes a historic commitment to combating climate change while restoring America's nuclear leadership on the world stage. In addition to providing critical support to our existing fleet of reactors, the new law includes a $700 million appropriation to help jump-start domestic production of High-Assay, Low-Enriched Uranium (HALEU) – an advanced fuel that's needed to power the next generation of nuclear reactors.

"Establishing the necessary infrastructure to produce and transport HALEU will take sustained public and private investment over several years.  The $700 million in the new law represents a critical down payment on this effort. 

"In the meantime, with the only U.S. Nuclear Regulatory Commission license for HALEU production, Centrus is strongly committed to serving this market and helping to fuel the future of nuclear energy around the world so that we can achieve our net-zero climate goals."

About Centrus Energy

Centrus Energy is a trusted supplier of nuclear fuel and services for the nuclear power industry. Centrus provides value to its utility customers through the reliability and diversity of its supply sources – helping them meet the growing need for clean, affordable, carbon-free electricity. Since 1998, the Company has provided its utility customers with more than 1,750 reactor years of fuel, which is equivalent to 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is also advancing the next generation of centrifuge technologies so that America can restore its domestic uranium enrichment capability in the future. Find out more at www.centrusenergy.com. 

Forward Looking Statements:

This press release may contain statements that constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider this press release and Centrus Energy Corp.'s other filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2021. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this press release, except as required by law.

Contact
Lindsey Geisler (301) 564-3392 or GeislerLR@centrusenergy.com

 

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SOURCE Centrus Energy Corp.

FAQ

What is the significance of the Inflation Reduction Act for Centrus Energy (LEU)?

The Inflation Reduction Act allocates $700 million for High-Assay, Low-Enriched Uranium (HALEU) production, which Centrus Energy is licensed to produce, enhancing its role in the nuclear energy sector.

How does Centrus Energy (LEU) plan to use the $700 million from the Inflation Reduction Act?

Centrus Energy plans to use the $700 million towards establishing infrastructure for the production and transport of HALEU, critical for the next generation of nuclear reactors.

What is HALEU and why is it important for Centrus Energy (LEU)?

High-Assay, Low-Enriched Uranium (HALEU) is an advanced nuclear fuel necessary for the future of nuclear reactors, and Centrus Energy is committed to its production as part of its strategy to support clean energy.