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Signs Contract with Burns & McDonnell to Lead Design Effort
Centrus Energy (NYSE: LEU) announced today that it has initiated design work on a 150,000 square foot Training, Operations & Maintenance Facility in Piketon, Ohio a critical piece of site infrastructure necessary to support the company's plans for a major expansion of its uranium enrichment capacity in Piketon. The project involves a significant renovation and rehabilitation of an existing, largely vacant building on the site of the American Centrifuge Plant, with construction activities set to begin early next year.
"This is an important step forward which reflects our commitment to restoring America's ability to enrich uranium at a large scale – as quickly as possible," said Centrus President and CEO Amir Vexler. "It will enable us to accommodate our growing workforce and support construction and operation of commercial scale uranium enrichment capacity in Piketon."
As a first step, Centrus has selected Burns & McDonnell to provide design and engineering services for the modernization effort. The facility is expected to include a mix of office space, training facilities, and maintenance bays to support plant operations. It could ultimately accommodate as many as 200 new employees.
Under contract with the U.S. Department of Energy, Centrus is currently producing High-Assay, Low-Enriched Uranium (HALEU) – a next generation fuel needed to power advanced reactors. In September, Centrus announced plans for a major expansion of its uranium enrichment capacity in Ohio. This expansion is expected to create 1,000 construction jobs and 300 new operations jobs at the Piketon site while boosting Low-Enriched Uranium (LEU) and HALEU production. The size and scope of the expansion depend on federal funding decisions from the U.S. Department of Energy for LEU and HALEU, and a large-scale expansion would represent a multi-billion-dollar private and public investment into Ohio.
About Centrus
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal.
With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com.
Forward Looking Statements
This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will", "should", "could", "would" or "may" and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management's current views and assumptions with respect to future events and operational, economic and financial performance. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: geopolitical conflicts, including the war in Ukraine; market demand and competition; changes in economic or industry conditions; supply chain disruptions; the imposition of tariffs and/or sanctions that impact our ability to obtain, deliver, transport, or sell LEU or the SWU and natural uranium hexafluoride components of LEU delivered to us under the TENEX Supply Contract or other supply contracts or make related payments or deliveries of natural uranium hexafluoride to TENEX; regulatory approvals and compliance requirements; technological changes; DOE procurement decisions; U.S. government appropriations; government decisions regarding, our lease with the DOE in Piketon, Ohio, including with respect to the term and the scope of permitted activities; our ability to attract qualified employees necessary for the potential expansion of our operations in Oak Ridge, Tennessee or Piketon, Ohio; and our ability to execute our strategic initiatives.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. Readers are urged to carefully review and consider the various disclosures made in this news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A - "Risk Factors" in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.
Contacts:
Investors: Neal Nagarajan NagarajanNK@centrusenergy.com
Media: Dan Leistikow LeistikowD@centrusenergy.com
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SOURCE Centrus Energy Corp.
