Centrus’ goal is to make the U.S. a leading producer of uranium enrichment

The most difficult part of creating nuclear power is enriching uranium – and that’s exactly why Centrus Energy Corporation has set itself the goal of making America a world leader.

Unique item: Bethesda, Maryland-based Centrus, which is the only U.S. uranium enrichment company, can trace its origins to the Manhattan Project, a secret World War II government initiative that launched the United States into the atomic age.

• The company is uniquely positioned to achieve its goal of providing the world with clean, abundant, affordable and reliable energy.
• “Nuclear power is reliable — so much so that we have seen significant growth in nuclear generation around the world,” Centrus President and CEO Amir Vexler told NAM.
• Global nuclear energy production increased by 8% in 2023, after declining the previous year.

Geopolitically driven growth: Extension driver? According to Vexler, Russia’s invasion of Ukraine in 2022

• “From 2022, many countries realized that they need to have a certain level of sovereignty in energy production,” he said. “With nuclear energy, you are not dependent on fossil fuels from other countries, which is especially important if you are a nation that is not very resource-rich.”
• In the more than two years since the war in Ukraine began, Russia has lost its position as the world’s largest oil and gas exporter as the United States and allies try to wean themselves from importing Russian energy.

Rule 22: However, without uranium there is no nuclear energy. Ironically, according to the Department of Energy, Russia has about 44% of the world’s uranium enrichment capacity and supplies almost a quarter of the enriched uranium used in U.S. reactors.

• That monopoly may soon begin to crumble, however, as earlier this month President Biden signed bipartisan legislation banning imports of Russian low-enriched uranium, also known as LEU.

Collecting national resources: At the same time, the United States is seeking to increase domestic uranium production, and Centrus is key to achieving this goal.

• In November 2022, DOE announced a $150 million cost-sharing award with a subsidiary of Centrus to demonstrate the ability to produce high-grade low-enriched uranium, or HALEU, an advanced form of fuel needed to power next-generation nuclear reactors.

Sole manufacturer: HALEU is uranium enriched to 5% to 20% uranium-235, and the Centrus enrichment facility in Piketon, Ohio, is the only U.S. facility licensed to produce it.

• The Piketon facility began enriching HALEU in late 2023, becoming the first U.S.-owned enrichment facility to begin production in nearly 70 years. With sufficient public and private investment, Centrus could add thousands of centrifuges for large-scale production of LEU for existing reactors and HALEU for future reactors. The plant could also supply enriched uranium for national security missions.

Filling the key vacuum: Removing Russia from the uranium enrichment landscape “creates a huge vacuum” that America must fill. In fact, it is a national security imperative, Vexler continued.

• “The process of enrichment – ​​creating technology and building machines – is so demanding that as a country we cannot cede it to others. Once this knowledge leaves our shores, we will never get it back. We have given away (nuclear knowledge) to the Russians and Europeans before, and it is difficult to catch up. … It is a complex supply chain, extremely specialized and offering enormous added value.”
• If the United States establishes robust uranium enrichment processes and facilities, he said, the country “could become a net exporter (of nuclear fuel) to Europe, Latin America (and) Asia. If we don’t compete in these markets, the Russians will.”

Safe, reliable and profitable: The cartoonish portrayal of the nuclear industry in popular culture has done it a disservice. It is a fundamentally safe sector that can provide well-paid jobs for many years to come.

• “There is enormous misinformation” about nuclear energy, Vexler said. “One of our biggest enemies is probably animated series with disastrous images (of nuclear power plants). (…) Consider that an American company is enriching uranium here and will create a generation of people who will know how to do it – technicians, electricians and others, who understand these complex machines.”
• The nuclear sector is rigorously regulated and adheres to high standards, constantly learning, evolving and developing new reactor designs. “It’s probably one of the safest industries in the world.”

Last word: Vexler is optimistic about the future – both for Centrus as a company and for the United States as a major exporter of nuclear energy.

• “I applaud the U.S. government; there are many strong supporters of nuclear energy in it,” Vexler told us. “Getting the allocated amount of funding is a great achievement. With continued government support and public-private partnerships, we will return wealth to the United States and all the benefits that come with it.”