Centrus Energy Corp.

Company and business model

• Centrus Energy Corp. is a Delaware corporation supplying nuclear fuel components and related services to the nuclear power industry.
• Operates through two primary segments:
  • LEU (Low Enriched Uranium): supplies nuclear fuel components to commercial utilities worldwide, including LEU, SWU (separative work units), natural uranium hexafluoride (UF6), and, occasionally, uranium concentrates or conversion products. The LEU segment focuses on the enrichment component of LEU and serves domestic and international utilities through long-term contracts, spot purchases, and inventory.
  • Technical Solutions: provides advanced uranium enrichment for the nuclear industry and the U.S. government, along with advanced manufacturing, engineering, and other technical services for government and private-sector customers. Activities include HALEU production capability and capabilities needed for advanced nuclear fuel production and related services.
• Positions itself as a key provider of U.S.-origin enrichment capabilities, including HALEU (high-assay LEU, 5%–20% U-235), supporting domestic enrichment capability, national security, energy security, and clean energy objectives.

Key capabilities and activities

• HALEU production:
  • Operating enrichment capacity for HALEU under a DOE contract.
  • Began enrichment operations at the Piketon, Ohio facility on October 11, 2023.
  • Delivered HALEU to the DOE on November 7, 2023 (Phase 1 completion).
• U.S. domestic enrichment:
  • Deploys the AC100M centrifuge and holds NRC licensing for that technology.
• Manufacturing and capacity plans:
  • Oak Ridge, Tennessee:
    • Resumed centrifuge manufacturing in 2024.
    • Announced in January 2026 an investment plan of more than $560 million over several years to convert Oak Ridge into a high-rate manufacturing facility.
    • First new centrifuges produced in Oak Ridge are expected to come online in Ohio in 2029.
  • Piketon, Ohio:
    • Announced plans in September 2025 for a major expansion of enrichment capacity to produce LEU and HALEU.
    • December 2025: began design work on a 150,000 sq ft training, operations, and maintenance facility at the site.
    • December 2025: started domestic centrifuge manufacturing to support LEU activities at Piketon.
• Support infrastructure:
  • Project to rehabilitate and repurpose an existing building on the American Centrifuge Plant site for site infrastructure, training facilities, and maintenance bays (design work began December 2025).

Contracts, funding, and program structure

• DOE agreements and awards:
  • HALEU Demonstration Contract: DOE-funded construction of a cascade of 16 AC100M centrifuges in Piketon; funded up to $173.0 million with a period ending 2022.
  • HALEU Operation Contract (awarded November 2022): initial base value around $150 million across Phase 1 and Phase 2 through 2024; Phase 2 production target of 900 kg HALEU UF6 delivered. As of December 31, 2025, Phase 2 funding increased to $170.1 million and the period was extended to January 31, 2026.
  • DOE amendments include a Phase 2 option structure (Option 1a and Option 1b) with target costs and fees; Option 1a funded at $108.2 million; Option 1b is subject to revised cost proposals due to cost increases.
  • DOE IDIQ awards (late 2024) for HALEU Deconversion Contract, HALEU Production Contract, and LEU Production Contract; each IDIQ award carries a $2.0 million contract minimum per awardee with overall ceilings; task orders to be issued by DOE.
  • January 2026 update: DOE selected Advanced Centrifuges (ACO) for a $900.0 million task order to expand enrichment capacity at Piketon for commercial HALEU production, subject to definitive agreements and funding. DOE may issue up to $170.0 million in options for HALEU production. There are no guarantees of when or whether funding will be awarded.
• LEU backlog and revenue visibility:
  • The company reports a LEU-related sales and contingent commitments backlog of $2.3 billion through customer contracts to 2040, which underpins production planning.
• Incentives and other funding:
  • Qualifying Advanced Energy Project Credit (§48C) under the IRA: IRS allocated $62.4 million for Oak Ridge manufacturing facility re-equipment. Centrus has two years to provide evidence that requirements are met and two additional years to place the property in service to receive the credit.

Customers and backlog

• LEU customers consist of major domestic and international utilities.
• The U.S. government is a customer for HALEU and related technical services.
• LEU backlog quantified at $2.3 billion, extending through 2040.

Strategic positioning and goals

• Restore and expand domestic uranium enrichment capabilities for LEU and HALEU to support U.S. national energy and security objectives.
• Diversify and expand beyond enrichment into complementary markets using its technical expertise, facilities, and supply chain relationships.
• Emphasize stability and resilience of supply chains, domestic production, and job creation in operating communities.

Notable dates and developments

• Oct 11, 2023: Began enrichment operations at Piketon HALEU facility.
• Nov 7, 2023: First HALEU delivery to DOE (Phase 1 complete).
• Oct 18, 2024; Jan 9, 2025; Aug 14, 2025; Jan 5, 2026: Various DOE task-order competitions and selections related to HALEU and LEU production contracts.
• Sep 25, 2025: Announced plans for major Piketon expansion for LEU and HALEU.
• Dec 2025: Began design work for training/maintenance facility in Piketon; started domestic centrifuge manufacturing at Piketon.
• Jan 2026: Announced Oak Ridge investment plan; first new Piketon production site milestones referenced (2029 for Ohio online).