-Work also beginning on license application development-
Centrus Energy Corp. (NYSE American: LEU) has signed a new services
contract with X Energy, LLC (X-energy) to proceed with the preliminary
design of a facility to fabricate advanced nuclear fuel. The contract
builds upon the companies’ prior contract, signed in March 2018, to
complete a conceptual design of the facility.
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“This collaboration between X-energy and Centrus puts our two companies
at the forefront of the effort to supply the fuel for the next
generation of nuclear reactors,” said Daniel Poneman, president and CEO
of Centrus. “We see great promise in this market and believe the
advanced TRISO fuel to be produced in this facility will offer an
attractive and competitive solution to power advanced reactors around
the world.”
Dr. Pete Pappano, Principal Investigator for X-energy’s DOE Cooperative
Agreement and VP of Fuels Production, stated “This collaboration builds
off of an already successful effort that concluded with the conceptual
layout of the TRISO-X Fuel Fabrication Facility. With this new
agreement, X-energy and Centrus will complete the preliminary and final
designs of the TRISO-X Facility, positioning the companies to be first
to market in the sector of high assay low enriched uranium (HALEU)
TRISO-based fuel for advanced reactors and, potentially, accident
tolerant fuel for the existing light water reactor fleet.”
Under the agreement, Centrus will provide X-energy with technical
expertise and resources to support the preliminary design of a facility
to produce X-energy’s uranium oxycarbide (UCO) tristructural isotropic
(TRISO) fuel forms. This effort includes detailed nuclear criticality
safety analysis, infrastructure design, and balance of plant support
systems, as well as initial work on a license application for the
facility. Centrus is also providing facility space to X-energy at
Centrus’ Technology and Manufacturing Center in Oak Ridge, Tenn., where
X-energy and Centrus employees are working together on the project.
TRISO fuel forms can meet the requirements for the X-energy Xe-100 high
temperature gas cooled reactor, as well as for other advanced nuclear
reactor technologies being developed around the world.
The services contract supports the companies’ previously announced joint
effort to prepare a deployment plan for X-energy’s TRISO fuel
technology; design a cost-effective, highly automated fuel manufacturing
process line; and seek funding for a future commercial fuel production
facility.
About Centrus Energy
Centrus 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 capabilities, Centrus offers turnkey
engineering and advanced manufacturing solutions to its customers. The
Company 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.
About X-energy
X-energy is an advanced nuclear reactor design and TRISO-based fuel
fabrication company. X-energy is developing an innovative nuclear power
plant design solution. The Xe-100 is a 200MWt (75MWe) high temperature
gas-cooled pebble bed modular reactor that requires less time to
construct, uses factory-produced components, cannot melt down, and is
"walk-away" safe without operator intervention. In concert with Xe-100
design, X-energy is actively producing TRISO-based fuel forms and is
implementing pilot scale manufacturing capacities. Reactor and fuel
activities are supported by $38.5M in private investment, a five-year
$53M DOE Cooperative Agreement for advanced reactor and TRISO fuel
research, and a three-year Cooperative Agreement (funded to $10M) for
design and license application development of a commercial TRISO-X HALEU
fuel fabrication facility.
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 (the “Exchange Act”) - that is, statements related to future
events. In this context, forward-looking statements may address 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. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For Centrus Energy Corp.,
particular risks and uncertainties that could cause our actual future
results to differ materially from those expressed in our forward-looking
statements include risks: the continued impact of the March 2011
earthquake and tsunami in Japan on the nuclear industry and on our
business, results of operations and prospects; the impact and potential
extended duration of the current supply/demand imbalance in the market
for low-enriched uranium; pricing trends and demand in the uranium and
enrichment markets and their impact on our profitability; risks
associated with our reliance on third-party suppliers to provide
essential services to us; risks related to actions that may be taken by
the U.S. government, the Russian government or other governments that
could affect our ability to perform or the ability of our sources of
supply to perform under their contract obligations to us, including the
imposition of sanctions, restrictions or other requirements; the impact
of government regulation including by the U.S. Department of Energy and
the U.S. Nuclear Regulatory Commission; failures or security breaches of
our information technology systems; potential strategic transactions,
which could be difficult to implement, disrupt our business or change
our business profile significantly; the competitive environment for our
products and services; changes in the nuclear energy industry; the
impact of financial market conditions on our business, liquidity,
prospects, pension assets and insurance facilities; revenue and
operating results can fluctuate significantly from quarter to quarter,
and in some cases, year to year; and other risks and uncertainties
discussed in our filings with the Securities and Exchange Commission,
including under Part 1. Item1A - “Risk Factors” in our Annual Report on
Form 10-K for the year ended December 31, 2017.
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