Centrus Energy announced plans of expanding at its uranium enrichment plant in Piketon, Ohio.
The expansion is anticipated to boost the production of low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU), according to the Centrus Thursday press release. It is also anticipated to create over 1,000 construction jobs and 300 operational jobs at the Piketon site.
Centrus said the size and scope of the expansion is subject to Department of Energy funding decisions for LEU and HALEU. However, the company said that the large-scale expansion would “represent a multi-billion dollar private and public investment into Ohio”.
The company recently submitted proposals to DOE as a part of a selection process for potential awards to further expand domestic production of LEU and HALEU.
Centrus began doing HALEU enrichment at the DOE Portsmouth Site about two years ago.
Over the last 12 months, Centrus said it has raised over $1.2 billion in a pair of convertible note transactions and has secured over $2 billion in contingent purchase commitments from utility customers domestically and internationally. The company said it raised the funds in anticipation of the expansion.
Korea Hydro and Nuclear Power and POSCO International could also potentially invest into the project after teaming up with Centrus last month, according to the release.
Centrus’ announcement of the expansion was joined by elected officials such as Ohio Gov. Mike DeWine (R), Sen. Jon Husted (R-Ohio) and Rep. Dave Taylor (R-Ohio).
In addition to expanding the Piketon plant, Centrus said the project is expected to support hundreds of jobs at its centrifuge manufacturing plant in Oak Ridge, Tenn. and throughout its manufacturing supply chain.
“The time has come to restore America’s ability to enrich uranium at scale,” Centrus CEO Amir Vexler said in the release. “We are planning a historic, multi-billion-dollar investment right here in Ohio – supported by a nationwide supply chain to do just that. When it comes to powering our energy future, it’s time to stop relying on foreign, state-owned corporations and start investing in American technology, built by American workers.”