Centrus Energy Corp

Reactor production can only scale if the fuel supply chain expands alongside it.

This brings us to Centrus Energy, which is the symbol LEU.

The company supplies enriched uranium and is expanding domestic enrichment capacity for both existing reactors and advanced designs.

That creates a long-term investment thesis around nuclear growth and the strategic importance of secure fuel supply.

This is the first time in United States that there is centrifuge commercial enrichment.

And so you talk about your role and Centrus's role a- as an enricher, and that brings us to HALEU, if I'm pronouncing it correctly.

Uh, H-A-L-E-U.

It's become an acronym within the industry that is, uh, very much talked about.

It popped up throughout as I was doing my research on you and on nuclear and on Centrus as a whole.

But obviously for those not necessarily ingrained in the nuclear industry, it's probably a five-letter acronym that everyone's like, "What is he talking about?" So before we dive more into it, can you give us just a broad overview of what HALEU is, why it's important, and why, at least in the nuclear industry, it's becoming more and more talked about as of late?

Sure.

So it is a higher enrichment, but, uh, under 20%, and that enables the fueling of all of these advanced micro, advanced reactors, microreactors that are being developed out there right now.

Let's talk about more fuel deals.

We have Centrus and Antares, Century and Ra...

Centrus and Radiant.

We have General Matter who submitted their application to the NRC.

You know, the, the, the fuel supply agreements continue to pop up.

I mean, there's...

I guess there's, there's two prongs to this.

There's the HALEU piece, so guys locking in agreements with Centrus and others.

Let's enjoy it.

And the thing is Centrus today has the technology for enrichment and is eventually going to be the enricher of uranium in the US.

Today, it's one of the two companies in the US that has been permitted to buy uranium from Russia.

So actually, the enriched uranium that they sell in the US is going through Centrus.

But this is stopping in 2028.

And the question mark is what happens between 2028 and 2029, 2030 when Centris eventually has its own enrichment capacity.