Stock Track | Centrus Energy Soars 10.5% on Plans for Major Uranium Enrichment Expansion

Stock Track00:48

Shares of Centrus Energy Corp. (LEU) surged 10.5% in pre-market trading on Wednesday, following the company's announcement of plans to invest around $60 million over the next 18 months to ramp up centrifuge manufacturing capacity. This move lays the groundwork for a potential large-scale expansion of its American Centrifuge uranium enrichment plant in Piketon, Ohio, which would require a multi-billion dollar public-private investment.

The company cited its recent success in securing over $2 billion in contingent purchase commitments from customers for future Low-Enriched Uranium (LEU) production, as well as two U.S. Department of Energy awards aimed at enrichment and deconversion of High-Assay, Low-Enriched Uranium (HALEU). Centrus is also competing for more than $3.4 billion that Congress has appropriated to the DOE to jumpstart domestic nuclear fuel production.

Centrus President and CEO Amir Vexler emphasized the strategic importance of restoring America's uranium enrichment capabilities, reducing dependence on foreign nations and supporting the deployment of next-generation reactors. The company's American Centrifuge technology is manufactured domestically and supported by a nationwide supply chain of American companies.

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