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Centrus Energy

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Overview

Centrus Energy Corp is a leading player in the nuclear power industry, specializing in the supply of nuclear fuel and related services. This comprehensive overview highlights the company's key aspects:

Business Operations

Centrus Energy is the world's most diversified supplier of enriched uranium fuel for civilian nuclear power reactors. The company provides nuclear fuel, design, fabrication, and implementation of spent nuclear fuel technologies, as well as nuclear fuel cycle consulting services.

Technical Capabilities

The company has developed and operates the American Centrifuge, an advanced gas centrifuge enrichment technology crucial for restoring the United States' domestic uranium enrichment capability. Centrus is also involved in producing High-Assay, Low-Enriched Uranium (HALEU), a fuel expected to be used in many advanced reactor designs.

Advanced Manufacturing and Engineering

In addition to its core nuclear fuel business, Centrus offers advanced manufacturing, design, and engineering solutions. These services include turnkey engineering, precision manufacturing, and technical expertise for customers in the energy, aerospace, chemical, and defense sectors. The company operates a 440,000 square foot, NQA-1-compliant prototyping and manufacturing facility in Oak Ridge, Tennessee.

National Security and Domestic Supply Chain

Centrus emphasizes the importance of domestic uranium enrichment technology to support national security and reduce dependence on foreign suppliers. The company advocates for federal investment in American-built centrifuge technologies and has deployed a cascade of centrifuges at the American Centrifuge Plant in Piketon, Ohio.

Regulatory and Safety Expertise

With over 60 years of experience in nuclear facility operations, Centrus has a strong safety record and proven regulatory performance under various regulatory regimes. The company assists customers with licensing applications, safety analysis, and the development of operational procedures and best practices.

Global Presence

Headquartered in Bethesda, Maryland, Centrus Energy has a presence in the U.S., Belgium, and Japan, serving both domestic and international customers.

Recent Initiatives

The company has been involved in advocating for a $3.4 billion federal investment in domestic nuclear fuel production to prioritize American technology and workers. This investment is part of broader efforts to enhance the U.S. nuclear fuel supply chain and reduce reliance on foreign technologies. Centrus Energy Corp plays a critical role in the nuclear power industry, combining its expertise in nuclear fuel production with advanced manufacturing and engineering capabilities to support both traditional and next-generation nuclear reactors.

Leadership Team

Centrus Energy Corp's leadership team comprises experienced executives with diverse backgrounds in energy, legal, and financial sectors. Key members include:

Executive Leadership

  1. Amir Vexler - President, Chief Executive Officer, and Director (since January 1, 2024)
  2. Larry B. Cutlip - Senior Vice President, Field Operations, and President of American Centrifuge Operating, LLC
  3. Shahram Ghasemian - Senior Vice President, General Counsel, Chief Compliance Officer, and Corporate Secretary
  4. Senior Vice President & Chief Marketing Officer (name not provided)
  5. Senior Vice President, Chief Financial Officer and Treasurer (name not provided)

Other Key Roles

  1. Neal Nagarajan - Senior Vice President and Head of Investor Relations
  2. Dan Leistikow - Vice President, Corporate Communications
  3. Vice President, Government Relations (name not provided)
  4. Vice President, Corporate Business Strategy (name not provided)

Board of Directors

The company is governed by a Board of Directors with extensive and diverse experience across various industries. Key points include:

  • An Independent Chairman of the Board with over 11 years of tenure
  • Directors with tenures ranging from 3.6 to 16.9 years
  • Diverse expertise in business, finance, and technical areas This leadership structure ensures that Centrus Energy Corp has the necessary experience and skills to navigate the complex nuclear energy industry and drive the company's growth and innovation.

History

Centrus Energy Corp, formerly known as USEC Inc., has a rich history closely tied to the development and evolution of uranium enrichment in the United States.

Early Years and Government Ownership (1940s-1992)

  • Roots date back to the 1940s Manhattan Project
  • U.S. government began commercial sales of enriched uranium in the 1960s

Privatization and USEC Inc. (1992-2014)

  • Energy Policy Act of 1992 led to the creation of the United States Enrichment Corporation (USEC)
  • USEC began operations in July 1993
  • Fully privatized through an IPO in July 1998, generating over $3 billion for the U.S. Treasury

Operations and Challenges

  • Operated gaseous diffusion plants in Piketon, Ohio, and Paducah, Kentucky
  • Faced regulatory issues and financial difficulties
  • Ceased enrichment operations in Piketon in 2001
  • Suspended demonstration gas centrifuge plant project in Piketon in 2009

Megatons to Megawatts Program (1993-2013)

  • Converted 500 metric tons of former Soviet nuclear weapons material into civilian reactor fuel
  • Provided 10% of America's electricity needs
  • Eliminated over 20,000 warheads worth of weapons-grade material

Bankruptcy and Reorganization (2014)

  • Filed for Chapter 11 bankruptcy in March 2014
  • Emerged as Centrus Energy Corp. in September 2014

Centrus Energy Corp. (2014-Present)

  • Focused on advanced centrifuge technology and HALEU production
  • Began work on HALEU demonstration project in Piketon, Ohio (2019)
  • Received NRC license for HALEU production up to 20% U-235 (2021)

Current Activities

  • Supplies LEU to utilities globally
  • Pioneering HALEU production for advanced reactor designs
  • Expanding manufacturing capacity in Oak Ridge, Tennessee
  • Collaborating with advanced reactor developers
  • Returned to profitability in 2020 This history showcases Centrus Energy's evolution from a government entity to a private company at the forefront of nuclear fuel technology and production.

Products & Solutions

Centrus Energy Corp is a comprehensive supplier of nuclear fuel and services, offering a wide range of products and solutions for the nuclear power industry. Their key offerings include:

  1. Nuclear Fuel and Services:
  • World's most diversified supplier of enriched uranium fuel for civilian nuclear power reactors
  • Provided over 1,850 reactor years of fuel since 1998, equivalent to more than 7 billion tons of coal
  1. Advanced Uranium Enrichment:
  • Developed and operated the American Centrifuge, the world's most advanced gas centrifuge enrichment technology
  • Critical for restoring America's domestic uranium enrichment capability
  1. High-Assay, Low-Enriched Uranium (HALEU):
  • Pioneering the production of HALEU, expected to be the fuel source for many advanced reactor designs
  • Chosen by the U.S. Department of Energy to deploy a U.S. uranium enrichment demonstration facility for HALEU production
  1. Advanced Manufacturing and Engineering:
  • Offers turnkey engineering, design, and advanced manufacturing solutions
  • Operates a 440,000 square foot NQA-1-compliant Technology & Manufacturing Center in Oak Ridge, Tennessee
  1. Advanced Nuclear Reactor Support:
  • Provides integrated solutions for advanced reactor developers
  • Offers design and manufacture of critical components, business planning, project and supply chain management, and licensing of facilities
  1. Decommissioning Services:
  • Supports lifecycle management of nuclear facilities
  1. National Security and Government Requirements:
  • Plays a critical role in supporting national security by providing domestic sources of enriched uranium and tritium Centrus Energy Corp combines advanced technology, engineering expertise, and manufacturing capabilities to support both the civilian nuclear power industry and national security needs.

Core Technology

Centrus Energy Corp, formerly USEC Inc., is advancing several core technologies in the nuclear energy sector:

  1. High-Assay, Low-Enriched Uranium (HALEU):
  • Pioneering the production of HALEU, with up to 20% Uranium-235 concentration
  • Crucial for many next-generation reactor designs
  1. Centrifuge Technology:
  • Developing and deploying the AC100 centrifuge, considered the most advanced U.S. enrichment technology
  • Deployed a cascade of 16 centrifuges at the American Centrifuge Plant in Piketon, Ohio
  • Plans to expand with thousands of additional centrifuges for large-scale LEU and HALEU production
  1. Advanced Nuclear Fuel Development:
  • Collaborating with Clean Core Thorium Energy on ANEEL (Advanced Nuclear Energy for Enriched Life) fuel
  • ANEEL combines thorium with HALEU, offering cost savings, safety, and nonproliferation benefits
  • Testing and qualification at Idaho National Laboratory, with commercialization planned for late 2024
  1. Domestic Uranium Enrichment Capability:
  • Aiming to restore America's domestic uranium enrichment capability
  • Supported by federal investment and partnerships with private capital and customer purchase agreements Centrus Energy's core technology focuses on advanced uranium enrichment, next-generation nuclear fuel development, and cutting-edge centrifuge systems to support current and future nuclear power needs.

Industry Peers

Centrus Energy Corp. (LEU) operates in the energy sector, specifically within the coal and consumable fuels industry. Its key competitors and peers include: Direct Competitors:

  1. Energy Fuels Inc. (UUUU): Leading U.S. uranium producer
  2. Ur-Energy Inc. (URG): Significant player in uranium production
  3. enCore Energy Corp. (EU): Focuses on uranium exploration, development, and production
  4. Denison Mines Corp. (NXE): Engaged in uranium mining and exploration
  5. Cameco Corp. (CCO): Major global uranium producer Other Industry Peers:
  6. Fission Uranium Corp. (FCUUF): Involved in uranium exploration and development
  7. Uranium Energy Corp. (UEC): Active in uranium mining and exploration in the United States
  8. Deep Yellow Limited (DYLLF): Australian-based company focused on uranium exploration and development These companies are compared based on metrics such as valuation, growth, profitability, and market performance to assess their relative positions within the industry. Analyzing these peers helps investors understand the competitive landscape and make informed investment decisions in the nuclear energy sector.

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