Centrus Energy Corp. has started building centrifuges at its Piketon, Ohio plant, a move that will allow the company to produce low‑enriched uranium (LEU) domestically and address a $2.3 billion backlog of contingent contracts. The new line is part of a 42‑month build‑out that positions Centrus to secure additional Department of Energy task orders in the next 6‑12 months.
The expansion follows the company’s recent completion of Phase II of its DOE contract and the launch of Phase III, which focuses on high‑assay, low‑enriched uranium (HALEU). By manufacturing centrifuges in‑house, Centrus reduces dependence on foreign suppliers, cuts production costs, and shortens the time required to bring commercial‑scale output online—an advantage that becomes critical as the U.S. moves toward a Russian import ban slated for 2028.
Financially, Centrus has strengthened its balance sheet with more than $1.6 billion in cash as of September 30, 2025, after raising $1.2 billion through convertible notes in November 2024 and August 2025. The company’s 2023 revenue of $320.2 million, up 9.4% from $293.8 million in 2022, and net income of $84.4 million, up 61% from $52.2 million, demonstrate the upside of its expanding contract mix and the ability to manage costs.
Management highlighted that the new production line will help Centrus meet the growing demand for HALEU, which is essential for next‑generation reactors. CEO Amir Vexler said the company is “committed to reclaiming American nuclear leadership” and that the in‑house capability will “enable us to respond quickly to federal and commercial customers while keeping costs competitive.”
The move also carries significant economic benefits for the region. The Piketon expansion is expected to create hundreds of jobs in Ohio and Tennessee, supporting local communities and reinforcing the U.S. nuclear fuel supply chain.
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