BETHESDA, Md.--(BUSINESS WIRE)--Sep. 17, 2018--
Centrus Energy Corp. (NYSE American: LEU) and Doosan Heavy Industries
and Construction Co., Ltd, announced a Memorandum of Understanding (MOU)
today to explore opportunities to cooperate in providing manufacturing,
engineering and technical services and goods to the nuclear industry –
including advanced technologies that will be utilized in the next
generation of commercial nuclear reactors under development around the
world.
“We see great potential for future cooperation with Doosan, a global
leader in nuclear reactor engineering, procurement, and construction,”
said Daniel B. Poneman, Centrus president and chief executive officer.
“With unique and complementary technical capabilities, we believe there
could be mutually beneficial opportunities for our companies to work
together worldwide and win new business.”
The MOU establishes a framework for Centrus and Doosan to explore a
range of commercial initiatives that would take advantage of the unique
technical capabilities, expertise, and customer relationships of both
companies.
In particular, Centrus and Doosan plan to pursue opportunities for
cooperation in serving the companies developing the next generation of
nuclear reactors, which will require advanced engineering and
manufacturing capabilities and innovative fuel designs. Doosan is a
major global supplier of nuclear power equipment and has supported
reactor construction projects in South Korea, the United States, the
United Arab Emirates, and China. Centrus has deep technical expertise in
the nuclear fuel cycle and signed a contract earlier this year with
X-energy, a pioneering reactor technology and fuel company, to support
the design of a facility to produce the next generation of nuclear fuel.
About Centrus Energy
Centrus is a trusted supplier of nuclear fuel and services for the
nuclear power industry. Centrus provides value to its utility customers
through the reliability and diversity of its supply sources - helping
them meet the growing need for clean, affordable, carbon-free
electricity. Since 1998, the Company has provided its utility customers
with more than 1,750 reactor years of fuel, which is equivalent to 7
billion tons of coal.
With world-class technical capabilities, Centrus offers turnkey
engineering and advanced manufacturing solutions to its customers. The
Company is also advancing the next generation of centrifuge technologies
so that America can restore its domestic uranium enrichment capability
in the future. Find out more at www.centrusenergy.com.
About Doosan Heavy Industries and Construction Co., Ltd
Doosan Heavy Industries & Construction is a leading Engineering,
Procurement and Construction (EPC) contractor offering a wide range of
services ranging from the manufacturing of castings and forgings, power
generation systems and desalination facilities to the construction of
power plants.
Doosan manufactures and installs various plant components, such as steam
turbines, hydraulic turbines, condensers, heat exchangers, and many
others. The company also provides various construction services
including apartment complexes, roadways, power plants, and industrial
plants. Find out more at: http://www.doosanheavy.com/
Forward-Looking Statements
This news release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) - that is, statements related to future
events. In this context, forward-looking statements may address our
expected future business and financial performance, and often contain
words such as “expects”, “anticipates”, “intends”, “plans”, “believes”,
“will”, “should”, “could”, “would” or “may” and other words of similar
meaning. Forward-looking statements by their nature address matters that
are, to different degrees, uncertain. For Centrus Energy Corp.,
particular risks and uncertainties that could cause our actual future
results to differ materially from those expressed in our forward-looking
statements include risks: related to our significant long-term
liabilities, including material unfunded defined benefit pension plan
obligations and postretirement health and life benefit obligations;
risks related to our ability to maintain the listing of our Class A
Common Stock on the NYSE American LLC; the continued impact of the March
2011 earthquake and tsunami in Japan on the nuclear industry and on our
business, results of operations and prospects; the impact and potential
extended duration of the current supply/demand imbalance in the market
for low-enriched uranium (“LEU”); risks related to financial
difficulties experienced by customers, including possible bankruptcies,
insolvencies or any other inability to pay for our products or services;
pricing trends and demand in the uranium and enrichment markets and
their impact on our profitability; risks associated with our reliance on
third-party suppliers to provide essential services to us; risks related
to existing or new trade barriers and contract terms that limit our
ability to deliver LEU to customers; risks related to actions that may
be taken by the U.S. government, the Russian government or other
governments that could affect our ability to perform or the ability of
our sources of supply to perform under their contract obligations to us,
including the imposition of sanctions, restrictions or other
requirements; the impact of government regulation including by the U.S.
Department of Energy and the United States Nuclear Regulatory
Commission; uncertainty regarding our ability to commercially deploy
competitive enrichment technology; risks and uncertainties regarding
funding for the American Centrifuge project and our ability to perform
under our agreement with UT-Battelle, LLC, the management and operating
contractor for Oak Ridge National Laboratory, for continued research and
development of the American Centrifuge technology; the potential for
further demobilization or termination of the American Centrifuge
project; risks related to the current demobilization of portions of the
American Centrifuge project, including risks that the schedule could be
delayed and costs could be higher than expected; failures or security
breaches of our information technology systems; potential strategic
transactions, which could be difficult to implement, disrupt our
business or change our business profile significantly; the outcome of
legal proceedings and other contingencies (including lawsuits and
government investigations or audits); the competitive environment for
our products and services; changes in the nuclear energy industry; the
impact of financial market conditions on our business, liquidity,
prospects, pension assets and insurance facilities; revenue and
operating results can fluctuate significantly from quarter to quarter,
and in some cases, year to year; and other risks and uncertainties
discussed in our filings with the Securities and Exchange Commission,
including our Annual Report on Form 10-K for the year ended December 31,
2017.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180917005285/en/
Source: Centrus Energy Corp.
Centrus:
Jeremy Derryberry
+1 (301) 564-3392
derryj@centrusenergy.com
or
Doosan:
Hongkyu
Kang
+82 (2) 513-6345
hongkyu.kang@doosan.com
