Companies will develop plan for production of fuel forms based on UCO
TRISO
OAK RIDGE, Tenn.--(BUSINESS WIRE)--Sep. 6, 2017--
X Energy, LLC (X-energy) and Centrus Energy Corp. (NYSE American: LEU)
have signed a memorandum of understanding to explore collaboration
toward production of fuel for advanced nuclear reactors, the two
companies announced today. X-energy, a pioneering advanced reactor and
fuel company, and Centrus, an experienced nuclear fuel technology
company, will work toward the development of a fuel fabrication
facility. Based on the uranium oxycarbide (UCO) tristructural isotropic
(TRISO) fuel form, this facility would provide fuel to X-energy reactors
and advanced nuclear reactor companies around the world.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170906005926/en/
Dr. Kam Ghaffarian, X-energy chief executive officer stated, “X-energy
is focused on both our high temperature gas-cooled reactor development
and the fuel needed to power our reactors. The Department of Energy has
spent close to $400M in developing and qualifying the UCO TRISO particle
in preparation for advanced reactor commercialization. X-energy, in
partnership with Centrus and taking advantage of its domestic enrichment
experience and engineering know-how, is anxious to evaluate how we can
together move UCO TRISO into final fuel form production, benefitting
many in the industry.”
“X-energy’s innovative reactor design is a potential game-changer for
America’s nuclear industry,” said Daniel Poneman, Centrus Energy
president and chief executive officer. “Our technical and engineering
teams are eager to help X-energy develop TRISO fuel for their reactor.
We agree that American leadership in the global nuclear market requires
that we develop an end-to-end domestic capability, from high-assay
low-enriched uranium enrichment through fuel production, for
next-generation reactors.”
Under the MOU, the companies will jointly prepare a deployment plan for
X-energy’s TRISO fuel technology; design a cost-effective, highly
automated fuel manufacturing process line; and seek funding for a future
commercial fuel production facility.
About X-energy
X-energy is an advanced nuclear reactor design and TRISO-based fuel
fabrication company. X-energy is developing an innovative nuclear power
plant design solution. The Xe-100 is a 200MWt (76MWe) high temperature
gas-cooled pebble bed modular reactor that requires less time to
construct, uses factory-produced components, cannot melt down, and is
"walk-away" safe without operator intervention. In concert with Xe-100
design, X-energy is actively producing TRISO-based fuel forms and will
implement pilot scale manufacturing capacities starting in 2018. Reactor
and fuel activities are supported by $34M in private investment and a
five-year $53MU.S. Department of Energy Advanced Reactor Concept
Cooperative Agreement award. Twitter: @xenergynuclear; Facebook:
facebook.com/xenergynuclear, www.x-energy.com
About Centrus Energy
Centrus Energy is a trusted supplier of enriched uranium fuel for
commercial nuclear power plants in the United States and around the
world. With world-class technical and engineering capabilities, Centrus
is advancing the next generation of centrifuge technologies so that
America can restore its domestic uranium enrichment capability in the
future.
Since 1998, the company has provided our utility customers with more
than 1,750 reactor years of fuel, which is equivalent to 7 billion tons
of coal. We provide value to our utility customers through the
reliability and diversity of our supply sources – helping them meet the
growing need for clean, affordable, carbon-free electricity.
Forward-Looking Statements
This news release contains “forward-looking statements” within the
meaning of Section 21E of the Securities Exchange Act of 1934 - 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, 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”); pricing trends
and demand in the uranium and enrichment markets and their impact on our
profitability; the impact of government regulation including by the U.S.
Department of Energy and the U.S. Nuclear Regulatory Commission;
uncertainty regarding our ability to commercially deploy competitive
enrichment technology; changes in the nuclear energy industry; 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
fiscal year ended December 31, 2016 and subsequent Quarterly Reports on
Form 10-Q, which are available on our website at www.centrusenergy.com.
We do not undertake to update our forward-looking statements except as
required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170906005926/en/
Source: Centrus Energy Corp. and X Energy, LLC
X-energy
Melanie White Lyons, 301-363-2839
mlyons@x-energy.com
or
Centrus
Jeremy
Derryberry, 301-564-3392
derryj@centrusenergy.com
