Centrus Energy Corp.
Energy · Oil, Gas & Consumable Fuels
Sole US HALEU producer in a structural-shortage market:
- HALEU is the fuel for every advanced reactor / SMR design - Oklo, NuScale, X-energy, TerraPower. No HALEU = no SMR commercial scale.
- Russia HALEU import ban (2024) eliminated the prior dominant source. Centrus Piketon facility is the only US-licensed alternative currently producing.
- DOE awarded multi-year contracts for HALEU production scale-up; first cascade producing, second cascade in expansion.
- AI-power thesis pulls SMR demand forward → HALEU demand follows.
Bear:
- Pre-revenue at material scale - current HALEU shipments are DOE-customer first-of-kind quantities.
- Capital-intensive scale-up of additional cascades; needs continued DOE + customer commitments.
- Single-facility production risk - Piketon is the only producing US HALEU plant.
- Multiple has rerated on the SMR thesis; reversion risk if SMR commercial deployment slips.
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