BETHESDA, Md., Oct. 9, 2019 /PRNewswire/ -- Centrus Energy
Corp. (NYSE American: LEU) today announced that it successfully
completed decontamination and decommissioning (D&D) of the U.S.
Department of Energy's K-1600 facility in Oak Ridge, Tennessee, on time and on budget.
Centrus finished the $15 million
project in just one year.
"I'm pleased our team was able to deliver the results the
Department expected on a very short timetable," said Centrus
President and CEO Daniel B. Poneman.
"This success demonstrates our broad technical capabilities and
reflects our strategy of diversifying the business by offering
advanced engineering, manufacturing, and D&D services."
Centrus had leased K-1600 from DOE since 2002 to test and
demonstrate the world's most advanced uranium enrichment
centrifuges, while conducting centrifuge manufacturing,
engineering, and design at its state-of-the-art Technology and
Manufacturing Center (TMC) in Oak
Ridge. In 2018, however, Centrus obtained a license from the
State of Tennessee to allow for
future testing activities at TMC. This obviates the need to
continue using K-1600 and allows the company to consolidate future
centrifuge development efforts into a single, Centrus-owned
facility.
The Department awarded Centrus a $15
million Work Authorization on September 27, 2018, to prepare K-1600 for
demolition. The facility is one of the last remaining legacy
structures on the 2,200-acre site of the World War II-era K-25
uranium enrichment plant, now known as the East Tennessee
Technology Park. Decontaminating and decommissioning K-1600 is part
of a larger effort by DOE to clean up the site so that it can be
reused for commercial and industrial purposes by the local
community.
Centrus' D&D work at K-1600 included removal and disposition
of all equipment and materials to render the facility
non-radiologically contaminated and non-possessing (i.e.
unclassified). As a result, the Department will be able to turn the
facility over to a contractor to demolish the building.
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.
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: risks related to our
significant long-term liabilities, including material unfunded
defined benefit pension plan obligations and postretirement health
and life benefit obligations; 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
associated with our reliance on third-party suppliers to provide
essential products and services to us; the impact of government
regulation including by the U.S. Department of Energy ("DOE") and
the U.S. 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 DOE to demonstrate the capability to produce high assay low
enriched uranium ("HALEU"); the potential for further
demobilization or termination of the American Centrifuge project;
risks related to our ability to perform and receive timely payment
under agreements with the DOE, including risk and uncertainties
related to the ongoing funding of the government and potential
audits; the competitive bidding process associated with obtaining a
federal contract; risks related to our ability to perform
fixed-price contracts, including the risk that costs could be
higher than expected; risks that we will be unable to obtain new
business opportunities, achieve market acceptance of our products
and services or that products or services provided by others will
render our goods or services obsolete or noncompetitive; risks that
we will not be able to timely complete the work that we are
obligated to perform; 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; the risks of revenue and
operating results fluctuating significantly from quarter to
quarter, and in some cases, year to year; and other risks and
uncertainties discussed in this and our other filings with the
Securities and Exchange Commission, including under Part 1. Item1A
- "Risk Factors" in our Annual Report on Form 10-K for the year
ended December 31, 2018 and quarterly
reports on Form 10-Q.
Contact:
Dan Leistikow (301) 564-3399
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SOURCE Centrus Energy Corp.