ROCKVILLE, Md. and
BETHESDA, Md., Nov. 2, 2021 /PRNewswire/ -- X-energy and Centrus
Energy Corp. (NYSE American: LEU) today announced that preliminary
design of X-energy's TRISO-X Fuel Fabrication Facility has been
completed and that the companies have signed a contract for Centrus
to continue its work as the project enters its next
phase.
"Completion of Preliminary Design is a key step in our
commercialization efforts toward a first-of-a-kind NRC regulated
Category II facility capable of handling High-Assay Low-Enriched
Uranium (HALEU) for the coming fleet of advanced reactors," said
Pete Pappano, President of TRISO-X,
a wholly owned subsidiary of X Energy LLC.
"Centrus is pleased to be part of X-energy's team in designing
and developing this next generation fuel fabrication facility,"
said Larry Cutlip, President of
American Centrifuge Operating, a wholly owned subsidiary of
Centrus. "We greatly value this partnership and look forward
to continuing this important work to bring TRISO-X fuel to
market."
X-energy contracted with Centrus in 2018 to support the
facility's preliminary design work, which is now complete.
Under a new contract supported by the DOE Office of Nuclear Energy
Demonstration Tier of the Advanced Reactor Demonstration Program,
the largest tier of award in the program, X-energy will finalize
the detailed design of a commercial-scale TRISO-X fabrication
facility.
The TRISO-X facility will wrap HALEU-bearing kernels of oxide
and carbide in alternating layers of pyrolytic carbon and silicon
carbide, creating a self-contained, meltdown-proof fuel. The
facility is designed to support the deployment of X-energy's
flagship XE-100 power plant in Washington
State by 2027 under an award from the U.S. Department of
Energy's Advanced Reactor Demonstration Program (ARDP.) The
facility will also be capable of supporting other Xe-100 sites and
a variety of customers needing other fuel forms of TRISO.
About X-energy
X-energy is redefining nuclear energy. It manufactures fuel that
seals uranium particles in a protective coating, which makes
meltdown impossible and retains the uranium fuel inside forever.
X-energy also designs plants that unlock the fuel's energy
potential in a process that's as clean as wind or solar. When
combined, the result is reliable carbon-free baseload power,
produced more safely and affordably than ever before and available
anywhere, at any time. For more information, visit
https://x-energy.com or connect with us
on Twitter, LinkedIn or Instagram.
About Centrus
Centrus Energy 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 and engineering capabilities, Centrus 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 press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934.
In this context, forward-looking statements mean statements related
to future events, 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 but are not limited to the
following which are, and will be, exacerbated by the novel
coronavirus ("COVID-19") pandemic and any worsening of the global
business and economic environment as a result: risks related to
pandemics and other health crises, such as the global COVID-19
pandemic and emerging variants; risks related to whether or when
government funding or demand for high-assay low-enriched uranium
("HALEU") for government or commercial uses will materialize; risks
and uncertainties regarding funding for continuation and deployment
of the American Centrifuge technology; risk related to our ability
to perform and absorb costs under our agreement with the U.S.
Department of Energy ("DOE") to demonstrate the capability to
produce HALEU or obtain funding to be able to continue operations
and our ability to obtain and/or perform under other agreements;
uncertainty regarding our ability to commercially deploy
competitive enrichment technology; the potential for further
demobilization or termination of our American Centrifuge work;
risks that we will not be able to timely complete the work that we
are obligated to perform; risks related to our ability to perform
fixed-price and cost-share contracts such as our agreement with DOE
to demonstrate the capability to produce HALEU, including the risk
that costs could be higher than expected; risks related to our
ability to perform and receive timely payment under agreements with
DOE or other government agencies, including risks and uncertainties
related to the ongoing funding by the government and potential
audits; any changes or termination of agreements with the U.S.
government; the competitive environment for our products and
services; changes in the nuclear energy industry; the competitive
bidding process associated with obtaining contracts, including
government contracts; risks that we will be unable to obtain new
business opportunities or achieve market acceptance of our products
and services or that products or services provided by others will
render our products or services obsolete or noncompetitive;
potential strategic transactions that could be difficult to
implement, disrupt our business or change our business profile
significantly; the impact of government regulation and policies
including by the DOE and the U.S. Nuclear Regulatory Commission;
risks of accidents during the transportation, handling or
processing of hazardous or radioactive material that may pose a
health risk to humans or animals, cause property or environmental
damage, or result in precautionary evacuations; and other risks and
uncertainties discussed in this and our other filings with the
Securities and Exchange Commission, including under Part I, Item1A
- "Risk Factors" in our Annual Report on Form 10-K for the year
ended December 31, 2020 and under
Part II, Item 1A – "Risk Factors" of our Quarterly Reports on Form
10-Q.
These factors may not constitute all factors that could cause
actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results. Readers
are urged to carefully review and consider the various disclosures
made in this report and in our other filings with the Securities
and Exchange Commission that attempt to advise interested parties
of the risks and factors that may affect our business. We do not
undertake to update our forward-looking statements to reflect
events or circumstances that may arise after the date of this
Quarterly Report on Form 10-Q, except as required by law.
X-Energy Contact:
media@x-energy.com
Centrus Energy Contacts:
Media: Lindsey Geisler (301)
564-3392 or GeislerLR@centrusenergy.com
Investors: Dan Leistikow (301)
564-3399 or LeistikowD@centrusenergy.com
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SOURCE Centrus Energy Corp.