SUNNYVALE, Calif. and
BETHESDA, Md., Nov. 17, 2021 /PRNewswire/ -- Oklo Inc.
(Oklo) and Centrus Energy Corp. (NYSE American: LEU) have signed a
non-binding Letter of Intent (LOI) to cooperate in the deployment
of a High-Assay, Low-Enriched Uranium (HALEU) production facility.
HALEU is an advanced fuel material that can be used to fuel
both existing and advanced fission power plants. Both
companies are committed to working toward establishing domestic
HALEU production capabilities to support the commercialization of
Oklo's power plants.
Together, the two companies are helping lead the
commercialization of advanced fission and the HALEU supply needed
to fuel them. Oklo's Aurora powerhouse is the first advanced
fission plant design under active licensing review by the U.S.
Nuclear Regulatory Commission (NRC). Oklo's license
application is also the only reactor application being reviewed by
the NRC currently. Centrus is constructing the country's
first NRC-licensed HALEU production facility in Piketon, Ohio, and the facility is expected to
begin demonstrating first-of-a-kind HALEU production in
2022.
"The commercialization of advanced fission is happening
now. We need to build out the U.S. commercial supply chain
capabilities to fuel the advanced fission power plants we are
deploying," said Jacob DeWitte,
co-founder and CEO of Oklo. "Without an existing commercial
supply of HALEU, we are lacking a critical infrastructure
capability that needs to be kickstarted domestically."
Starting in the early 2020s, Oklo will begin to deploy and
commercialize a suite of advanced fission power plants. Fuel
material awarded by Idaho National Laboratory is anticipated to
fuel Oklo's first power plant, and Oklo's near-term power plant
deployment is anticipated to be fueled by Centrus.
"We are excited by the prospect of creating an assured,
affordable, domestic fuel supply that can power the deployment of
Oklo's powerhouses in the United
States and around the world," said Daniel B. Poneman, President and Chief Executive
Officer of Centrus. "Oklo's innovative, compact reactor
design is ideal for a wide range of commercial, industrial,
government, and national security applications. We look
forward to the opportunity to become Oklo's HALEU supplier and
support their growth for years to come."
About Oklo
Oklo Inc. (Oklo) is a California-based company developing advanced
fission power plants to provide emission-free, reliable, and
affordable energy. Oklo received a Site Use Permit from
the U.S Department of Energy, successfully demonstrated
prototypic fabrication of its metallic fuel, was awarded fuel
material from Idaho National Laboratory, and developed the
first advanced fission combined license application, which was
accepted and docketed by the U.S. Nuclear Regulatory
Commission.
About Centrus Energy Corp.
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 news 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
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; 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; and other risks and uncertainties discussed
in our 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 press
release except as required by law.
Contacts:
Oklo:
Bonita Chan media@oklo.com
Centrus:
Investors: Dan Leistikow (301)
564-3399 or LeistikowD@centrusenergy.com
Media: Lindsey Geisler (301)
564-3392 or GeislerLR@centrusenergy.com
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SOURCE Centrus Energy Corp.