Supporting Large-Scale Domestic Uranium Enrichment; Nuclear fuel supplier to create nearly 430 jobs and invest more than $560 million in Anderson County
OAK RIDGE, Tenn. — Centrus Energy (NYSE: LEU) announced plans to significantly expand its centrifuge manufacturing operations in Oak Ridge, Tennessee, transitioning its existing Technology and Manufacturing Center into a high-rate production facility to support the large-scale restoration of domestic uranium enrichment capacity.
The expansion was announced by Tennessee Governor Bill Lee, alongside Deputy Governor and Tennessee Department of Economic and Community Development (TNECD) Commissioner Stuart C. McWhorter and Centrus President and CEO Amir Vexler.
As part of the project, Centrus plans to create nearly 430 new jobs and invest more than $560 million in Anderson County over the next several years. The investment will support workforce growth and the large-scale production of thousands of advanced uranium enrichment centrifuges.
The Oak Ridge expansion complements Centrus’ recently announced plans to expand its uranium enrichment operations in Ohio, positioning the company to meet growing commercial and national security requirements. The first centrifuges manufactured in Tennessee are expected to be deployed at the Ohio enrichment facility beginning in 2029.
Centrus’ Technology and Manufacturing Center in Oak Ridge is currently the only uranium enrichment centrifuge manufacturing facility in the United States. The company recently received funding from the U.S. Department of Energy to support expansion of its Ohio enrichment plant using centrifuges produced in Tennessee.
The project also represents the eighth investment supported by Tennessee’s Nuclear Energy Fund. Originally established with $50 million in the state’s 2023–2024 budget, the fund has since received two additional $10 million appropriations in the 2024 and 2025 legislative sessions, bringing total funding to $70 million.
“Companies nationwide recognize that Tennessee is the nation’s epicenter for new nuclear, and I am grateful for Centrus’ continued investment in the Volunteer State,” said Governor Lee. “These new jobs will create opportunity for Tennesseans while advancing our state’s leadership in energy independence.”
Deputy Governor and TNECD Commissioner Stuart C. McWhorter added, “Through strategic investments from the Nuclear Energy Fund, Tennessee is strengthening its nuclear infrastructure while advancing the technology and workforce needed to support clean energy innovation. We appreciate Centrus’ commitment to Tennessee and the long-term impact this project will deliver.”
Centrus President and CEO Amir Vexler emphasized the national importance of the expansion. “We are proud to be leading the effort to restore America’s ability to enrich uranium at scale—using American technology built by American workers right here in Tennessee,” Vexler said. “These advanced centrifuges are essential to meeting our nation’s energy security and national security needs.”
Regional and local leaders highlighted the project’s economic and strategic significance. Don Moul, President and CEO of Tennessee Valley Authority (TVA), noted that the investment reinforces East Tennessee’s role as a hub for nuclear innovation and advanced manufacturing.
Anderson County Mayor Terry Frank called the announcement “a powerful statement of confidence in our community, our workforce, and our long-standing partnerships across local, state, and federal levels,” while Oak Ridge Mayor Warren Gooch said the expansion signals “a return to American leadership in nuclear energy.”
State legislative leaders echoed those sentiments, citing the project’s impact on job creation, energy innovation, and Tennessee’s growing reputation as a national center for advanced manufacturing and nuclear technology.
About Centrus Energy
Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, supporting the growing demand for clean, affordable, carbon-free energy. Since 1998, the company has provided more than 1,850 reactor-years of fuel to utility customers—equivalent to more than seven billion tons of coal.
With advanced technical and engineering capabilities, Centrus is pioneering the production of High-Assay, Low-Enriched Uranium (HALEU) and leading efforts to restore large-scale domestic uranium enrichment to meet U.S. clean energy, energy security, and national security needs.
About TNECD
The Tennessee Department of Economic and Community Development serves as the state’s primary agency for job creation and economic growth. TNECD works to attract new investment, support existing industries, and strengthen communities across Tennessee through strategic incentives and grant programs.
Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact 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. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions with respect to future events and operational, economic and financial performance. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control.
For Centrus Energy Corp., particular factors that involve uncertainty and could cause our actual future results to differ materially from those expressed in our forward-looking statements and which are, and may be, exacerbated by any worsening of the global business and economic environment include but are not limited to the following: geopolitical conflicts, including the war in Ukraine; market demand and competition; changes in economic or industry conditions; supply chain disruptions; the imposition of tariffs and/or sanctions that impact our ability to obtain, deliver, transport, or sell LEU or the SWU and natural uranium hexafluoride components of LEU delivered to us under the TENEX Supply Contract or other supply contracts or make related payments or deliveries of natural uranium hexafluoride to TENEX; regulatory approvals and compliance requirements; technological changes; DOE procurement decisions; U.S. government appropriations; government decisions regarding, our lease with the DOE in Piketon, Ohio, including with respect to the term and the scope of permitted activities; our ability to attract qualified employees necessary for the potential expansion of our operations in Oak Ridge, Tennessee or Piketon, Ohio; and our ability to execute our strategic initiatives.
Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. 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 news release and in our filings with the SEC, including our most recent Annual Report on Form 10-K, under Part II, Item 1A – “Risk Factors” in our subsequent Quarterly Reports on Form 10-Q, and in our other filings with the SEC 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 news release, except as required by law.
