Centrus Energy Starts First U.S. Commercial Enrichment Plant in Ohio in Over Ten Years
Centrus Energy has begun industrial-scale centrifuge manufacturing in Ohio, the first U.S. commercial uranium enrichment operation in more than a decade. The initiative aims to reestablish domestic enrichment capacity and support U.S. energy independence.
1. LEU Launches Industrial‐Scale Centrifuge Facility in Ohio
Centrus Energy has officially begun industrial‐scale centrifuge manufacturing at its 150,000‐square‐foot facility in Piketon, Ohio, marking the first U.S.‐owned uranium enrichment plant to enter production in over a decade. The company has installed 120 modern centrifuge modules capable of producing up to 500,000 separative work units (SWU) in its initial phase. Commercial operations are expected to commence in Q3 2026, with a ramp‐up target of 1.2 million SWU per year by the end of 2027.
2. Secured Federal and Commercial Contracts Provide Revenue Visibility
Centrus has secured a total of $225 million in firm enrichment contracts through 2030, including a 10‐year, $150 million agreement with the Department of Energy to restore domestic fuel supply for national laboratories. In addition, the company signed a $75 million deal with a consortium of U.S. utilities to supply low‐enriched uranium for reactor fuel assemblies. These contracts underpin projected annual revenues of $60 million in 2026, growing to $180 million by 2028 as plant capacity scales.
3. Financial Position and Capital Investment
As of the end of Q4 2025, Centrus held $85 million in unrestricted cash and reported a backlog of $260 million in order commitments. The company has invested $65 million of its own capital into the Ohio facility and secured a $40 million low‐interest loan from the U.S. Export‐Import Bank. Management targets positive adjusted EBITDA by mid‐2027, driven by improving utilization rates and steady contract margins of approximately 30%.
4. Strategic Implications for U.S. Energy Independence
By reestablishing a domestic enrichment capability, Centrus addresses a critical gap left by foreign suppliers accounting for over 90% of U.S. demand. Analysts estimate that bringing 1.2 million SWU on‐line will displace $120 million of imported enrichment services annually. This strategic move aligns with recent federal policies incentivizing onshore fuel production and could position Centrus as a key supplier to both civilian reactors and emerging advanced reactor projects over the next decade.