Domestic uranium enrichment services are getting a funding boost from the U.S. Department of Energy.
In a press release posted on its site, the Department of Energy shared that it was investing $2.7 billion to jumpstart supply chains and new innovations for high-assay low-enriched uranium and to increase U.S. capacity for low-enriched uranium.
Secretary of Energy Chris Wright shared in the release, "President Trump is catalyzing a resurgence in the nation's nuclear energy sector to strengthen American security and prosperity."
It's good news for a market that has been tightening, according to Reuters. Uranium, the most widely used fuel in nuclear plants, has seen consumption outpacing production, and mine supply in the United States has hit record lows, causing the price of uranium to increase drastically.
The new investments will hopefully ease some of the struggles, leading to increased U.S.-mined uranium, lower prices, and greater use of nuclear energy.
Nuclear energy has the potential to generate more affordable, cleaner, and virtually limitless energy, which would help immensely at a time when energy demands are increasing due to the influx of data centers and consumer energy costs are rising.
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However, this form of energy isn't without concerns, as building new nuclear power plants comes with exorbitant costs, and nuclear waste must be safely stored lest it affect communities.
However, despite these concerns, nuclear energy could be a step toward achieving the global transition away from energy sources like oil and coal to cleaner energy sources.
The Department of Energy is investing $2.7 billion in three companies — Orana Federal Services ($900 million), American Centrifuge Operating ($900 million), and General Matter ($900 million). The Orano investment is to expand low-enriched uranium, while the other two apply to high-assay low-enriched uranium.
Additionally, the department invested $28 million in Global Laser Enrichment to further advance next-gen uranium enrichment technology for the nuclear fuel cycle.
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