The brief

Analyst view

• One of two HALEU enrichers with a $900M DOE task order (Jan 2026); the other is Centrus.
• Building a $1.5 billion plant on 100 leased acres at Paducah, which enriched uranium from 1952 to 2013.
• Filed its NRC licence application in Sept 2026; aims for commercial-scale enrichment by the end of the decade.

Technical approach

As reported

Enrichment only

One step of the fuel chain

Takes uranium hexafluoride from converters and enriches it; mining, conversion and fuel fabrication are left to others.

Undisclosed method

Technology kept private

Describes its process as novel and scalable but has not published how it works.

Old tails, new fuel

Re-enrich Paducah's leftovers

The lease comes with at least 7,600 cylinders of depleted uranium hexafluoride left from decades of enrichment, to be enriched again.