LEU · Centrus Energy Corp.

Centrus Energy Corp. announced a non-binding letter of intent (LOI) with Oklo Inc. for the supply of high-assay low-enriched uranium (HALEU), marking a critical step in establishing a domestic advanced nuclear fuel supply chain. The LOI, disclosed in an 8-K filing, outlines that Centrus would produce HALEU at its American Centrifuge Plant in Piketon, Ohio, with deliveries targeted to begin in 2029. The fuel is intended to power up to five of Oklo's Aurora powerhouses as part of a planned 1.2 GW clean energy campus in southern Ohio. The agreement also contemplates potential prepayments from Oklo to Centrus, which could provide early capital to support production scale-up. Centrus plans to finance the expansion using a combination of private capital and a previously announced $900 million HALEU task order from the U.S. Department of Energy. Additionally, Oklo has entered into a memorandum of understanding with Kiewit Nuclear Solutions Co. for engineering, procurement, and construction planning, further de-risking the project. For investors, this LOI signals Centrus' progress in commercializing HALEU production, a key growth driver, while highlighting long-term demand from advanced reactor developers. However, the non-binding nature means final terms and execution remain contingent on a definitive agreement and successful scaling of Centrus' enrichment capabilities. The project is expected to generate hundreds of jobs and multi-billion-dollar investment in southern Ohio, aligning with broader U.S. efforts to restore domestic uranium enrichment capacity.