US awards $2.7B worth of orders to boost uranium enrichment

The US Energy Department announced on Monday it was awarding orders totaling $2.7 billion to three companies to boost domestic uranium enrichment over the next 10 years in a broader effort to reduce US dependence on Russian supply, Report informs via Reuters.

American Centrifuge Operating, General Matter and Orano Federal Services secured the orders, the department said in a statement.

The contracts would require the companies to meet specific milestones to provide enrichment services for low-enriched uranium and high-assay low-enriched uranium, or HALEU, for existing nuclear power plants and new, smaller modular reactors.

"Today's awards show that this Administration is committed to restoring a secure domestic nuclear fuel supply chain capable of producing the nuclear fuels needed to power the reactors of today and the advanced reactors of tomorrow," Secretary of Energy Chris Wright said.