BETHESDA, Md. – Centrus Energy Corp. (NYSE American: LEU) and Doosan Heavy Industries and Construction Co., Ltd, announced a Memorandum of Understanding (MOU) today to explore opportunities to cooperate in providing manufacturing, engineering and technical services and goods to the nuclear industry – including advanced technologies that will be utilized in the next generation of commercial nuclear reactors under development around the world.
“We see great potential for future cooperation with Doosan, a global leader in nuclear reactor engineering, procurement, and construction,” said Daniel B. Poneman, Centrus president and chief executive officer. “With unique and complementary technical capabilities, we believe there could be mutually beneficial opportunities for our companies to work together worldwide and win new business.”
The MOU establishes a framework for Centrus and Doosan to explore a range of commercial initiatives that would take advantage of the unique technical capabilities, expertise, and customer relationships of both companies.
In particular, Centrus and Doosan plan to pursue opportunities for cooperation in serving the companies developing the next generation of nuclear reactors, which will require advanced engineering and manufacturing capabilities and innovative fuel designs. Doosan is a major global supplier of nuclear power equipment and has supported reactor construction projects in South Korea, the United States, the United Arab Emirates, and China. Centrus has deep technical expertise in the nuclear fuel cycle and signed a contract earlier this year with X-energy, a pioneering reactor technology and fuel company, to support the design of a facility to produce the next generation of nuclear fuel.
Centrus is a trusted supplier of nuclear fuel and services for the nuclear power industry. Centrus provides value to its utility customers through the reliability and diversity of its supply sources – helping them meet the growing need for clean, affordable, carbon-free electricity. Since 1998, the Company has provided its utility customers with more than 1,750 reactor years of fuel, which is equivalent to 7 billion tons of coal.
With world-class technical capabilities, Centrus offers turnkey engineering and advanced manufacturing solutions to its customers. The Company is also advancing the next generation of centrifuge technologies so that America can restore its domestic uranium enrichment capability in the future. Find out more at www.centrusenergy.com.
Doosan Heavy Industries & Construction is a leading Engineering, Procurement and Construction (EPC) contractor offering a wide range of services ranging from the manufacturing of castings and forgings, power generation systems and desalination facilities to the construction of power plants.
Doosan manufactures and installs various plant components, such as steam turbines, hydraulic turbines, condensers, heat exchangers, and many others. The company also provides various construction services including apartment complexes, roadways, power plants, and industrial plants. Find out more at: http://www.doosanheavy.com/
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) – that is, statements related to future events. In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For Centrus Energy Corp., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include risks: related to our significant long-term liabilities, including material unfunded defined benefit pension plan obligations and postretirement health and life benefit obligations; risks related to our ability to maintain the listing of our Class A Common Stock on the NYSE American LLC; the continued impact of the March 2011 earthquake and tsunami in Japan on the nuclear industry and on our business, results of operations and prospects; the impact and potential extended duration of the current supply/demand imbalance in the market for low-enriched uranium (“LEU”); risks related to financial difficulties experienced by customers, including possible bankruptcies, insolvencies or any other inability to pay for our products or services; pricing trends and demand in the uranium and enrichment markets and their impact on our profitability; risks associated with our reliance on third-party suppliers to provide essential services to us; risks related to existing or new trade barriers and contract terms that limit our ability to deliver LEU to customers; risks related to actions that may be taken by the U.S. government, the Russian government or other governments that could affect our ability to perform or the ability of our sources of supply to perform under their contract obligations to us, including the imposition of sanctions, restrictions or other requirements; the impact of government regulation including by the U.S. Department of Energy and the United States Nuclear Regulatory Commission; uncertainty regarding our ability to commercially deploy competitive enrichment technology; risks and uncertainties regarding funding for the American Centrifuge project and our ability to perform under our agreement with UT-Battelle, LLC, the management and operating contractor for Oak Ridge National Laboratory, for continued research and development of the American Centrifuge technology; the potential for further demobilization or termination of the American Centrifuge project; risks related to the current demobilization of portions of the American Centrifuge project, including risks that the schedule could be delayed and costs could be higher than expected; failures or security breaches of our information technology systems; potential strategic transactions, which could be difficult to implement, disrupt our business or change our business profile significantly; the outcome of legal proceedings and other contingencies (including lawsuits and government investigations or audits); the competitive environment for our products and services; changes in the nuclear energy industry; the impact of financial market conditions on our business, liquidity, prospects, pension assets and insurance facilities; revenue and operating results can fluctuate significantly from quarter to quarter, and in some cases, year to year; and other risks and uncertainties discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2017.