GREENWICH, CT and BETHESDA, MD – October 13, 2020 – Terrestrial Energy USA and Centrus Energy Corp. have signed a memorandum of understanding to secure fuel supply for a future fleet of Integral Molten Salt Reactor (IMSR) power plants. The two companies will evaluate the logistical, regulatory, and transportation requirements to establish fuel supply for Integral Molten Salt Reactor (IMSR) power plants, which use standard-assay low-enriched uranium (LEU).
Standard-assay LEU has an enrichment level less than 5 percent uranium-235 and is the current industry standard for today’s commercial nuclear plants in the United States and worldwide. While employing Generation IV technology, IMSR power plants are designed to use standard-assay LEU fuel, and this provides important advantages for rapid commercial deployment.
Centrus Energy is a supplier of nuclear fuel and services to the nuclear power industry. In addition to uranium enrichment and standard-assay LEU supply, Centrus Energy has expertise in the design and licensing of packaging for nuclear fuel transportation. As part of a program to establish a supply chain for IMSR fuel, the companies will study the regulatory requirements for transportation from the fuel fabrication facility to the plant. They will also evaluate packaging options for fuel shipment.
“Terrestrial Energy’s Integral Molten Salt Reactor technology can play a critical role in bringing affordable, reliable, carbon-free next-generation nuclear power to market, and we look forward to helping make that happen,” said Daniel B. Poneman, President and CEO of Centrus. “As a trusted fuel supplier to utility customers in the United States and around the world, and a partner to the advanced reactor industry, Centrus is uniquely positioned to assist Terrestrial Energy in establishing an assured fuel supply chain for its innovative reactor design.”
“Centrus Energy has global experience in fuel supply and transportation, and provides these important services for the safe and reliable operation of today’s nuclear power plants,” said Terrestrial Energy’s CEO, Simon Irish. “We are looking forward to working with Centrus on the deployment of our Generation IV nuclear plants and the realization of their potential to deliver resilient, clean, cost-competitive electric power and industrial heat.”
An IMSR power plant generates 195 MW of carbon-free electricity with Generation IV technology, and it does so at high temperature and with high thermal efficiency. IMSR power plants can also supply this high-grade heat directly for a broad range of industrial processes, including hydrogen and synthetic fuel production. Providing an emissions-free alternative for these applications can play an important role in the deep decarbonization of primary energy supply.
The IMSR is based on proven and demonstrated molten salt technology. Its market-focused design drives competitive economics and timely deployment, which includes the decision to use standard-assay LEU for IMSR operation.
Terrestrial Energy USA, an affiliate of Terrestrial Energy Inc., is developing the Integral Molten Salt Reactor (IMSR) for U.S. market deployment. The IMSR is a Generation IV reactor technology that represents true innovation in cost and functionality. It will provide safe, clean, reliable and cost-competitive heat for many industrial applications, including electric power provision and heat for industrial processes, such as chemical synthesis and desalination. The IMSR extends the applicability of nuclear energy beyond its current footprint in on-grid electric power markets. It offers a promising pathway to deep decarbonization by displacing fossil fuel combustion across a broad industrial front. Using an innovative design based on proven Molten Salt Reactor technology, IMSR power plants can be in commercial operation in the late 2020s.
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.
This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 – 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: risk regarding our ability to reach agreement for the sale of nuclear fuel or services; risks regarding the logistics, regulatory and transportation requirements; risks associated with our reliance on third-party suppliers to provide essential products and services to us; the impact of government regulation including by DOE and the U.S. Nuclear Regulatory Commission; uncertainty regarding our ability to commercially deploy competitive enrichment technology; risks that we will be unable to achieve market acceptance of our products and services or that products or services provided by others will render our goods or services obsolete or noncompetitive; the competitive environment for our products and services; changes in the nuclear energy industry; and other risks and uncertainties discussed in this and our other filings with the Securities and Exchange Commission, including under Part 1. Item1A – “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and quarterly reports on Form 10-Q.
Jarret Adams (202) 815-9234 or firstname.lastname@example.org
Media — Lindsey Geisler (301) 564-3392 or GeislerLR@centrusenergy.com
Investors — Dan Leistikow (301) 564-3399 or LeistikowD@centrusenergy.com