Centrus Ships First Centrifuges to Ohio Ahead of 2029 Start-Up
Key Facts
Centrus Energy said on October 29 that it had begun shipping the first new centrifuge completed at its Oak Ridge facility in Tennessee to its enrichment plant in Piketon, Ohio. The move takes its manufacturing plan from preparation to shipping equipment for the expansion, with the company targeting 2029 for the new machines to enter service in Ohio. The company said the milestone marked the completion of an “unconstrained” supply chain serving the commercial market and national security. The shipment creates an operational link between the component manufacturing site in Tennessee and the project to increase enrichment capacity in Ohio. Centrus describes the expansion as a multibillion-dollar project that includes production of low-enriched uranium and HALEU fuel.
The Piketon expansion aims to add thousands of AC100M centrifuges, and the company says the new capacity will support a $2.3 billion commercial order book for low-enriched uranium, according to its data as of April 20, 2026. It also aims to provide capacity to produce at least 12 metric tons of HALEU annually once the expansion is complete. The U.S. Department of Energy defines the fuel as uranium enriched between 5% and 19.75%. The department said available U.S. commercial supplies to support deployment of advanced reactors are limited. In January 2026, Centrus announced plans to invest more than $560 million in its Oak Ridge facility over the following years, with plans to provide about 430 new jobs and produce thousands of machines.
Work is divided between the company’s two facilities and project contractors: Oak Ridge manufactures centrifuges, while enrichment capacity is being expanded in Piketon. Centrus selected Geiger Brothers as the construction contractor in Ohio, while Fluor is serving as the engineering, procurement and construction management contractor. In its second-quarter results, Chief Executive Amir Vexler said the company was continuing its centrifuge manufacturing and expansion programs. He added that its strategy includes securing commitments from most of the key suppliers it considers essential, to limit the risks of price volatility. Centrus said expansion agreements with U.S. and international customers are contingent on achieving specified milestones in building the new capacity, and that it is pursuing additional opportunities to sell low-enriched uranium and HALEU.
The project is part of a U.S. effort to expand domestic enrichment supplies. The Department of Energy said work orders signed on January 5, 2026, aim to increase HALEU enrichment capacity in the United States over the following 10 years. The department awarded a $900 million order to American Centrifuge Operating, a Centrus subsidiary. The company said a full ban on imports of enriched Russian uranium begins in 2028, a year before the planned start-up of the new machines. On commercial supplies, Centrus’ order book across its two segments totaled $4.5 billion as of June 30, 2026, and extends through 2040. That total differs from the $2.3 billion low-enriched uranium order book, as it covers both segments, according to the company.
Financially, Centrus reported revenue of $176.1 million in the second quarter of 2026, compared with $154.5 million in the same period of 2025, a year-on-year increase of 14%. Net income, however, fell 42% to $16.8 million from $28.9 million a year earlier. In October, the company acquired Westerman for about $116 million, funded with about $95 million in cash and $21 million in stock. Centrus said Westerman is a key supplier of centrifuge components, adding a supplier to the manufacturing scope secured by the company. Its LEU shares closed at $111.97 on October 28, after closing at $109.42 on October 27 and $98.44 on October 26.
Centrus has scheduled the release of its third-quarter results for after the market close on November 4, 2026, with an earnings call set for November 5 at 8:30 a.m. Eastern Time. The results will follow the company’s announcement that equipment shipments have begun and precede the target date for the first new machines to enter service in Ohio in 2029. The company links its industrial expansion to its commercial commitments and government contracts, with some customer agreements requiring construction milestones to be met. The Oak Ridge investment spans several years, while increasing enrichment capacity in Piketon requires the expansion facility to be built and equipped. The results dates and the planned start-up of the machines remain announced milestones in the project timeline.