Centrus investment case is a bet on the revival of nuclear energy as part of the global energy transition. The case is supported by recent announcements for nuclear power supply to data-centers.

This US based supplier of LEU (>$200M) and enrichment technical services (>$100M), with customers in the US, Asia and Europe, operates the only facility licensed by the U.S. Nuclear Regulatory Commission (NRC) to produce HALEU (20% U-235). HALUE is the fuel required for many types of Small Modular Reactors (SMRs). Centrus is at least 5 years ahead of competition on High-Assay Low Enriched Uranium.

Future demand for HALUE and the sanctions on Russian LEU (30% of US/EU demand) are multi-billion dollar growth opportunities for Centrus in the coming 10 years. The US government stimulates investments with RFPs for LEU (3.4B$) and HALUE (2.7B$).

In the short term the supply by TENEX is a risk for revenue and profits. In the long term (3-5 years) Centrus can become a global player in nuclear enrichment. A long term hold in the portfolio to invest in the energy transition.