X-energy, Centrus Sign HALEU Supply Agreement for Xe-100 Advanced Small Modular Reactor Development

X-energy, Inc. (Nasdaq: XE) and Centrus Energy Corp. (NYSE: LEU) announced a definitive agreement for Centrus to provide low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU) enrichment services for X-energy’s Xe-100 advanced small modular reactor development. At full execution, the agreement is expected to de-risk part of X-energy’s 11.5-gigawatt commercial pipeline by securing HALEU for a portion of initial fuel requirements. The arrangement establishes phased commitments to expand HALEU production as X-energy’s pipeline advances, supporting initial Xe-100 projects, commercial-scale deployment and TRISO-X customer needs over several years. Centrus will enrich uranium at the American Centrifuge Plant in Piketon, Ohio, and supply it to X-energy subsidiary TRISO-X, LLC, for fabrication of TRISO-X coated-particle fuel at its Oak Ridge, Tennessee, campus. Enriched to approximately 15.5% uranium-235, HALEU is the primary feedstock for the fuel. Compared with conventional reactors using LEU enriched below 5% uranium-235, HALEU is designed to help Xe-100 reactors operate more efficiently, reach higher temperatures, extend operating cycles and deliver greater performance. The technology is intended to supply electricity and industrial process heat, broadening potential applications across grid, industrial and artificial-intelligence markets. X-energy previously secured the initial HALEU required for its first Xe-100 project with Dow through the U.S. Department of Energy’s HALEU Availability Program. The company and TRISO-X are constructing their first fuel fabrication facility under the DOE’s Advanced Reactor Demonstration Program. In February 2026, TRISO-X received a 40-year Special Nuclear Material License from the U.S. Nuclear Regulatory Commission, making it the first new NRC-licensed fuel fabrication facility in more than 50 years. Centrus’s American Centrifuge Plant was the first U.S. HALEU facility. X-energy is advancing more than 11 gigawatts of new nuclear capacity in the United States and United Kingdom, with commercial Xe-100 projects underway with Dow, Amazon and Centrica. The investment case depends on converting the reactor and fuel pipeline into commercial deployments. Risks include project setbacks; licensing delays or failures affecting suppliers or customers; dependence on a nascent domestic HALEU enrichment industry; failure to achieve commercial-scale production; supply disruptions; pricing and quality risks; and trade-policy changes. Forward-looking expectations may differ materially from actual results.