Centrus Energy (LEU) Lands New HALEU Deal with Antares

Centrus Energy Corp., a NYSE-listed company trading under the ticker LEU, announced on September 17 that it had secured a multi-year contract with Antares Nuclear to supply high-assay low-enriched uranium (HALEU). While the financial details of the deal were not disclosed, it includes prepayments from Antares to aid Centrus in expanding its HALEU production capacity.

The significance of the contract is amplified by the fact that Antares is developing compact microreactors for various applications on Earth and in space. Moreover, Antares recently secured a $2.2 billion contract through the U.S. Army's Janus Program, which aims to build and operate small nuclear reactors at military bases for future power generation at remote installations.

Amir Vexler, Centrus Energy's President and CEO, stated, "This contract is another sign that demand for HALEU is real and accelerating, and Centrus is in a prime position to meet this need." The company's expansion into commercial-scale production of HALEU is underway, backed by binding orders from Antares and other entities. Centrus Energy is uniquely positioned to capitalize on this opportunity, as it is already transitioning its HALEU production technology from demonstration to commercial scale.

The company is currently building its enrichment facility in Ohio, the only licensed HALEU production site in the Western world. In 2025, Centrus launched a multi-billion-dollar expansion to increase its production of both HALEU and conventional low-enriched uranium. The contract also adds to Centrus Energy's backlog of $4.5 billion as of the second quarter, with $3 billion of that contingent on LEU and HALEU sales commitments, with $2.4 billion under definitive agreements.

However, the financial impact of the contract remains uncertain due to undisclosed pricing and delivery volumes, and deliveries are not expected until the decade's end. Additionally, Centrus Energy faces execution risks, including the successful implementation of its planned expansion projects in Piketon and Oak Ridge, the timing and level of HALEU demand, and intense competition from other major producers in the field.

Despite these risks, the Antares deal provides additional validation that HALEU demand is shifting from a development concept to contracted commercial demand.