X-Energy and Centrus Sign HALEU Supply Agreement, Accelerating U.S. Advanced Nuclear Fuel Supply Chain

X-Energy and Centrus Energy have signed a low-enriched uranium and high-assay low-enriched uranium supply agreement, marking a more concrete commercialization phase in fuel assurance for U.S. advanced nuclear reactors. Under the agreement, Centrus will provide uranium enrichment services at its American Centrifuge Plant in Pike County, Ohio, with the HALEU to be supplied to X-Energy's fuel subsidiary TRISO-X for the production of TRISO-coated particle fuel at its Oak Ridge, Tennessee fuel fabrication facility, serving the Xe-100 high-temperature gas-cooled small modular reactor.

The key to this agreement lies not only in the supply itself but also in its phased advance payment arrangement. X-Energy will support Centrus in expanding HALEU production capacity through advance payments, while aligning fuel production schedules with its own commercial project deployment. For the advanced reactor industry, fuel supply has long faced the "project-first or capacity-first" dilemma: developers need assurance that fuel will be available in the future, while fuel suppliers require clear demand signals before investing in capacity expansion. This collaboration establishes a stronger commercial linkage between the demand side and the supply side.

HALEU typically refers to low-enriched uranium with a uranium-235 enrichment level between 5% and 20%, and is considered a critical fuel foundation for various advanced reactor designs. The United States currently lacks a mature large-scale commercial HALEU supply source, prompting the U.S. Department of Energy to continuously promote domestic supply chain development in recent years. Centrus has previously received DOE support to build an advanced centrifuge cascade and demonstrate HALEU production in Piketon, Ohio, and was subsequently selected for follow-on production and delivery missions. The company has also announced expansion plans, expected to create approximately 1,000 construction jobs and 300 operational jobs in Ohio, while retaining existing positions.

From a corporate strategy perspective, Centrus aims to solidify its position as a supplier in the HALEU market. The company disclosed a potential order backlog of approximately $3 billion for low-enriched uranium and HALEU, of which $2.4 billion is firm. For X-Energy, partnering with Centrus helps secure early fuel demand and reduce fuel uncertainty in Xe-100 project deployment. X-Energy CEO J Clay Sell also emphasized that the company is building a more resilient long-term fuel supply strategy through collaboration with investors in new HALEU production capacity.

The Xe-100 is a pebble-bed high-temperature gas-cooled reactor with a thermal output of approximately 200 MW per unit and an electrical output of approximately 80 MW, with a four-module plant capable of delivering approximately 320 MW of electricity. The reactor uses TRISO fuel particles, which are coated with carbon and ceramic materials that can withstand extremely high temperatures without melting, enabling both stable power generation and high-temperature steam supply for industrial applications. Its first deployment project is planned for Dow's Seadrift site on the Texas Gulf Coast. Additionally, X-Energy has announced a target with Amazon to add more than 5 GW of nuclear power by 2039, and plans to build up to 12 small modular reactors in partnership with Energy Northwest in Washington State.