UEC - TerraPower and Uranium Energy Corp Announce MOU to Collaborate on Domestic Uranium Fuel Supply for the Natrium Reactor | Benzinga
NYSE American – UEC
CASPER, Wyo. and BELLEVUE, Wash., Nov. 30, 2023 /PRNewswire/ - TerraPower and Uranium Energy Corp (NYSE:UEC) (the "Company" or "UEC") announced today a memorandum of understanding ("MOU") with objectives of reestablishing domestic supply chains of uranium fuel. This MOU will allow TerraPower and UEC to explore the potential supply of uranium for TerraPower's first-of-kind Natrium™ reactor1 and energy storage system.
The Natrium demonstration project, being built in Kemmerer, Wyoming, will be a commercial scale plant upon completion and will begin operations within a decade.
UEC and TerraPower have made significant investments in the nuclear fuel cycle and commercial scale deployment of clean energy projects that will directly benefit the U.S. economy. This includes delivering carbon-free power, high paying jobs, and providing support for establishing a robust U.S. nuclear fuel supply chain for Small Modular ("SMR") and Advanced Reactors ("AR") and their high assay low enriched uranium ("HALEU") requirements. These new reactors, like TerraPower is advancing in Wyoming, present innovative leaps in technology that can help address the world's growing clean energy needs with abundant 24/7, carbon-free power.
SMRs and ARs present the fastest growing segment of nuclear energy in the United States and need a secure, domestic fuel supply chain. The first step of the supply chain is uranium, and UEC's Wyoming resources have the critical mass to be a highly reliable source of uranium for American HALEU and a good strategic fit to supply TerraPower's Natrium reactor.
Wyoming's Governor Mark Gordon stated "This MOU is a great step forward for the Wyoming uranium industry, which is host to the largest uranium reserves in the United States. It makes no sense to depend on Russian uranium and enrichment technology, when a fully domestic fuel source can be found here in Wyoming and manufactured in the United States. TerraPower chose Wyoming as a partner for their Natrium advanced nuclear reactor plant. Once again, they are demonstrating leadership and commitment to a nuclear future in Wyoming through this MOU with Uranium Energy Corp."
"TerraPower continues to move forward in bringing the Natrium reactor to market, and that includes establishing our fuel supply chain," said Chris Levesque, TerraPower President and CEO. "A robust, domestic supply chain for nuclear fuel is crucial as we deploy the next generation of nuclear energy. Wyoming has long been a leader in uranium mining, and we look forward to collaborating with UEC on the potential opportunity for Wyoming uranium to fuel our first reactor."
Amir Adnani, UEC President and CEO stated: "UEC is pleased to form strategic relationships that support the emerging uranium demand from SMRs ...