Hillcrest Energy Technologies. (CSE: HEAT)
From concept to commercialization, Hillcrest is investing in the development of energy solutions that will power a more sustainable and electrified future.
“Invest in America” has been a consistent policy of the Biden-Harris administration, particularly in areas such as nuclear energy and nuclear fuel—uranium. On Tuesday, the U.S. Department of Energy (DOE) announced the signing of initial contracts with six domestic companies to support their production of low-enriched uranium (LEU) for use in traditional nuclear power plants.
This marks a critical step toward establishing a self-sufficient uranium fuel supply chain in the U.S., aiming to reduce dependence on Russia.
“These contracts will help drive the safe and responsible development of uranium enrichment capacity in the United States,” said Dr. Michael Goff, a DOE official for nuclear energy. “We must increase domestic uranium enrichment production to ensure national energy security and enhance supply resilience.”
Six Companies Awarded Contracts:
Contract Details:
Russia continues to dominate the U.S. uranium fuel supply market, with approximately 25% of enriched uranium for American nuclear plants being sourced from Russia. In 2022, the U.S. imported nearly $1.2 billion worth of Russian uranium, the highest level since 2009.
However, following the onset of the Russia-Ukraine war, the U.S. has been exploring ways to cut off uranium imports from Russia. In May 2024, President Joe Biden signed legislation banning the importation of Russian-produced unenriched and low-enriched uranium. The new ban is set to take effect approximately 90 days after the law’s enactment, though it allows the DOE to issue exemptions in the event of supply shortages.
To prevent a potential uranium supply crisis, the U.S. has ramped up support for its domestic industry.
Earlier, a $2.7 billion government funding package was approved to stimulate the growth of the U.S. low-enriched uranium industry. Thanks to these initiatives, Centrus Energy, a U.S.-based company, successfully produced its first 100 kilograms of HALEU, marking the first production of this material in the United States in 70 years.
