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

Rhea-AI Summary

X-energy (Nasdaq: XE) and Centrus Energy (NYSE: LEU) signed a definitive, long-term enrichment services agreement covering low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU) for X-energy’s Xe-100 advanced small modular reactor program. At full execution, X-energy said the deal meaningfully de-risks its Xe-100 project pipeline and secures HALEU to support a portion of the initial fuel needs for its 11.5 GW commercial pipeline.

HALEU from Centrus’s American Centrifuge Plant in Piketon, Ohio will be supplied to X-energy’s subsidiary TRISO-X for TRISO-X coated particle fuel fabrication in Oak Ridge, Tennessee, under a phased approach that scales production with X-energy’s commercial pipeline. TRISO-X holds a 40-year NRC special nuclear material license, and X-energy is advancing more than 11 GW of Xe-100 capacity in the U.S. and U.K. with projects involving Dow, Amazon and Centrica.

Positive

• Definitive HALEU supply agreement with Centrus to support portion of 11.5 GW Xe-100 pipeline
• Phased HALEU scaling aligns Centrus production ramp with X-energy’s advancing Xe-100 commercial pipeline
• Integration of two NRC-licensed HALEU facilities (American Centrifuge Plant and TRISO-X) strengthens domestic fuel cycle
• TRISO-X 40-year NRC license supports long-term TRISO fuel fabrication capability
• More than 11 GW Xe-100 capacity advancing across U.S. and U.K. with named commercial partners

Negative

• None.

Market Reaction – LEU

+1.74% $190.89

15m delay

+1.74% Vs previous close

$190.89 Last Price

$187.63 $205.00 Day Range

$3.79B Market Cap

0.2x Rel. Volume

Following this news, LEU has gained 1.74%, reflecting a mild positive market reaction. Our momentum scanner has triggered 22 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $190.89.

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Market Context

CCJ was down -0.23% while uranium peers were mixed at publication, adding sector context without est...

Analysis

CCJ was down -0.23% while uranium peers were mixed at publication, adding sector context without establishing a common move. The active S-3ASR shelf and recent net selling are documented financing and ownership considerations.

Key Figures

Commercial pipeline: 11.5 GW HALEU enrichment: approximately 15.5% uranium-235 Conventional LEU comparison: < 5% U-235 +3 more

6 metrics

Commercial pipeline 11.5 GW Initial fuel needs supported by the agreement

HALEU enrichment approximately 15.5% uranium-235 Primary feedstock for TRISO-X coated particle fuel

Conventional LEU comparison < 5% U-235 Low-enriched uranium fuel comparison

Special Nuclear Material License 40-year TRISO-X license received from the NRC in February 2026

Prior facility licensing gap over 50 years Time since the NRC licensed a new fuel fabrication facility

Nuclear capacity pipeline more than 11 GW New nuclear capacity across the United States and United Kingdom

Historical Context

5 past events · Latest: Jul 23 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 23	Conference call notice	Neutral	-4.0%	Centrus announced an August 6 quarterly conference call and Q2 2026 earnings release timing.
Jul 07	Index inclusion	Positive	-4.9%	Centrus was scheduled to join the S&P SmallCap 600 before July 14 trading.
Jul 02	Index inclusion	Positive	+7.5%	Centrus was set to join the S&P SmallCap 600 alongside Midera Food Processing.
Jul 01	DOE contract award	Positive	-2.5%	Centrus signed a $900 million DOE HALEU enrichment task order with additional options.
Jun 18	Rights agreement extension	Neutral	-4.0%	Stockholders approved extending Centrus's Section 382 Rights Agreement through June 30, 2029.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent Centrus news was followed by declines in four of five listed events, including positive contract and index-related announcements.

Key Terms

haleu, low-enriched uranium, uranium-235, special nuclear material license

4 terms

haleu technical

"supply of High-Assay, Low-Enriched Uranium (“HALEU”)"

HALEU (high-assay low-enriched uranium) is uranium fuel enriched to a higher level than traditional reactor fuel but below weapons-grade, roughly like a higher-octane gasoline for nuclear reactors. It matters to investors because this fuel enables newer, smaller and more efficient reactors to run longer or produce more power from less material, so availability, regulation and production costs can affect utilities, reactor developers and mining companies’ prospects.

low-enriched uranium technical

"enrichment services for Low-Enriched Uranium (“LEU”)"

Low-enriched uranium is uranium that has been processed so the amount of the fissionable isotope U-235 is raised but kept below 20 percent, making it suitable for use as fuel in most commercial nuclear reactors while reducing its usefulness for weapons. Investors care because it is the primary commodity that powers nuclear plants, so its availability, production costs, regulatory controls and geopolitical supply risks directly affect energy companies, utility revenues and firms involved in mining and enrichment — similar to how gasoline supply and price influence transportation businesses.

uranium-235 technical

"approximately 15.5% uranium-235"

Uranium-235 is a naturally occurring version of the element uranium whose atoms can trigger a sustained nuclear chain reaction, making it the primary fuel used in most nuclear power reactors. Investors watch uranium‑235 like a key commodity because its availability, regulation, and price affect the economics of nuclear power, the value of miners and fuel suppliers, and can be influenced by geopolitical events and energy policy shifts — similar to how oil supply shapes energy markets.

special nuclear material license regulatory

"received a 40-year, Special Nuclear Material License"

A special nuclear material license is an official government permit that allows an organization to possess, use, store or transport certain radioactive substances (like enriched uranium or plutonium) that have strict safety and security rules. For investors it signals regulatory burden and cost — obtaining, maintaining or losing the license can affect a company’s ability to operate, add delays, require expensive safeguards, and create legal or cleanup liabilities, much like a driver’s license is required to legally and safely operate a car.

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• Definitive Agreement for Long-Term Supply of High-Assay, Low-Enriched Uranium (“HALEU”)
• Advances Commercialization for HALEU Enrichment and TRISO Fuel Fabrication

ROCKVILLE, Md., Aug. 06, 2026 (GLOBE NEWSWIRE) -- X-Energy, Inc. (Nasdaq: XE) (“X-energy” or “the Company”), a leading developer of advanced nuclear reactors and fuel technology, and Centrus Energy Corp. (NYSE: LEU) (“Centrus”), a trusted supplier of nuclear fuel, services and technology, today announced a definitive agreement for Centrus to provide X-energy with enrichment services for Low-Enriched Uranium (“LEU”) and High-Assay Low-Enriched Uranium (“HALEU”). At full execution, the agreement meaningfully de-risks X-energy's Xe-100 project pipeline and would secure HALEU to support a portion of the initial fuel needs of X-energy’s 11.5 GW commercial pipeline.

The partnership combines the capabilities of the first two U.S. Nuclear Regulatory Commission-licensed HALEU fuel facilities in U.S. history, advancing commercialization of next-generation nuclear fuels across concurrent segments of the domestic fuel cycle. HALEU enriched by Centrus at the American Centrifuge Plant in Piketon, Ohio will be supplied to X-energy's fuel subsidiary TRISO-X, LLC (“TRISO-X”) for the fabrication of TRISO-X coated particle fuel at its fuel fabrication campus in Oak Ridge, Tennessee.

The agreement establishes terms for commitments operating under a phased approach to scale HALEU production in alignment with the advancement of X-energy’s commercial pipeline. This helps enable a stable, domestic supply of critical HALEU enrichment services for a portion of X-energy’s initial Xe-100 projects, ramping capacity over a period of years to support commercial-scale Xe-100, and TRISO-X fuel customer needs. X-energy previously secured the initial HALEU required to fuel its first Xe-100 project with Dow through the U.S. Department of Energy's HALEU Availability Program.

“X-energy is pleased to take the next step in our strategy to secure a portion of the HALEU our current and future customers will need to deploy advanced reactors at scale,” said X-energy CEO J. Clay Sell. “Our approach is to build a resilient, long-term fuel supply strategy by partnering with enrichment providers that are investing in new HALEU production capacity. Through our agreement with Centrus, X-energy has secured enrichment capacity that will support our customers' initial fuel needs through the market's transition to a robust commercial HALEU supply.”

Enriched to approximately 15.5% uranium-235, HALEU is the primary feedstock for X-energy's TRISO-X coated particle fuel, and by design enables the Xe-100 to operate more efficiently, achieve higher temperatures, extend operating cycles, and deliver greater performance than conventional reactors fueled with low-enriched uranium (< 5% U-235). These characteristics enable designs like the Xe-100 to provide both electricity, and process heat for industrial applications, expanding the total addressable market for nuclear technologies.

X-energy and TRISO-X have established one of the industry's most comprehensive commercial fuel supply strategies, anchored by the construction of its first fuel fabrication facility under the U.S. Department of Energy’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, the first new fuel fabrication facility licensed by the NRC in over 50 years, and preceded only by Centrus’s American Centrifuge Plant as the first-ever U.S. HALEU fuel facility. X-energy is advancing more than 11 GW of new nuclear capacity across the United States and United Kingdom with commercial Xe-100 projects underway with Dow, Amazon, and Centrica.

About X-energy
X-energy is a leading designer of advanced small modular nuclear reactors (“SMR”) and fuel technology developed to establish a new standard in clean, safe, reliable energy. X-energy's intrinsically safe Xe-100 high-temperature gas-cooled reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects across grid, industrial, and AI. Together, X-energy's technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on X or LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements regarding X-energy's business, including, but not limited to, statements regarding its expectations with respect to the benefits of X-energy and Centrica’s partnership, the de-risking of a portion of X-energy's Xe-100 project pipeline, X-energy’s fuel supply strategy and prospects and the creation of robust commercial HALEU supply. You should not rely on such forward-looking statements as predictions of future events. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors, including, but not limited to, project setbacks; changes delays or an inability for X-energy’s suppliers or customers to receive or maintain licenses or other necessary governmental approvals; dependence on a nascent domestic HALEU enrichment industry and failure of the HALEU industry to achieve commercial-scale production; and exposure to supply disruptions, pricing risks, quality issues, and trade policy changes. More information about potential risks and uncertainties that could affect X-energy's business and financial results is more fully detailed under the caption "Risk Factors" in X-energy's most recent Form 10-Q filed with the Securities and Exchange Commission, which is available on X-energy's Investor Relations website at https://investors.x-energy.com/ and on the SEC website at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on current expectations and assumptions believed to be reasonable as of the date of this press release. X-energy undertakes no obligation to update these statements as a result of new information or future events.

Contact
Robert McEntyre, Corporate Communications
media@x-energy.com
+1 240.673.6565

Patricia Gil, Investor Relations
+1 301.558.3040
investors@x-energy.com

FAQ

What is the HALEU supply agreement between X-energy (NASDAQ: XE) and Centrus (NYSE: LEU)?

X-energy and Centrus signed a definitive enrichment services agreement for LEU and HALEU to support Xe-100 reactors. According to X-energy, the phased, long-term deal de-risks its Xe-100 pipeline and secures HALEU for a portion of the initial fuel needs of its 11.5 GW commercial pipeline.

How does the X-energy and Centrus HALEU deal support the Xe-100 advanced SMR pipeline?

The agreement provides HALEU enriched by Centrus at the American Centrifuge Plant for X-energy’s TRISO-X fuel fabrication. According to X-energy, this phased supply supports a portion of initial Xe-100 fuel needs and ramps capacity over years as its 11.5 GW commercial pipeline progresses.

What role does TRISO-X play in the X-energy (XE) and Centrus (LEU) HALEU supply chain?

TRISO-X, X-energy’s fuel subsidiary, fabricates TRISO-X coated particle fuel using HALEU supplied under the Centrus agreement. According to X-energy, fuel is produced at TRISO-X’s Oak Ridge campus, backed by a 40-year NRC special nuclear material license obtained in February 2026.

Why is HALEU enriched to 15.5% U-235 important for X-energy’s Xe-100 reactors?

X-energy uses HALEU enriched to about 15.5% U-235 as primary feedstock for TRISO-X fuel. According to X-energy, this enables Xe-100 reactors to run more efficiently, reach higher temperatures, extend operating cycles and support electricity and industrial process heat markets compared with conventional low-enriched uranium reactors.

What does the Centrus (LEU) enrichment agreement mean for domestic HALEU supply?

The agreement links Centrus’s American Centrifuge Plant with TRISO-X’s fuel facility, both NRC-licensed HALEU sites. According to X-energy, this phased arrangement helps enable a stable, domestic HALEU enrichment supply for initial Xe-100 projects and broader TRISO-X fuel customer needs.

How does X-energy’s HALEU strategy support its projects with Dow, Amazon and Centrica?

X-energy is advancing over 11 GW of Xe-100 capacity, including projects with Dow, Amazon and Centrica. According to X-energy, the Centrus HALEU agreement, plus previously secured HALEU for its first Dow project, forms part of a broader strategy to secure long-term fuel for these deployments.