Centrus Energy (NYSE: LEU) taps Geiger Brothers for $900M enrichment expansion
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Centrus Energy Corp. has selected Geiger Brothers, Inc. as primary construction contractor for its multi‑billion‑dollar expansion of uranium enrichment capacity in Piketon, Ohio. A wholly owned subsidiary, American Centrifuge Operating, LLC, signed a Construction Contract that caps aggregate payments at $900 million through January 30, 2031.
Geiger Brothers will refurbish existing facilities, install equipment, and build new infrastructure under a time‑and‑materials structure with agreed labor and markup rates, supplemented by future task releases. Fluor Corporation continues as Engineering, Procurement and Construction contractor, while the expansion is expected to support Centrus’ $2.3 billion commercial LEU backlog and at least 12 metric tons per year of HALEU production capacity.
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Insights
Centrus locks in a major builder for a capped $900M plant expansion.
Centrus Energy has moved its Piketon, Ohio enrichment expansion forward by appointing Geiger Brothers as primary construction contractor under a time and materials agreement capped at $900 million through 2031. This clarifies execution responsibilities for refurbishment, equipment installation, and new infrastructure.
The structure includes agreed labor rates and markups, with detailed scopes to be released via future task orders. That approach gives flexibility to refine work packages as engineering progresses while limiting aggregate payments. Standard provisions on warranties, change orders, indemnities, and termination align with large industrial projects.
The expansion aims to deploy thousands of AC100M centrifuges to serve both Low‑Enriched Uranium and HALEU markets, supporting a stated commercial LEU backlog of $2.3 billion and at least 12 metric tons per year of HALEU capacity. Actual economic impact will depend on cost control within the cap and timely progress through January 30, 2031.
8-K Event Classification
2 items: 1.01, 9.01
2 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Construction Contract cap: $900 million
Commercial LEU backlog: $2.3 billion
HALEU capacity: 12 metric tons per year
+3 more
6 metrics
Construction Contract cap
$900 million
Aggregate amount payable under time and materials Construction Contract
Commercial LEU backlog
$2.3 billion
Stated commercial LEU backlog supported by expansion
HALEU capacity
12 metric tons per year
Minimum planned HALEU production capacity from expanded facility
Contract period end
January 30, 2031
Performance period for Construction Contract with Geiger Brothers
Centrifuge model
AC100M centrifuges
Thousands to be added at American Centrifuge Plant in Piketon
Press release date
April 20, 2026
Date of press release announcing contractor selection
Key Terms
time and materials pricing structure, High-Assay, Low-Enriched Uranium, Engineering, Procurement, and Construction (EPC), indemnification obligations, +2 more
6 terms
time and materials pricing structure financial
"The Construction Contract provides for a time and materials pricing structure consisting of agreed labor rates"
High-Assay, Low-Enriched Uranium technical
"to produce Low-Enriched Uranium (LEU) and High- Assay, Low-Enriched Uranium (HALEU)"
High-assay, low-enriched uranium (HALEU) is uranium fuel with a higher concentration of the fissile isotope U-235 than conventional reactor fuel but below weapons-grade levels; think of it as a higher-octane version of nuclear fuel. It matters to investors because HALEU is needed for next-generation reactors and certain research or medical applications, creating demand, supply-chain and regulatory risks, and potential long-term revenue opportunities for producers and service providers.
Engineering, Procurement, and Construction (EPC) technical
"Fluor Corporation is serving as the project’s Engineering, Procurement, and Construction (EPC) contractor."
Engineering, procurement, and construction (EPC) is a contracting model in which one firm designs a project, buys the required equipment and materials, and builds the facility, delivering a finished, ready-to-operate asset. Investors care because EPC contracts bundle responsibility for cost, schedule and quality with a single party—like hiring a general contractor for a home renovation—so project risk, potential delays and cost overruns hinge on that contractor’s performance and financial strength.
indemnification obligations financial
"The Construction Contract includes customary types of provisions for projects of this nature, including ... indemnification obligations"
A company's indemnification obligations are promises it has made to cover certain losses, legal costs, or damages that another party might suffer because of the company’s actions or events tied to a deal. Think of it like a guarantee or built-in insurance: if something goes wrong, the company must step in and pay. For investors this matters because these potential payouts create contingent liabilities that can reduce cash, raise legal exposure, and affect a company’s value and risk profile.
bonding and insurance requirements financial
"including ... bonding and insurance requirements; and requirements to comply with applicable laws"
commercial LEU backlog financial
"This expanded capacity will support Centrus’ $2.3 billion commercial LEU backlog"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
_________________
Date of Report (Date of earliest event reported): April 16, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (301 ) 564-3200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 1.01 Entry into a Material Definitive Agreement
On April 16, 2026, American Centrifuge Operating, LLC, a Delaware limited liability company (“ACO”) and a wholly owned subsidiary of Centrus Energy Corp. (the “Company”), entered into a contract (the “Construction Contract”) with Geiger Brothers, Inc. (the “Contractor”), for the performance of construction activities associated with the Company’s previously announced multi-billion dollar expansion of its uranium enrichment facility in Piketon, Ohio (the “Project”).
Under the Construction Contract, Contractor will serve as the primary construction contractor for the Project, and will plan, manage, coordinate and support (a) refurbishment of the existing facilities, (b) installation of equipment and (c) construction of new infrastructure. Contractor may also perform procurement services as required. The period of performance under the Construction Contract extends through January 30, 2031.
The Construction Contract provides for a time and materials pricing structure consisting of agreed labor rates for personnel performing the work, including to-be-agreed markup rates for procurement, equipment rental, and subcontracts. The Construction Contract establishes the program-level scope of work that the Contractor will perform and contemplates that as the Project advances in the ordinary course, the Company and the Contractor will jointly develop more detailed scopes through future task releases, provided that the aggregate amount payable under the Construction Contract is capped at $900 million. Accordingly, the total price paid to the Contractor by the Company will depend on the more detailed scope of the services authorized by the Company, in accordance with the terms of the Construction Contract.
The Construction Contract includes customary types of provisions for projects of this nature, including:
•warranties with respect to workmanship and materials;
•the ability to implement scope modifications via change orders;
•indemnification obligations;
•ACO termination rights for cause and for convenience;
•bonding and insurance requirements; and
•requirements to comply with applicable laws and safety standards.
The foregoing description of the Construction Contract does not purport to be complete and is qualified in its entirety by reference to the Construction Contract, which the Company expects to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending June 30, 2026.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | ||||
| 99.1 | Press Release dated April 20, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) | ||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Centrus Energy Corp. | |||||||||||
| Date: | April 20, 2026 | By: | /s/ Todd M. Tinelli | ||||||||
| Todd M. Tinelli | |||||||||||
| Senior Vice President, Chief Financial Officer, and Treasurer | |||||||||||
Centrus Energy Selects Geiger Brothers as Construction Contractor for Major Uranium Enrichment Plant Expansion Selection expands Centrus’ growing best-in-class partnership network and provides avenues for potential cost mitigation Bethesda, Md. — Centrus Energy Corp. (NYSE: LEU) today announced that it has selected Geiger Brothers, Inc. as the construction contractor for the Company’s previously announced, multi-billion-dollar expansion of its uranium enrichment capacity in Piketon, Ohio. This marks another major milestone as Centrus accelerates its effort to deploy thousands of additional centrifuges to produce Low-Enriched Uranium (LEU) and High- Assay, Low-Enriched Uranium (HALEU) Centrus is the only company with deployment- ready technology that can meet both commercial and U.S. national security demands. As previously announced, Fluor Corporation is serving as the project’s Engineering, Procurement, and Construction (EPC) contractor. Fluor is overseeing engineering, design, project management, supply chain activities, and procurement of key materials and services, while crews from Geiger Brothers will conduct the on-the-ground construction work in Ohio. Centrus believes this structure generates efficiencies that could mitigate some project costs. “Geiger Brothers brings more than a century of experience and a strong Ohio workforce to our project,” said Centrus President and CEO Amir Vexler. “Their deep expertise in complex industrial construction, including work across the energy and nuclear sectors, makes them an ideal partner as we scale up production capacity. This partnership is another example of our commitment to bring in lead times and reduce unit costs for our project. With Fluor’s global EPC leadership and Geiger’s local capabilities, we are assembling a best-in-class team to deliver this expansion safely, efficiently, and on schedule.” A Proven Ohio-Based Construction Leader Founded in 1909 and headquartered in Jackson, Ohio, Geiger Brothers is a multi-craft, multi-discipline construction and engineering firm with more than 100 years of experience delivering mechanical, electrical, plumbing, fabrication, and industrial construction projects. The company provides integrated construction solutions across Ohio, Kentucky, West Virginia, and Tennessee, and is known for its rigor in safety, quality, and execution. Geiger Brothers’ portfolio includes work across energy, infrastructure, industrial, commercial, and nuclear markets. As an employee-owned company, Geiger Brothers
emphasizes craftsmanship, responsiveness, and continuous improvement—qualities that align with Centrus’ commitment to operational excellence. Notably, Geiger Brothers served as a key construction partner in the deployment of Centrus’ existing HALEU cascade as well as an earlier LEU demonstration cascade which was completed in 2013. “We are proud to support this historic investment in America’s nuclear fuel supply chain,” said Erik Massie, President and Chief Financial Officer of Geiger Brothers. “Our roots are in Ohio, and we look forward to contributing to a project that strengthens U.S. energy security, creates local jobs, and bolsters domestic manufacturing.” About the Expansion Project Centrus’ multi-billion-dollar expansion will add thousands of AC100M centrifuges at its American Centrifuge Plant in Piketon, restoring America’s ability to enrich uranium at a large scale with domestic technology. Fluor and Geiger Brothers will work alongside Centrus’ existing manufacturing and engineering teams to advance the next phase of construction. Centrifuge manufacturing to support the expansion launched in December 2025 at Centrus’ centrifuge manufacturing plant in Oak Ridge, Tennessee. This expanded capacity will support Centrus’ $2.3 billion commercial LEU backlog and provide at least 12 metric tons per year of urgently-needed HALEU production capacity. About Centrus Energy Corp. Centrus Energy is a trusted American supplier of nuclear fuel and services for the nuclear power industry, helping meet the growing need for clean, affordable, carbon-free energy. Since 1998, the Company has provided its utility customers with more than 1,850 reactor years of fuel, which is equivalent to more than 7 billion tons of coal. With world-class technical and engineering capabilities, Centrus is pioneering production of High-Assay, Low-Enriched Uranium and is leading the effort to restore America's uranium enrichment capabilities at scale so that we can meet our clean energy, energy security, and national security needs. Find out more at www.centrusenergy.com or follow us on LinkedIn and X.
FAQ
What did Centrus Energy (LEU) announce about its Piketon expansion?
Centrus Energy announced it selected Geiger Brothers as primary construction contractor for its multi‑billion‑dollar uranium enrichment expansion in Piketon, Ohio. The contract covers facility refurbishment, equipment installation, and new infrastructure to support additional LEU and HALEU production capacity.
How large is Centrus Energy's construction contract with Geiger Brothers?
The Construction Contract between Centrus’ subsidiary ACO and Geiger Brothers is capped at an aggregate $900 million. It uses a time and materials pricing structure with agreed labor and markup rates, with specific work scopes to be defined in future task releases as the project advances.
What role do Fluor and Geiger Brothers play in Centrus Energy's LEU and HALEU expansion?
Fluor Corporation serves as Engineering, Procurement, and Construction contractor, leading engineering, design, project management, supply chain, and key procurements. Geiger Brothers will perform on‑the‑ground construction in Ohio, including refurbishment, equipment installation, and new infrastructure, working alongside Centrus’ manufacturing and engineering teams.
How does the Piketon expansion support Centrus Energy's existing business?
The expansion will add thousands of AC100M centrifuges at the American Centrifuge Plant to restore large‑scale U.S. enrichment capability. Centrus states this expanded capacity supports its $2.3 billion commercial LEU backlog and will provide at least 12 metric tons per year of HALEU production capacity.
What is the performance period for Centrus Energy's construction contract with Geiger Brothers?
The performance period for the Construction Contract extends through January 30, 2031. During this time, Geiger Brothers will execute refurbishment, equipment installation, and new infrastructure work under time and materials terms, with project scopes refined through task releases agreed between the parties.
What pricing and protections are included in Centrus Energy's Construction Contract?
The contract uses time and materials pricing with agreed labor rates and markups for procurement, equipment rental, and subcontracts. It includes warranties, change‑order mechanisms, indemnification obligations, termination rights for cause and convenience, bonding and insurance requirements, and compliance with applicable laws and safety standards.