SLX (ASX) Ann: US Government Approves US$700m Package for HALEU Program

Originally posted by moosey: ↑

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Silex Systems Limited | ABN 69 003 372 067

LHSTC, New Illawarra Road, Lucas Heights NSW 2234

Telephone: +61 2 9704 8888 | Facsimile: +61 2 9704 8851 | Website: www.silex.com.au

US Government Approves US$700m Package for HALEU

Availability Program in Support of US Nuclear Industry

17 August 2022

Silex Systems Limited (Silex) (ASX: SLX; OTCQX: SILXY) is pleased to acknowledge the

passage into law of the Inflation Reduction Act of 2022 (IRA) in the US, which includes a

US$700 million funding package to support the HALEU Availability Program to be conducted

over the next four years by the US Department of Energy (DOE).

HALEU (High Assay Low Enriched Uranium) is the fuel required by many of the emerging

advanced Small Modular Reactors (SMRs) - the next-generation of nuclear power technology.

Global Laser Enrichment (GLE), the exclusive licensee of the SILEX laser technology for

uranium enrichment, will explore opportunities to be a potential participant in the HALEU

Availability Program. GLE submitted a response to a Request for Information (RFI) from the

DOE on this matter in February 2022 and will be ready to respond to any related Request for

Proposals (RFP).

Michael Goldsworthy, Silex’s CEO/Managing Director said:

“The signing into law of the Inflation Reduction Act this week is a pivotal turning point in the

revitalisation of nuclear power in the US. The IRA is a cornerstone of America’s response to

climate change, and recognizes nuclear power as a critical component of a carbon free,

resilient and stable electricity grid.”

“As the US Government ramps up initiatives to domesticate its nuclear fuel supply chain and

lessen its dependence on nuclear fuel imports, particularly from Russia, we expect GLE may

have increasing opportunities to commercialise the SILEX technology,” he added.

There is currently no commercial source of HALEU fuel in the US today, and many SMR

developers had planned to source their early HALEU fuel requirements from Russia. Given

the growing concern over energy security and supply chains in the wake of Russia’s invasion

of Ukraine, those plans may no longer be realistic, creating significant urgency in establishing

the HALEU Availability Program.

The IRA specifies that the US$700 million of HALEU Availability funding be spent in the

following three categories:

• Licensing - US$100m is provided for the licensing and regulation of HALEU fuel

fabrication and enrichment facilities and the certification of transportation packages.

• Enrichment - US$500m is provided for DOE to produce HALEU as fast as possible

and to provide it to SMR developers. DOE is also directed to set up a "HALEU

Consortium" which may include any entity involved in any stage of the nuclear fuel

cycle to partner with DOE to support the availability of HALEU for domestic commercial

use. DOE is also provided funding to hold a survey of stakeholders to estimate the

quantity of HALEU necessary for domestic use.

• General Support - US$100m is provided for general activities to support the

availability of HALEU for civilian domestic research, development, demonstration, and

commercial use.

The IRA requires that the funding shall be provided by the DOE Office of Nuclear Energy's

HALEU Availability Program through a competitive merit-based process, and that the DOE

spend the money by September 2026. The IRA also includes several other measures to

support the economic viability of existing nuclear power plants, including a nuclear power

production tax credit, which along with ongoing support for the development of advanced

SMRs, helps place nuclear power on a level playing field with subsidised renewable energy

sources.

Silex and Cameco are currently reviewing the potential to accelerate GLE’s commercialisation

of the SILEX technology in order to respond to these emerging opportunities, subject to

alignment with evolving market conditions.

Expand

Moosey what's your take on this?, how much of the size of the prize can SLX go after from that breakdown of that 100m / 500m / 100m split vs what the competitiors are likely to secure?

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