Keep pulling the thread on Scott Nolan.
Russia is the only country from which U.S. advanced reactor companies can currently source High-Assay, Low-Enriched Uranium (HALEU).
General Matter believes it can reduce the cost of uranium enrichment by a factor of two or more compared to current levels.
General Matter has secured a lease with the U.S. Department of Energy to build its uranium enrichment facility on a site in Paducah, Kentucky.
General Matter aims to have its first uranium enrichment facility operational and producing within the next five years.
The U.S. Congress passed a law that will ban the import of Russian uranium starting on January 1, 2028.
Russia supplies approximately 25% of all enriched uranium to the United States.
A sudden halt in Russian uranium shipments would create a 20-25% supply shortage for the U.S. nuclear grid.
The waiver process allowing U.S. utilities to import Russian uranium despite a ban is set to expire on January 1, 2028.
The United States currently has no domestic production capacity for High-Assay, Low-Enriched Uranium (HALEU), which is required by all advanced nuclear reactors.
Over 70% of nuclear reactors being built internationally are of Russian or Chinese design, largely because they can provide a guaranteed fuel supply.
China has 28 to 30 new nuclear reactors currently under construction, while the U.S. has approximately two.
Since 2010, China has nearly tripled its electricity grid capacity from approximately 4,000 terawatt-hours, while U.S. grid capacity has remained flat over the same period.