Key insights
- Centrus Energy (LEU) selected Geiger Brothers for construction of its Ohio uranium enrichment plant expansion. This supports Centrus' $2.3B LEU backlog and aims for 12+ metric tons/year of HALEU production. While LEU is not a major market mover, the expansion signals growth in the nuclear energy sector, a small positive for related equities.
BETHESDA, Md. - Centrus Energy Corp. (NYSE:LEU) announced today that it has selected Geiger Brothers, Inc. as the construction contractor for its uranium enrichment capacity expansion in Piketon, Ohio, according to a company press release.
Geiger Brothers will conduct on-the-ground construction work while Fluor Corporation, previously announced as the Engineering, Procurement, and Construction contractor, oversees engineering, design, project management, and procurement activities.
The expansion will add AC100M centrifuges at Centrus’ American Centrifuge Plant to produce Low-Enriched Uranium and High-Assay, Low-Enriched Uranium. Centrifuge manufacturing for the expansion began in December 2025 at the company’s Oak Ridge, Tennessee facility.The company’s financial position supports this ambitious expansion, with a market capitalization of $4 billion and a strong balance sheet that holds more cash than debt. The stock has delivered a remarkable 203% return over the past year, though shares have pulled back 49% over the last six months.
"Geiger Brothers brings more than a century of experience and a strong Ohio workforce to our project," said Centrus President and CEO Amir Vexler.
Founded in 1909 and headquartered in Jackson, Ohio, Geiger Brothers is an employee-owned construction and engineering firm that provides services across Ohio, Kentucky, West Virginia, and Tennessee. The company previously worked on Centrus’ existing HALEU cascade and an LEU demonstration cascade 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.
The expanded capacity is intended to support Centrus’ $2.3 billion commercial LEU backlog and provide production capacity of at least 12 metric tons per year of HALEU.
Centrus stated it is the only company with deployment-ready technology for both commercial and U.S. national security uranium enrichment demands.
In other recent news, Centrus Energy reported its fourth-quarter 2025 earnings, with an earnings per share (EPS) of $0.79, which did not meet the forecasted $1.41. The company’s revenue was $146.2 million, slightly below the expected $146.34 million. These earnings results have drawn significant attention from investors. Additionally, Centrus Energy has partnered with Palantir Technologies to enhance its uranium enrichment capacity in Piketon, Ohio, potentially saving nearly $300 million in costs. The collaboration will utilize Palantir’s Foundry and Artificial Intelligence Platform for optimization across various operational areas. Centrus Energy is also in discussions with Oklo Inc. for a joint venture on deconversion services for high-assay low-enriched uranium. This venture would take place at Centrus’ Piketon site, co-located with its enrichment operations. Furthermore, Ondas Holdings announced a strategic partnership with Palantir Technologies and World View Enterprises to develop AI-enabled intelligence, surveillance, and reconnaissance capabilities.
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