USD/BTC =$66,782
Block 942,650
TL:DR

_{Aerial view of the U.S. Department of Energy's former Paducah Gaseous Diffusion Plant in Paducah, Kentucky Image credit: U.S. Department of Energy}

Kentucky Gov. Andy Beshear on Thursday said that uranium enrichment technology firm Global Laser Enrichment (GLE) will invest almost $1.8 billion into a new facility in Paducah, McCracken County, Kentucky.

GLE aims to commercialize the United States' new uranium enrichment technology and has enriched "significant quantities" of uranium at its Wilmington, North Carolina, pilot plant, Kentucky officials said.

The company's Paducah Laser Enrichment Facility (PLEF) will be built on a 665-acre site next to  the U.S. Department of Energy's (DOE) former Paducah Gaseous Diffusion Plant where the federal government produced enriched uranium, first for the country's nuclear weapons program and then for nuclear fuel for commercial power plants.

The PLEF, officials said, which is currently under license application review by the Nuclear Regulatory Commission, is expected to eventually re-enrich more than 200,000 metric tons of high-assay depleted uranium stored at the shuttered DOE facility. 

This will help fast track cleanup at the DOE site, thereby reducing federal costs and providing a new fuel source for nuclear power generation, Kentucky officials said.

"This is a game-changing investment for Western Kentucky and our entire commonwealth, and I am excited to see this project and the 240 great jobs come to life for families in Paducah and the surrounding region," Gov. Beshear said. 

"This project solidifies our role as a leader in the country's nuclear power sector and will transform our economy, creating opportunities for Kentucky families for generations," he said.

Also on Thursday, GLE said that it has been approved for a package of state and county financial and economic incentives totaling almost $99 million, contingent upon hitting investment and job creation targets.

Some of those incentive programs, according to the governor's office, include: 

• A 15-year  Kentucky Business Investment program incentive agreement worth up to $24 million of tax incentives;
• Up to $3 million of sales and use tax incentives through the Kentucky Enterprise Initiative Act, which allows qualifying companies to recover taxes related to construction costs, building fixtures, equipment used in research and development and electronic processing; and
• No-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

"GLE greatly appreciates the Commonwealth of Kentucky's enthusiasm and support for nuclear energy and especially, the creation of new U.S. domestic nuclear fuel sources," said Stephen Long, CEO of GLE.

"The incentive package reflects a shared vision for economic development, technological leadership and the establishment of a resilient domestic nuclear fuel supply chain," he said. 

"We look forward to continuing our collaboration with state and local partners as we advance the PLEF," Long said. "Paducah was once the hub of the U.S. nuclear fuel cycle, and GLE is proud to reassert Kentucky's leadership with the world's most advanced uranium enrichment technology."

My Thoughts 💭My Thoughts 💭

The nuclear buildout continues. Almost 30k BTC needed for an enrichment facility! The tax incentives are reasonable so this shouldn’t be a terrible deal for the citizens of Kentucky. As they are able to compete on energy prices could be a major economic driver in the future.