Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) Watching Nuclear-Energy Action on Capitol Hill

  • NEI reports strong bipartisan support for nuclear energy throughout the 117th Congress
  • Hallmark pieces of legislation have demonstrated that carbon-free, always-on nuclear power is an indispensable driver of our clean energy future
  • Institute notes that more can be done “to ensure gigawatts of electricity remain on the grid and new reactors are deployed”

Clean energy has become a top priority worldwide, and the U.S. is no exception. House representatives and senators in the nation’s capital have spent plenty of time talking about and voting on energy, including nuclear energy, and many companies, including Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), are paying attention to what’s happening in Washington, DC.

“There has been strong bipartisan support for nuclear energy throughout the 117th Congress,” reported the Nuclear Energy Institute (“NEI”), the policy organization of the nuclear technologies industry, in a recent blog (https://ibn.fm/evlYU). “Decarbonization efforts and the clean-energy transition have received heightened attention on the Hill, and hallmark pieces of legislation have demonstrated that carbon-free, always-on nuclear power is an indispensable driver of our clean energy future.

“In November, Congress passed the bipartisan $1.2 trillion infrastructure package, which featured major investments in nuclear energy,” the article continued. “The bill contained continued funding for the Advanced Reactor Demonstration Program (‘ARDP’), a demonstration program for Regional Clean Hydrogen Hubs, and support for operating nuclear plants at risk of closure.”

The blog mentioned the Build Back Better Act, which is currently on the back burner but contains “broadly supported climate provisions [that] include a production tax credit (‘PTC’) for electricity generated by nuclear power plants in operation today, as well as tax credits for all clean electricity technologies, including advanced nuclear and power uprates that begin construction after 2026,” the piece continued. “The bill also includes funding for the development of a domestic high-assay low-enriched uranium (‘HALEU’) supply, a fuel which is essential to the demonstration of advanced reactors, as well as resources to support efforts such as the coal to nuclear transition.”

The NEI piece also noted that the importance of nuclear was being acknowledged in other pieces of critical legislation, including the National Defense Authorization Act (“NDAA”), which was passed in December and “recognized the role advanced nuclear will play in both our national security and climate goals. The Department of Defense will work to deploy microreactors, helping to advance these technologies into commercialization so that they can provide clean energy to remote areas.”

In addition, the blog called out several smaller, nuclear-specific bills introduced during this Congress. “These sustained, bipartisan efforts to advance nuclear energy signal a push to meet our climate goals, while also providing jobs and stimulating local economies with new nuclear,” the blog stated. Those bills included the American Nuclear Infrastructure Act (“ANIA”); the Advanced Nuclear Deployment Act; the Nuclear Licensing Efficiency Act; the Modernize Nuclear Reactor Environmental Reviews Act; and the Accelerating Nuclear Innovation through Fee Reform Act; the Fission for the Future Act; the Strengthening American Nuclear Competitiveness Act; and an historic budget request for nuclear from the administration in 2021. 

“While a bipartisan coalition has boldly committed to supporting new nuclear and protecting operating plants, there is more to be done to ensure gigawatts of electricity remain on the grid and new reactors are deployed,” the blog concluded. “Incentivization programs that value carbon-free energy and fund the next generation of climate technologies, such as advanced nuclear, are essential to meeting our climate goals.”

A member of the NEI, Energy Fuels is keenly interested in what happens on a federal level. The company operates three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Project in Wyoming and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of more than 8 million pounds of U3O8 per year. The mill is also currently in commercial production of the most advanced rare earth element material being produced in the U.S. today. The mill also produces vanadium when market conditions warrant. The Nichols Ranch ISR Project is currently on standby and has a licensed capacity of 2 million pounds of U3O8 per year. The Alta Mesa ISR Project is also currently on standby. 

In addition to these production facilities, Energy Fuels has one of the largest NI 43-101-compliant uranium resource portfolios in the country, along with several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. 

For more information, visit the company’s website at www.EnergyFuels.com.

NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU

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