The Department of Energy recently announced its strategy to secure a supply chain for clean energy. The department’s goals for nuclear are to facilitate the continued operation of existing nuclear reactors in the United States, advance the development of nuclear fuel cycles, enable advanced nuclear reactor deployment and maintain the country’s leadership in technology for nuclear energy.
These strategic plans are said to be the first-ever comprehensive strategy by the U.S. government to build a diverse, resilient and secure domestic energy-sector industrial base. The plans are part of the government’s approach to revitalize America’s economy and manufacturing by securing its most crucial supply chains. They were drafted in response to Executive Order 14017, issued by President Joe Biden on the country’s supply chains.
U.S. Secretary of Energy Jennifer Granholm stated that investing in America’s supply chains would secure the country’s economic, national and energy security as well as revitalize domestic manufacturing. Granholm added that the country’s strength relied on reliable and strong critical supply chains across various sectors, noting that the Department of Energy’s report offered key recommendations and strategies that the federal government and Congress could act on to help deliver a cleaner and stronger future, with more employment opportunities.
The report focuses on important findings that will maximize opportunities to develop America’s energy manufacturing workforce and base as well as strengthen its supply chain. It also discusses certain technologies and other important topics. The report was prepared by researchers at the Idaho National Laboratory and personnel at the National Reactor Innovation Center and the Gateway for Accelerated Innovation in Nuclear.
The nuclear supply chain is crucial for the deployment of advanced nuclear technologies that offer low-carbon electricity and/or heat for facilities alongside other options for clean energy, as well as the continued operation of existing reactors in the U.S. The report notes that in comparison to other sources of energy, nuclear energy also offers more permanent employment opportunities locally, at a higher average wage.
It highlights that the implementation of targeted policies would strengthen America’s nuclear supply chain and allow it to meet the population’s environmental, energy and societal needs while also supporting the achievement of its objectives.
The department’s short-term plan is to establish a secure domestic supply of uranium metal fuel and high-assay low-enriched uranium (“HALEU”) fuel as well as tristructural isotropic particle (Triso) fuel for the deployment of advanced reactors. Currently, these fuels remain commercially unavailable.
With the renewed interest of the U.S. DOE in nuclear energy and its potential role in the race to net-zero, local extraction companies such as Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) could soon have more domestic orders of this metal to supply.
NOTE TO INVESTORS: The latest news and updates relating to Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) are available in the company’s newsroom at http://ibn.fm/UUUU
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