Silex Systems (ASX:SLX) specialises in laser-based technology for uranium enrichment. Its proprietary SILEX (Separation of Isotopes by Laser Excitation) process uses lasers to selectively excite uranium isotopes, enabling the efficient production of material for nuclear power. This method is touted as a cleaner, more energy-efficient alternative to traditional gas centrifuge techniques.
Silex’s technology is exclusively licensed to Global Laser Enrichment (GLE), which is a joint venture company focused on commercialising laser-based uranium enrichment. It is co-owned by Silex and Cameco Corporation, with Silex holding a controlling interest of 51%.
Today, Silex announced that GLE has been awarded a contract by the US Department of Energy’s Low Enriched Uranium (LEU) program. GLE is one of six awardees in a US$3.4bn program that aims to bolster domestic uranium enrichment capacity and reduce reliance on Russian fuel supplies.
The exact amount awarded to GLE is not yet finalised.
GLE’s Paducah Laser Enrichment Facility in Kentucky is expected to be a key beneficiary of the funding.
Silex CEO Michael Goldsworthy said: “GLE’s success… is a strong signal of the US Government’s support for GLE and the diversification of US enrichment capacity through the deployment of the third-generation SILEX uranium enrichment technology.”
Shares have jumped 10.34% to $6.19 on the back of the news.