USEC Shares Soar on Federal Backing for Centrifuge Project

Monday, 29 Jul 2013 05:09 PM

 

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Shares of USEC Inc., a supplier of processed uranium, surged after the company won additional U.S. government funding for its American Centrifuge enrichment project.

USEC rose 51 percent to $29.02 at the close in New York, the most in a week. Shares of the Bethesda, Maryland-based energy company have more than doubled in the past week.

Additional funding of $29.9 million raises the U.S. Energy Department’s financial commitment to the centrifuge project to $227.7 million, USEC said Monday in a regulatory filing.

The American Centrifuge project is focused on developing a new commercial technology for the enriching of uranium, according to the company’s website. The research project is located near Piketown, Ohio.

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