Washington, D.C. – U.S. Senator Rob Portman (R-Ohio), a member of the Senate Armed Services Committee (SASC) who served as a conferee on the Department of Defense (DoD) Authorization for 2013, ensured that funding for uranium enrichment research and development was authorized in the final version of the bill produced by the Conference Committee that will now be considered by the House and Senate. The American Centrifuge Project (ACP) in Piketon, Ohio is the cornerstone to fulfilling our national security requirements for a domestic source of enriched uranium.
“As a conferee on the final version of the Defense Authorization bill, I worked hard to ensure that it contained a provision I was able to include in the Committee deliberation of the bill in May authorizing funding for this important national security and energy security program,” Portman said.
“It has been more than four years since the Obama Administration first received the loan guarantee application for ACP. During that time, the Piketon region has been hit hard by a tough economy and currently faces double digit unemployment. While Congress continues to provide a lifeline for the project, I again call on the Administration to provide details of its long-term plans for ACP and for the families of Southern Ohio.”
The $150 million authorization included in the National Defense Authorization Act (NDAA) allows the Department of Energy (DOE) to continue its two-year American Centrifuge research, development, and demonstration program. This program, first proposed by DOE in October of 2011, was designed by the department to help develop U.S. enrichment technology capable of meeting vital national security, nonproliferation and energy security needs while also enhancing taxpayer protections. The $350 million program will allow for the manufacturing of 78 additional centrifuges and the deployment and demonstration of a 120-machine cascade in Piketon, Ohio. To date, the Administration has not provided a plan for what will happen to ACP and the taxpayer dollars invested in the project after the conclusion of the RD&D effort. The demonstration project alone will not meet our national security requirements.
Some day soon, this stock will pop to $2+ per share. All ACP progress and funding has been positive for 6 months. I am assuming a significant issue or failure would have happened with RDD by now. I am buying a bit more at these levels.
For that to happen two things must occur
1) The ACP must go online
2) SILEX must fail
Unfortunately, it may take years for GE to give up on SILEX even if it doesn't work, just as it took years for USEC to give up on AVLIS. GE received two billion from DOE for their work with wind turbines. USEC needed the money, GE didn't. GE is in bed with the Administration.