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Investing.com-- U.S. nuclear fuel company Centrus Energy (NYSE:LEU) said on Monday it signed an agreement with Korea Hydro & Nuclear Power (KHNP) and Posco International (KS:047050) to explore a potential Korean investment in the expansion of its Ohio uranium enrichment plant.
The non-binding memorandum of understanding, signed with U.S. and Korean government officials in attendance, aims to deepen nuclear energy cooperation.
Centrus and KHNP also agreed to increase the supply volume of enriched uranium under a contract signed in February.
Centrus CEO Amir Vexler said the pact reflects strong demand for U.S. enrichment capability and is a potential avenue for private investment.
The entire supply commitment is contingent on Centrus securing necessary federal funding, for which it is currently competing, to build new production capacity.
The move is part of a push to compete against foreign state-owned enterprises that dominate the global enrichment market.