“I am fully committed to Piketon and the ACP. And today’s meeting reaffirmed that the Department of Energy wants them to succeed as well,” Brown said. “Secretary Chu reiterated that if USEC can deliver on its technology and finances, it will get the loan guarantee. The DOE site in Piketon has come a long way in just a few years. More than 2,500 people are working on the cleanup with more jobs on the way. With USEC’s application advancing, we are making the site the economic powerhouse it once was.”
Brown said USEC’s application for a government loan guarantee would help build state-of-the-art uranium enrichment technology at the former Department of Energy Gaseous Diffusion Plant in Piketon. Brown said if the project is successful it could bring as many as 4,000 construction jobs and 400 long-term, full-time jobs to Piketon.
Brown said he has continued to urge the Obama administration to move forward in approving the loan guarantee for the ACP. In February 2010, Brown was instrumental in helping obtain $45 million from DOE to advance the ACP.
Completion of their Lead Cascade test program in August 2010, investment by two major corporations and possible overseas financial assistance lead to USEC’s submission of a comprehensive update to its application for the loan guarantee.
“On the financial front, we have taken steps to reduce project-related risk factors and signed a definitive agreement for a three-phased investment of $200 million by industry leaders Toshiba Corporation and The Babcock & Wilcox Company. This investment and related strategic relationship strengthens USEC’s position in the nuclear fuel industry,” said John K. Welch, USEC president and chief executive officer.
The overseas financial assistance Welch referenced was the hope that Toshiba, a Japanese company, would help bring on board additional financing through Japanese export credit agencies.