The U.S. nuclear sector is entering a decisive new phase. Texas-based Uranium Energy Corp (UEC) has announced the launch of a wholly owned subsidiary, United States Uranium Refining & Conversion Corp. (UR&C), with plans to develop a domestic facility capable of producing 10,000 metric tonnes of uranium hexafluoride (UF₆) annually. This output would cover more than half of America’s yearly nuclear fuel demand, representing a landmark move toward energy security and supply chain independence.

(Image: UEC)

The project directly supports the White House’s strategy of quadrupling nuclear generation capacity by 2050 while reducing reliance on foreign suppliers. For decades, the U.S. has faced a bottleneck in uranium conversion capacity, with the Metropolis facility in Illinois remaining the nation’s only commercial conversion plant. Once operational, UEC would become the sole American company with full vertical integration across mining, milling, refining, and conversion. UEC President and CEO Amir Adnani called the initiative “a turning point for U.S. energy sovereignty and a milestone in our corporate growth.”

Market dynamics underscore the urgency. UF₆ conversion prices remain at historic highs—$64–66/kgU on the spot market and about $52/kgU under long-term contracts—reflecting global undersupply and rising demand. According to the World Nuclear Association, uranium demand is projected to rise from 86,000 tonnes in 2030 to 150,000 tonnes by 2040, while existing mining capacity could shrink by half during the same period. The risk of a widening supply gap in the next decade has never been greater.

On the technical front, UEC has partnered with Fluor Corporation since 2024 and completed an AACE Class 5 conceptual study, laying the groundwork for project execution. At the same time, other players are entering the U.S. fuel landscape—most notably, Oklo Inc., which is planning a $1.68 billion recycling facility in Oak Ridge, Tennessee, to convert used fuel into fast reactor fuel. Together, these efforts point to the emergence of a more diverse and resilient U.S. nuclear fuel ecosystem.

Industry observers agree: with energy independence and national security rising to the forefront, expanding domestic uranium conversion capacity is no longer optional—it is essential. If UR&C’s project proceeds as planned, the United States will take a decisive step toward reclaiming control over its nuclear fuel future and reshaping the balance of the global nuclear supply chain.