08:16 AM EST, 12/11/2024 (MT Newswires) -- Centrus Energy ( LEU ) said Wednesday that its American Centrifuge Operating unit has won a US Department of Energy award for producing low-enriched uranium.

The company said it is one of six award recipients, with the total funding across all contracts potentially reaching $3.4 billion over ten years. Specific funding amounts for Centrus will depend on future task orders issued by the DOE, Centrus added.

This is the company's third award under the DOE's nuclear fuel supply initiative, Centrus said.

The company said it plans to invest $60 million to expand its manufacturing and operational capacity, focusing on a domestic supply chain.

Shares of the company were up 2.4% in recent Wednesday premarket activity.