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USEC Up 20 Percent Monday After Announcing Addition Department of Energy Funding (USU)

Shares of USEC, Inc (NYSE: USU) are up 20 Percent in early trading Monday after the company announced that the U.S. Department of Energy will provide an additional $30 million for work on new uranium enrichment technology.

According to the release, the work has been ongoing since 2012. Five of the nine milestones have been reached and the Department of Energy is currently evaluating the sixth. The remaining three milestones are scheduled for completion by the end of 2013. The additional $30 million brings the total DOE investment to $227.7 million.

According to the release,

Beyond proving the reliability and readiness of the American Centrifuge technology, the RD&D program will ensure that the United States has its own indigenous uranium enrichment technology to meet national security needs. With the recent cessation of enrichment at the gaseous diffusion enrichment facility in Paducah, Ky., the United States for the first time in more than 60 years is without its own technology in operation to enrich uranium and today is completely dependent on foreign-controlled technologies for the production of new nuclear fuel that generates almost 20 percent of America’s electricity.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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