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“That, I think those, that timing is coming, you know, 20, 28 through 20 30. They're gonna first really start doing the, you know, single digit deployments, and then I think 2030 is where it really ramps.”

“If the U.S. Does not provide enrichment To these countries, they will have to get it somewhere else as they build up their nuclear fleet, or they turn back on their nuclear fleet, and that'll be Russia, China.”

“And then all of them said the exact same thing. We want, you know, we're going to make nuclear affordable. We're going to make it scalable. We're going to take this from huge construction projects to factory built. And yet the one thing that's the hardest is n…”

“China was growing a long time, like. We were equal neck and neck. I think this year they now will be triple us on total energy production.”

“And you look at some of these curves and it looks like data centers can consume if they were allowed to the entire grid by 20, 30 at this growth rate.”

“And so if gigawatt scale is for the grid and megawatt scale is for remote communities or, you know, government installations, then the middle scale, I think is going to find its niche behind the meter with data centers over the next five to 10 years.”

“We think that they're going to surprise everyone in their deployment speed and scale up, and, you know, just looking at the landscape of energy demand in the U.S. We haven't grown the grid for decades and yet now we have this huge surge of demand for data cent…”

“Building enough capacity there to satisfy HALU through the next decade, and then enough LEU capacity to displace adversarial imports into the US. And so that's the scale of it. That's where we're doing it. Timeline is, you know, Before end of decade.”

“And I, you know, you look at some of these projections of AI power consumption over the next five years, and by 2030, it's predicted to basically consume all the, equivalent to all the power that's on the US grid today.”

“I think now the company, you know, has money and can be cashflow positive whenever they want to be.”

“The reason we're doing enrichment is because that's the one step the US doesn't do at any scale.”

“And there have been high profile accidents with nuclear. You think of Chernobyl, Three Mile Island, Fukushima. But the actual risk associated with nuclear, despite those high profile incidents is still far, far lower than any other form of baseload energy.”

“And the modern data centers can do completely closed loop cooling. So the water issue is not an issue.”

“This was like, this step of enrichment was why we didn't have the more enriched fuel that advanced reactors needed. And you realize the U S had lost the ability despite being the number one in the world during the eighties by far. And it was something we were …”

“If you look at enrichment today and what the U.S. Consumes, It's about 75% Europe, European producers and it's about 25% Russia. And so we can talk about the history of how we got here, but there's no commercial at scale U.S. Producer operating anywhere. There…”

“If we need HALU, which is more enriched fuel for the factory built reactors, we need to get that fuel from Russia. Only Russia makes it today.”

“And so we're here now today with the U S doing less than .1% of global enrichment, effectively R and D capacity, not much commercial capacity, and just completely relying on foreign state backed entities. About 25% of enrichment in the U S comes from Russia an…”

“And you look at China's grid in 2010, U S and China were neck and neck. Just that's where the two lines cross on the chart, 2010. And since then China's doubled its grid while we stayed flat. So now they have two X the energy production that we have, and it's …”

“I think we see the big ramp next decade. This decade is about proving out the technologies, getting them licensed, giving them early deployments, and then it's going to be time to scale in the 20 thirties.”

“If you look at nuclear historically, like you look at Vogel, which You know, it was over budget, over schedule. People still highlight it was still cheaper than offshore wind that was built around the same time.”

“I remember getting there on day one and reading the employee handbook and on the top of page one was just a single line that was in bold. And it said this is not a science experiment.”

“Nuclear energy for the past 50 years has been the cleanest form of energy, no carbon emissions, the safest form of baseload, which people find really surprising, but fewer human deaths per terawatt hour than any other baseload, And even any other energy source…”

“And we shut down the last enrichment site in 2013, and that site was actually in western Kentucky on DOE land that our company is now building on.”

“If you look at the grid in 2010, we were completely tied neck and neck with China on grid total capacity. Something like 4000 or 5000 terawatt hours per year. Since then, in the 15 years since 2010, they've tripled. I think this year they're actually at three …”

“And I think it was Thursday the NRC announced that a new fuel cycle license application went in And they're committing to put it on fast track and get it out in 12 months.”

“Congress that appropriated 2.7 billion dollars for HALU enrichment. And we received one of those awards for nine hundred million. So nine hundred million dollar Milestone based contract, which will be earned over the next few years as we build that capability …”

“And then came across this problem of Enrichment of uranium and the US's total lack of capacity in the space, which essentially forced me to go start General Matter.”

“We grew our grid for a long time. And then starting around the nineties, essentially no growth until today”

“And today Russia's about 25% of U.S. Imports. And so 20, 25% immediately goes away. In 2028.”

“So some of the, some advanced reactors, the cost of the fuel, the halo fuel that goes into it enriched further to 19.75%, which requires more input material to refine it all the way there. As you filter through more and more and more material, that fuel can be…”

“The schedule to bring it online for the large gigawatt scale projects has been uncertain. The costs are often above what's projected. And when you look at the total package, it's not cheaper than coal. It's not cheaper than natural gas. It's not cheaper than h…”

“Ultimately joining our board as one of very few boards that he's on was yeah, really appreciate that.”

“And so we went from a place of 86% global market share down to less than .1% today by U.S. Companies or U.S. Entities.”

“I think that's going to really accelerate the reactor development and deployment.”

“Turbines will be the bottleneck most likely.”

“I think we're going to see these regulations actually change the way those people in the NRC are able to operate. Setting hard deadlines on things, giving them the freedom to factor in benefits of nuclear.”

“Most reactors, the big ones, people think about gigawatt scale reactors. They need that you, the uranium enriched to about three to five percent U two 35. And then the small ones, 19.75% is where everyone's ending up”

“One of those pellets is equivalent to over a hundred barrels of oil or over a ton of coal.”

“So the US in the eighties was actually more than 80% of global enrichment.”

“I think they're aiming for space ion nuclear-driven space propulsion by twenty-twenty-eight. And then they're talking about reactors on, on the moon's surface to, you know, create heat and power things.”

“And then phase two is go into LEU production, low enriched uranium for the 94 reactors on the grid today and supply them with the fuel that they need, which today in the U S is a two, two and a half billion dollar market.”

“We've got, yeah, certainly hundreds of years of supply in the ground. U S has supply. We have active mining in the U S Canada has even more supply, higher grade ores enough to supply us for a very long time. Same as Australia. And then Kazakhstan's a huge depo…”

“Well, in, in twenty-twenty-four, there was a Russian uranium imports ban passed by Congress, and so there's a waiver process that's ongoing right now where the Secretary of Energy can waive the ban. If a utility needs it and there's not another source, which h…”

“Most of the advanced reactors that you hear about are going to be using 19.75 enriched fuel.”

“Paducah is actually the last place the U.S. Did commercial scale enrichment. It's where we did enrichment that fueled all the U.S. Reactors, and that facility was shut down in 2013”

“Today For us product to be mined, you know, it's shipped all the way out of the country to be converted in, in a lot of cases, and then shipped all the way back.”

“If you rewind to the fifties, sixties, seventies, US was most of the world's enrichment. We were 65% roughly, and we did that through a first generation technology called gaseous diffusion.”

“There's a Russian imports ban on, you know, in place now, but that ban actually goes into full effect when the waivers end on January first, 20, 28.”