S&P/ASX 200 Index (ASX: XJO) uranium stock Silex Systems Ltd (ASX: SLX) is marching higher today.
Shares in the company, which focuses on laser uranium enrichment technology, closed yesterday trading for $5.29. In early morning trade on Friday, Silex shares are changing hands for $5.31 apiece, up 0.4%.
For some context, the ASX 200 is down 0.6%, with the Aussie benchmark index following US markets lower as hopes for a near-term end of the Iran war fade.
Here’s why Silex shares are outperforming.
ASX 200 uranium stock gets US government boost
Investors are bidding up Silex shares this morning after the company announced a major US government funding package for Global Laser Enrichment (GLE). GLE is the exclusive licensee of the Silex uranium enrichment technology.
The ASX 200 uranium stock said it has received preliminary approval on an incentives package with the Commonwealth of Kentucky and McCracken County. The funding from the state and local governments will support the development of the planned Paducah Laser Enrichment Facility (PLEF).
Silex reported that the performance-based incentives package will provide the company with up to US$98.9 million (AU$142.6 million) in tax and other economic incentives, subject to GLE reaching certain investment and job creation levels.
The PLEF is expected to be the single largest capital investment in Western Kentucky’s history.
To date, the ASX 200 uranium stock noted that GLE has been backed by around US$600 million in privately funded engineering, design, manufacturing, and licensing investments across North Carolina and Kentucky.
GLE was also recently awarded up to US$28.5 million from the US Department of Energy (DOE).
Silex said that it expects the planned PLEF will “play a pivotal role” in rebuilding and strengthening the US domestic supply chain for uranium, conversion, and enrichment services.
What did management say?
Commenting on the funding package that’s helping boost the ASX 200 uranium stock today, Silex CEO and managing director Michael Goldsworthy said, “We are greatly appreciative of the support for GLE’s PLEF from the Commonwealth of Kentucky and McCracken County.”
Goldsworthy added:
With an advanced Nuclear Regulatory Commission (NRC) licensing effort underway, ongoing focus on technology and manufacturing maturation programs and full-scale preliminary detailed design for the PLEF, we welcome the support for the PLEF from US federal, state, and local partners as we progress towards the commercial deployment of the world’s first lased-based uranium enrichment plant.
With today’s intraday gains factored in, shares in the ASX 200 uranium stock are up 38.9% over 12 months, racing ahead of the 6.3% one-year gains posted by the benchmark index.
The post ASX 200 uranium stock lifts off on $143 million US laser news appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.