Energy Fuels
Energy Fuels is a US-based critical minerals company producing uranium, rare earth oxides, and vanadium, and building the first Western vertically integrated mine-to-magnet rare earth supply chain via the pending VAC and ASM acquisitions to serve nuclear utilities, defense contractors, and advanced technology manufacturers.
- Company typePublic
- Founded2017
- HeadquartersLakewood, United States
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What Energy Fuels does
Energy Fuels is a US-domiciled (Ontario, Canada legal registration; Lakewood, Colorado operational headquarters) critical minerals company that produces uranium concentrate (U3O8), rare earth oxides, and vanadium. The company operates the White Mesa Mill in Blanding, Utah — the only fully licensed conventional uranium mill in the United States and the only facility authorized to process uranium-bearing monazite for rare earth separation — and has produced approximately two-thirds of all US uranium since 2017. Through pending acquisitions of Vacuumschmelze (VAC) and Australian Strategic Materials (ASM), Energy Fuels is constructing the first vertically integrated Western mine-to-magnet rare earth supply chain, spanning mineral sands mining in Madagascar, Australia, and Brazil, separation at White Mesa, metallization at ASM's Korean Metals Plant and a planned American Metals Plant, and permanent magnet manufacturing (NdFeB and SmCo) at VAC's facilities in Germany, Finland, Slovakia, and South Carolina.
Revenue is generated through direct B2B sales: uranium concentrate is sold under six long-term contracts (covering 2026-2032 with 3.21 million pounds of committed base sales) plus spot sales to US nuclear utilities at market prices (Q1 2026 weighted average of $70.04 per pound); rare earth oxides (NdPr, with emerging Tb and Dy production) are sold to defense, EV, wind, robotics, and electronics manufacturers; vanadium is sold to steel producers and battery companies; and post-VAC, permanent magnets and soft magnetic materials will be sold to over 1,000 customers across automotive, aerospace, defense, robotics, and data center sectors under multi-year contracts averaging over 30 years with largest accounts. The customer base is anchored by long-duration contracts and government demand drivers, including the January 2027 DFARS deadline and the 2028 Russian Uranium Imports Act ban.
The company is publicly traded on NYSE American (UUUU) and TSX (EFR), employs 1,001-5,000 people, and holds $956.6 million of working capital as of March 31, 2026. Its FY2025 revenue was $65.9M with Q1 2026 revenue of $35.8M; recent capital deployment exceeds $2.9 billion across acquisitions, supplemented by a $725 million conditional US Department of War loan, $700 million in senior notes, and a $250 million Goldman Sachs term loan. The Phase 2 REE expansion alone carries a projected $1.9 billion NPV at 8% discount with 33% IRR, targeting 6,300 tpa NdPr, 80 tpa Tb, and 288 tpa Dy by late 2027-early 2028.
Energy Fuels firmographics
Firmographics- Name
- Energy Fuels
- Legal name
- Energy Fuels Inc.
- Website
- https://energyfuels.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Energy Fuels is a US-based critical minerals company producing uranium, rare earth oxides, and vanadium, and building the first Western vertically integrated mine-to-magnet rare earth supply chain via the pending VAC and ASM acquisitions to serve nuclear utilities, defense contractors, and advanced technology manufacturers.
- Ownership category
- akta.pro rank
Energy Fuels industry classification
Industry- Product category
- Uranium and Rare Earth Elements Production
- NAICS
- Copper, Nickel, Lead, and Zinc Mining (21223), Nonferrous Metal (except Aluminum) Smelting and Refining (33141)
- SIC
- Metal Mining (1000), Primary Smelting & Refining Of Nonferrous Metals (3330)
- akta.pro primary industry
- Uranium Mining & Milling (Yellowcake/U3O8 Production) (EUAKACAB)
- akta.pro secondary industries
- Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH), Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG), Uranium Refining & Conversion (U3O8 to UF6/UO2) (EUAKACAC), Medical Radioisotope Production (Reactor/Cyclotron, Mo-99/Tc-99m, I-131, Lu-177, etc.) (EUAKAIAA)
Keywords
Where Energy Fuels is headquartered
LocationHeadquarters
- HQ city
- Lakewood
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
Energy Fuels business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Infrastructure, Personnel, Technology or R&D
Revenue model
- Uranium Sales: Energy Fuels generates the majority of its revenue from selling uranium concentrate (U3O8) to U.S. nuclear power utilities. The company has six long-term supply contracts covering 2026-2032 with 3.21 million pounds of committed base sales and potential total deliveries of 3.71-5.29 million pounds. Additional spot sales are made opportunistically. Q1 2026 uranium revenue was $35.7 million from 510,000 pounds sold at $70.04 per pound.
- Rare Earth Element Products: Revenue from selling separated rare earth oxides including neodymium-praseodymium (NdPr), and in the future, dysprosium and terbium. The company completed its first commercial run of on-spec NdPr oxide. Phase 2 expansion targets 6,300 tpa of NdPr, 80 tpa Tb, and 288 tpa Dy.
- Vanadium Production: Energy Fuels is the only primary vanadium producer in North America. Vanadium is sold for use in high-strength steel, titanium alloys, and vanadium redox batteries for renewable energy storage.
- Heavy Mineral Sands Products: Revenue from titanium minerals (ilmenite, rutile) and zircon from the Kwale Operations in Kenya (now in closure) and future production from Vara Mada in Madagascar, Donald Project in Australia, and Bahia Project in Brazil.
- VAC Magnet and Soft Magnetics Sales: Following the VAC acquisition, Energy Fuels will generate revenue from VAC's permanent magnet products (sintered NdFeB and SmCo) and soft magnetics (amorphous and nanocrystalline alloys, cobalt-iron and nickel-iron products). VAC generated $29 million adjusted EBITDA in 2025 with over 20% year-on-year order book growth.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Pay-as-you-go | Uranium Sales - Spot and Contract Pricing |
| Unit Pricing | Multi-year contract | VAC Magnet Products |
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Energy Fuels product offering
Product offeringCore offering
Energy Fuels produces and supplies critical minerals, including uranium concentrate (U3O8) for nuclear utilities, separated rare earth oxides (NdPr, dysprosium, terbium), vanadium, and heavy mineral sands products. The company is building a vertically integrated Western mine-to-magnet rare earth supply chain spanning mining (Vara Mada in Madagascar, Donald in Australia, Bahia in Brazil), separation (White Mesa Mill in Utah), metallization (ASM's Korean Metals Plant), and permanent magnet manufacturing (VAC). It is also developing medical isotope products through its RadTran subsidiary.
Differentiator
Problem solved
Functional benefit
Products and services
- Uranium Concentrate (U3O8)
Quantifiable outcome
- First US primary production of 99.9% pure terbium oxide in decades (March 2026)
- +4 more outcomes
Companies that use Energy Fuels
Customer profileNamed customers5 records
Segments5 records
Ideal customer profiles3 records
Energy Fuels technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Energy Fuels partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and supporting.
- Astron Corporation LimitedcoreJoint venture agreement to earn up to 49% interest in the Donald Project in Australia, containing ilmenite, leucoxene, rutile, zircon, monazite and xenotime for rare earth feedstock supply.
- ChemourssupportingStrategic alliance announced to support Energy Fuels' rare earth supply chain development.
- POSCO InternationalsupportingSigned MOU with POSCO International to support rare earth supply chain operations.
- RadTransupportingAcquisition of RadTran to create a supply chain for R&D quantities of Radium-226 and Radium-228 needed for emerging Targeted Alpha Therapy cancer treatments.
Scale indicators15 records
Recent moves8 records
Expansion highlights7 records
Energy Fuels competitors and assessment
Company assessmentDirect peers
- Cameco Corporation: World's largest publicly traded uranium producer, operating mines and conversion facilities (including the US-only conversion capability). Directly comparable to Energy Fuels as a primary uranium supplier to U.S. and global utilities, with overlapping long-term utility contract models.
- MP Materials: Owns and operates Mountain Pass, the only scaled U.S. rare earth mine and processing facility, and is building a U.S. NdFeB magnet facility (Fort Worth). The closest direct competitor to Energy Fuels' mine-to-magnet strategy and a benchmark for the Western rare earth equity story.
- Lynas Rare Earths: Australia's Lynas operates the Mt Weld mine and the Kalgoorlie processing facility, the largest non-Chinese source of separated rare earth oxides. Closely comparable to Energy Fuels' White Mesa REE separation operation and its heavy rare earth capability development.
- Uranium Energy Corp: U.S.-focused uranium producer with ISR operations in Wyoming, New Mexico, and Texas, plus a pending acquisition of Uranium One Americas. Directly comparable as a U.S.-domestic uranium producer benefiting from the Russian uranium ban and utilities' onshoring demand.
- Neo Performance Materials: Operates rare earth separation, rare earth metals/alloys, and magnet materials manufacturing across China, Europe, and North America. Comparable to the ASM/VAC components of Energy Fuels' strategy — particularly rare earth metallization and downstream magnet materials.
- Iluka Resources: Australian mineral sands producer (rutile, zircon, ilmenite) building a fully integrated rare earth refinery at Eneabba. Directly comparable to Energy Fuels' heavy mineral sands portfolio (Vara Mada, Donald, Bahia) and emerging REE separation capability.
Broad incumbents
- Kazatomprom: World's largest uranium producer, state-owned Kazakh operator with ISR mining. A broad incumbent comparable to Energy Fuels' uranium operations, though not directly competing in REE or magnets.
- Tronox Holdings: Global vertically integrated zircon and titanium dioxide producer with mineral sands mining operations. Comparable to the heavy mineral sands components of Energy Fuels' portfolio (titanium and zircon from Vara Mada, Donald, Bahia) though focused on TiO2 pigment rather than REE.
Emerging players
- REalloys: U.S. NdFeB magnet producer and one of the four companies selected by the U.S. Army to host critical mineral processing at military bases alongside Energy Fuels. An emerging competitor in the U.S. rare earth magnet supply chain.
Others
- Cheval Resources: Strategic alliance partner of Energy Fuels for rare earth supply chain development. As a TiO2 and mineral sands incumbent with monazite-rich feedstocks, Chemours is both a potential feedstock supplier and adjacent participant in the U.S. REE value chain.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Energy Fuels social profiles
Digital presenceEnergy Fuels financial estimates
Financial estimateRevenue estimate
Valuation estimate
Energy Fuels leadership team
Management profileNumber of profiles
Profiles12 records
Energy Fuels subsidiaries and ownership
Company hierarchySubsidiaries4 records
Energy Fuels funding detail
Funding detailFunding overview
Funding rounds12 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Energy Fuels M&A and investment
M&A and investmentM&A7 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Energy Fuels
What does Energy Fuels do?
Energy Fuels produces and supplies critical minerals, including uranium concentrate (U3O8) for nuclear utilities, separated rare earth oxides (NdPr, dysprosium, terbium), vanadium, and heavy mineral sands products. The company is building a vertically integrated Western mine-to-magnet rare earth supply chain spanning mining (Vara Mada in Madagascar, Donald in Australia, Bahia in Brazil), separation (White Mesa Mill in Utah), metallization (ASM's Korean Metals Plant), and permanent magnet manufacturing (VAC). It is also developing medical isotope products through its RadTran subsidiary.
Is Energy Fuels a public or private company?
Energy Fuels is a public company. It is classified as public and is currently operating.
When was Energy Fuels founded?
Energy Fuels was founded in 2017. It employs 101 to 250 people.
Where is Energy Fuels based?
Energy Fuels is headquartered in Lakewood, United States, in the North America region.
How does Energy Fuels make money?
Five revenue lines are on record. Uranium Sales are the primary driver. The others are rare Earth Element Products, vanadium Production, heavy Mineral Sands Products and VAC Magnet and Soft Magnetics Sales.
Who are Energy Fuels's main competitors?
Direct peers on record are Cameco Corporation, MP Materials, Lynas Rare Earths, Uranium Energy Corp, Neo Performance Materials and Iluka Resources. Broad incumbents are Kazatomprom and Tronox Holdings. REalloys is listed as an emerging player. Cheval Resources is listed as an others.
Does Energy Fuels have an API?
No public API is recorded for Energy Fuels.
What industry is Energy Fuels in?
Energy Fuels's product category is Uranium and Rare Earth Elements Production. Its primary akta.pro industry code is EUAKACAB, Uranium Mining & Milling (Yellowcake/U3O8 Production), with a secondary code of IMAKAFAH, Rare Earths Separation & Refining (Oxides/Metals). Its NAICS code is 21223 and its SIC code is 1000.