Urenco

What Urenco does

Urenco is a UK-headquartered, privately held uranium enrichment services company founded in 1970, operating four gas centrifuge production facilities in Gronau, Germany (3,400 tSW/a); Almelo, Netherlands (5,000 tSW/a); Capenhurst, UK (4,500 tSW/a); and Eunice, New Mexico (4,300 tSW/a) — the only commercial enrichment facility operating in the United States. The company's core product is enriched uranium supplied to nuclear power utilities for use in light-water reactors, alongside an emerging portfolio of advanced fuels (LEU+ with commercial production expected mid-2026, and HALEU with delivery targeted for 2031) to serve next-generation reactor designs. Urenco also produces stable isotopes for medical imaging and cancer treatment, operates tails management through Urenco ChemPlants, and provides nuclear materials stewardship and decommissioning services.

Urenco's commercial model is built on multi-year, enterprise-level enrichment supply contracts with nuclear utilities worldwide — including EDF (France), ČEZ (Czech Republic), Sizewell C (UK), Energoatom (Ukraine), and US utilities — frequently supported by government export finance (e.g., UK Export Finance, U.S. DoE contracts). This long-cycle, contracted structure produces a recurring revenue stream with a record €21.3 billion order book in FY2025 on a revenue base of over €2 billion, marking the fourth consecutive year of order book growth. Distribution is direct enterprise field sales through dedicated commercial teams; the company operates sales and logistics arms via Urenco Enrichment Company in London and Urenco Inc. in Arlington, Virginia.

Technology is differentiated through proprietary gas centrifuge design and continuous improvement handled by the Enrichment Technology Company (ETC), a joint venture with Orano that supplies centrifuge technology to Urenco and external customers. The company is scaling capacity materially — doubling Almelo expansion, adding 2.1 million SWU at Urenco USA, and qualifying LEU+/HALEU production lines — positioning for the Western energy security-driven demand cycle as utilities seek non-Russian enrichment supply.

Name

Urenco

Legal name

Urenco Limited

Website

https://urenco.com

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Urenco is a UK-headquartered uranium enrichment services company operating four gas centrifuge facilities across Germany, Netherlands, UK, and the USA, supplying enriched uranium fuel and advanced LEU+/HALEU products to nuclear power utilities worldwide through long-term contracts.

Ownership category

akta.pro rank

Product category

Nuclear Fuel Enrichment Services

NAICS

Hazardous Waste Treatment and Disposal (562211)

SIC

Hazardous Waste Management (4955)

akta.pro primary industry

Uranium Enrichment Services (Centrifuge/Laser, SWU Supply) (EUAKACAD)

akta.pro secondary industry

Advanced & Non‑LWR Fuel Manufacturing (TRISO, metallic fuels, HALEU fuels) (EUAKACAG)

Keywords

• Uranium enrichment services
• Nuclear fuel supply
• Gas centrifuge technology
• Stable isotopes production
• Nuclear fuel cycle

Headquarters

HQ city

Bellshill

HQ country

United Kingdom

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Infrastructure, Operations, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Uranium Enrichment Services: Core business providing uranium enrichment services to nuclear power utilities. Customers supply natural uranium hexafluoride which Urenco enriches to specification. Revenue generated through long-term contracts with utilities worldwide.
2. Fuel Cycle Products: Additional fuel cycle products and related solutions supplied to power generation industry beyond standard enrichment services.
3. Stable Isotopes: Production and sale of stable isotopes for medical imaging, cancer treatment (brachytherapy), industrial applications, and research. Products include enriched Xenon-129 for lung MRI and Iridium for tumor treatment.
4. Nuclear Stewardship Services: Management of nuclear materials, decommissioning, and recycling services through Urenco Nuclear Stewardship subsidiary.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Urenco is an international supplier of uranium enrichment services for the nuclear fuel supply chain. Using proprietary gas centrifuge technology across four operating facilities in Germany, the Netherlands, the UK, and the USA, the company enriches natural uranium hexafluoride supplied by customers to international specifications for commercial nuclear power plants. In addition to core enrichment services, Urenco produces advanced fuels (HALEU and LEU+), stable and medical isotopes (via Urenco Isotopes), tails management services (via Urenco ChemPlants), and nuclear stewardship/decommissioning services (via Urenco Nuclear Stewardship).

Product overview

Urenco is an international supplier of uranium enrichment services and fuel cycle products operating in a pivotal area of the nuclear fuel supply chain for over 50 years. The company provides a diversified portfolio including core uranium enrichment services (LEU), advanced fuels (HALEU, LEU+), stable isotopes for medical applications, tails management through Urenco ChemPlants, and nuclear stewardship services. With enrichment facilities in Germany (3,400 tSW/a), the Netherlands (5,000 tSW/a), the UK (4,500 tSW/a), and the USA (4,300 tSW/a), Urenco operates the only commercial uranium enrichment facility in the United States. The company also offers specialized products including medical isotopes through Urenco Stable Isotopes and decommissioning services through Urenco Nuclear Stewardship. Recent expansions include a new 2.1 million SWU capacity addition at Urenco USA and a HALEU programme targeted for 2031 delivery.

Differentiator

Problem solved

Functional benefit

Brands

• U-Battery: Small modular reactor (SMR) development initiative in partnership with other companies.
• Richie
• Urenco Isotopes

Products and services

• Uranium Enrichment Services Urenco's primary service: providing safe, cost-effective and reliable uranium enrichment using proprietary gas centrifuge technology for power generation within high environmental, social responsibility and governance standards. Customers supply natural uranium hexafluoride, which Urenco enriches to international specifications.
• LEU (Low Enriched Uranium) Foundational enriched uranium fuel for America's existing operating fleet of commercial light water reactors, generating nearly 20% of the nation's electricity. Also serves as essential feedstock to produce HALEU.
• HALEU (High-Assay Low-Enriched Uranium) Advanced reactor fuel product with higher enrichment levels (5-20%) for next-generation nuclear reactors. Targeted for commercial delivery by 2031 as part of Urenco's advanced fuels programme.
• LEU+ (Low Enriched Uranium Plus) Enhanced low enriched uranium product bridging traditional LEU and HALEU specifications for modern reactor designs. Urenco USA received NRC authorization to produce LEU+ with commercial production expected by mid-2026.
• Urenco Stable Isotopes Uses Urenco's centrifuge technology expertise to produce stable and medical isotopes for medical, industrial and research applications, including enriched Xenon-129 (over 80%) for MRI lung imaging and Iridium for tumor brachytherapy.
• Urenco ChemPlants (Tails Management) Operates the Tails Management Facility in the UK which deconverts the by-product of uranium enrichment (tails) into a more stable form suitable for long-term storage, future re-enrichment, or final disposal.
• Urenco Nuclear Stewardship Manages nuclear materials, decommissioning and recycling services. Houses the UK's former Gaseous Diffusion Plant at the Capenhurst site.
• SWU Calculator Web-based tool allowing customers to calculate separative work units (SWU) for uranium enrichment requirements.

Quantifiable outcome

• Every customer order delivered on time and to specification since first product shipment in 2012
• +2 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and strategic.

• EnergoatomcoreChannel Partner/ Reseller/ Distributor · 16 June 2026UK Export Finance provided £210 million financing enabling Urenco to supply enriched uranium to Ukraine's national nuclear power producer Energoatom for two years. Over a third of uranium processed at Urenco's UK plant in Capenhurst, supporting 650 skilled UK jobs. Deal secures Ukraine's energy supply amid Russian attacks on energy infrastructure.
• EDFcoreChannel Partner/ Reseller/ Distributor · 6 November 2025Agreement signed at World Nuclear Exhibition for Urenco to supply uranium enrichment services for nuclear power stations across France.
• Sizewell CcoreStrategic or Co-development Partner · 16 September 2025Multi-year fuel contracts signed with Sizewell C project company for enriched uranium services covering the first six years of operation for the UK's planned nuclear power station using two EPR units. Agreements help sustain around 1,000 existing jobs at Urenco's enrichment site in Capenhurst.
• ČEZcoreChannel Partner/ Reseller/ Distributor · 7 November 2024New contracts signed to supply energy company ČEZ with enriched uranium from European sites well into the 2030s.
• Enrichment Technology Company (ETC)coreStrategic or Co-development PartnerJoint venture company owned by Urenco and Orano providing enrichment plant design services and gas centrifuge technology through subsidiaries in France, Germany, Netherlands and UK.
• IAEA (International Atomic Energy Agency)strategicStrategic or Co-development PartnerUrenco funded a Coordinated Research Project with IAEA evaluating constructed wetlands as sustainable solution for treating mining wastewater. 37 countries submitted applications, resulting in 21 accepted participants, five research agreements and 16 research contracts.
• TU DelftstrategicStrategic or Co-development PartnerPartnership with Dutch university to develop new generations of nuclear scientists and invest in talent for the nuclear industry.
• British Science AssociationstrategicStrategic or Co-development PartnerPartnership to deliver CREST Awards in Netherlands and support science education programmes.

Scale indicators14 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• TVEL: Russian nuclear fuel manufacturer and Rosatom subsidiary producing fuel assemblies for LWRs and advanced reactors. Competes with Urenco's downstream fuel cycle ambitions and benefits from integrated Russian enrichment supply.
• Cameco: Canadian uranium producer and nuclear fuel cycle participant with conversion services through JV with Brookfield. Not an enricher but a major competitor for nuclear fuel customer wallet share and a benchmark Western nuclear fuel pure-play.
• Westinghouse Electric Company: US-based nuclear reactor vendor and fuel supplier offering enrichment, fuel fabrication and broader nuclear services. Competes with Urenco across the fuel cycle and adjacent nuclear services, particularly to US and European utilities.
• Rosatom: Russian state nuclear corporation encompassing mining, conversion, enrichment (via Tenex/TVEL), fuel fabrication and reactor services. Largest integrated nuclear fuel cycle competitor globally and the primary driver of Western energy-security policy favoring Urenco.
• CNNC (China National Nuclear Corporation): Chinese state-owned nuclear conglomerate with growing uranium enrichment capacity. Currently serves primarily domestic demand but represents the long-term emerging competitive threat to Western enrichers in global markets.

Emerging players

• Lightbridge Corporation: US-based advanced nuclear fuel technology developer designing next-generation metallic fuel rods. Competes with Urenco in the advanced reactor fuel space but at an earlier commercialization stage and without in-house enrichment.

Regional players

• KEPCO Nuclear Fuel: South Korean nuclear fuel manufacturer supplying primarily Korean and select Asian utilities. Not a direct enrichment competitor but a regional nuclear fuel cycle participant relevant for benchmarking Asian utility procurement strategies.

Direct peers

• Orano: French state-owned nuclear fuel cycle company operating the Georges Besse II enrichment plant and Urenco's JV partner in Enrichment Technology Company (ETC). Direct competitor in European uranium enrichment with overlapping customer base in European utilities.
• Centrus Energy: US-based uranium enrichment and HALEU producer, operating the only NRC-licensed HALEU facility in America. Competes directly with Urenco USA for US utility and DoE contracts, particularly in advanced reactor fuel supply.
• Tenex (TENAM): Russian state-owned uranium enrichment and nuclear fuel trading arm of Rosatom. Historically one of the largest global enrichers and direct competitor to Urenco, now restricted in Western markets but still relevant for global price benchmarking.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks3 records

Key highlights7 records

Customer concentration

• Xx.com/urencouk
• LinkedInlinkedin.com/company/urenco-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Urenco