The U.S. Department of Energy (DOE) is releasing $2.7 billion in funding to boost the country's uranium enrichment capabilities over the next decade.

According to a January 5 release, the DOE is planning to divide the bulk of the funds evenly among three companies — American Centrifuge Operating, General Matter and Orano Federal Services — to allow each to build out their domestic enrichment capacity. Another $28 million will go toward Global Laser Enrichment to develop the next generation of uranium enrichment technology.

"Today’s awards show that this Administration is committed to restoring a secure domestic nuclear fuel supply chain capable of producing the nuclear fuels needed to power the reactors of today, and the advanced reactors of tomorrow," said Energy Secretary Chris Wright.

The DOE said it hopes to provide a stable domestic fuel supply for the nation's 94 commercial nuclear reactors, and to build a stockpile to support the deployment of new advanced reactors down the line. The funds were originally awarded to the DOE by Congress in June 2024, as part of President Joe Biden's "Investing in America" agenda. 

Virtually all uranium used to fuel nuclear reactors in the U.S. is sourced from overseas, coming primarily from Canada, Australia, Kazakhstan and Uzbekistan. The U.S. also relied heavily on Russia for decades, before it banned all uranium imports from the country in 2024.