LIS Technologies invests $1.3 billion in new Oak Ridge site

OAK RIDGE — A $1.3 billion investment from Laser Isotope Separation Technologies will bring 203 new jobs to Oak Ridge, according to an announcement made Friday. Tennessee Gov. Bill Lee, Deputy Gov. and Department of Economic and Community Development Commissioner Stuart C. McWhorter and LIS Technologies were on hand to share more about the announcement in Roane County. "This investment reflects the continued momentum of Tennessee's nuclear sector and builds on a strong year for nuclear energy in our state," McWhorter said in the release. "LIS Technologies' nearly $1.4 billion investment is a major win for Tennessee, and we believe Oak Ridge is uniquely positioned to support this project's success." The facility, formerly named Duct Island, will be the home of the new development on the historic K-25 uranium enrichment site. Once completed, the facility is expected to become the first U.S.-origin commercial laser uranium enrichment plan in the world — supporting U.S. utilities, next-generation reactor developers and national defense requirements. This announcement marks the third largest nuclear-related investment since the creation of TNECD's Nuclear Energy Fund in 2023. "Selecting Oak Ridge is both a strategic and symbolic decision for LIS Technologies. This community represents the foundation of America's enrichment capability and the future of its clean energy and national security mission," Jay Yu, executive chairman and CEO of LIS Technologies, said in the release. "Our laser enrichment technology fundamentally changes the economics of enrichment, enabling faster deployment, lower capital intensity and long-term cost advantages." LIS Technologies was selected as one of six domestic companies to participate in the U.S. Department of Energy's Low-Enriched Uranium Enrichment Acquisition Program in 2024. According to the release, this initiative allocates up to $3.4 billion in funding with contracts anticipated to last up to 10 years. The company is headquartered in Oak Ridge in the recently renovated K-1330 building and is the seventh company to locate in Tennessee for its commercial operations using the Nuclear Energy Fund. Nuclear Energy Fund Gov. Lee recommended the $50 million fund in the 2023-2024 budget, which was later approved by the Tennessee General Assembly. Since then, the total fund amount has been increased to $70 million. Other projects announced using the Nuclear Energy Fund include: Oklo Inc. in Oak Ridge ($13,000,000 grant) Orano USA LLC in Oak Ridge ($6,000,000 grant) Oak Ridge/Roane County ($5,000,000 grant) Type One Energy Group Inc. in Clinton ($4,500,000 grant) City of Oak Ridge ($2,968,000 grant) BWXT Enrichment Operations LLC in Erwin ($2,370,000 grant) Radiant Industries of Oak Ridge ($2,000,000) University of Tennessee Knoxville ($1,500,000 grant) BWXT Enrichment Operations LLC in Oak Ridge ($1,200,000 grant) Tennessee Tech University in Cookeville ($1,083,444 grant) Roane State Community College in Harriman ($462,000 grant) Master Machine LLC in Chattanooga ($264,000 grant) Excluding Friday's announcement, more than $40.3 million has already been allocated through the fund to 12 different projects as of Jan. 16. More than 1,900 new jobs are expected to come from the projects, according to the fund's database.