General Matter Signs Lease for $1.5B Uranium Enrichment Facility in Paducah

General Matter, a U.S. startup backed by venture capital and billionaire Peter Thiel, has signed a $1.5 billion lease with the U.S. Department of Energy to build a commercial uranium enrichment facility at the former Paducah Gaseous Diffusion Plant in Kentucky. The project, expected to create about 140 high-paying jobs, aims to produce high-assay low-enriched uranium (HALEU) fuel critical for next-generation nuclear reactors, advanced manufacturing, and national energy independence. Construction is set to begin in 2026 with operations targeted by 2030-2034, and it represents the largest economic development project in Western Kentucky's history. The facility will reduce U.S. reliance on foreign uranium imports, potentially saving the nation around $500 million annually, and will operate under strict safety regulations without nuclear or chemical reactions. Kentucky Governor Andy Beshear and U.S. congressional leaders highlighted the project's significance for regional economic growth and the revival of America's uranium enrichment industry. General Matter's lease includes access to uranium hexafluoride inventory and marks a major step in reshoring domestic nuclear fuel production amid global supply concerns.