At a Glance
Problem: U.S. nuclear expansion is constrained by foreign-dependent uranium enrichment and HALEU fuel supply chains
Solution: Standard Nuclear is building a domestic TRISO-based HALEU fuel platform for advanced reactors and microreactors
Execution: Selected into DOE supplier program, HALEU delivery authorization, and commercial partnerships; producing TRISO fuel today
Why it matters: Foundational infrastructure play enabling U.S. energy security, defense resilience, and AI-driven power demand growth
The growth of energy-intensive defense capabilities is driving a reevaluation of how the United States powers its most critical missions. The U.S. Army’s Janus Program is a next-generation nuclear energy initiative designed to deliver secure and resilient power to national defense installations and critical missions independent of the civilian grid. The program aims to deploy advanced nuclear microreactors at nine priority Army installations through a commercially focused acquisition model in partnership with the Defense Innovation Unit.[1]
This defense imperative coincides with a secular increase in electricity demand driven by advanced computing, including AI workloads. Dense, reliable, carbon-free baseload power has become a strategic necessity for both national security and commercial infrastructure. Nuclear energy, with continuous, high-capacity output and zero emissions, is uniquely positioned to meet these overlapping defense and civilian power needs.
Yet the renewed push for nuclear power has exposed a vulnerability in the U.S. energy stack that many investors still overlook: the country’s reliance on foreign uranium supply and fuel processing. Russia has historically dominated global enrichment capacity, estimated at roughly 44 percent of the world’s total, and accounted for approximately 27 percent of the enriched uranium used in the U.S. in 2023.[2]
In May 2024, the U.S. enacted the Prohibiting Russian Uranium Imports Act, which bans imports of enriched uranium from Russia, allowing limited waivers through 2028 to ensure continuity of reactor operations. Even after the ban took effect in August 2024, Russia continued to supply roughly 20 percent of U.S. enriched uranium in 2024 under waiver and legacy arrangements.[3]
The timing and magnitude of this transition are significant. For years, U.S. enrichment capacity has been limited, and while federal funds, including roughly $2.7 billion in Department of Energy (DOE) awards in early 2026,[4] are now flowing toward expanding domestic enrichment and fuel production infrastructure, the industry still faces a multi-year gap between policy intent and commercial supply. Until that gap closes, the country remains exposed to supply-chain risk just as demand for nuclear power accelerates.
Standard Nuclear is stepping in to scale the domestic supply chain for advanced nuclear fuels. The company is building a domestic production platform for Tri-Structural Isotropic (TRISO)-based High Assay Low Enriched Uranium (HALEU) fuel, positioning itself at the foundational layer of the advanced nuclear stack.
TRISO fuel is made of uranium particles encapsulated in protective carbon and ceramic layers. This structure makes it safer and more tolerant of heat than traditional nuclear fuel, and it is the preferred fuel form for many advanced reactors. Until now, commercial supply of HALEU-compatible TRISO fuel in the U.S. has not existed.
Standard Nuclear’s reactor-agnostic strategy lets it serve any qualified advanced reactor design, positioning the company to capture a broad share of fuel demand as dozens of SMR and microreactor architectures compete for commercial traction.
The company’s early execution distinguishes it in a sector where progress is typically measured in years. In its first year of operations, Standard Nuclear was selected as a supplier for the DOE Office of Nuclear Energy’s Fuel Line Pilot Program, executed a first-of-its-kind agreement with DOE to transition regulatory jurisdiction, and entered a joint venture with Framatome to supply commercial quantities of TRISO fuel and advanced reactor products. In early 2026, Standard became the first company to receive authorization from DOE and physically take delivery of HALEU for production of advanced TRISO fuel for Radiant Industries, demonstrating both regulatory credibility and operational momentum.
While most advanced reactor developers are still in prototype or pre-commercial phases, Standard is producing TRISO fuel today. This gives it a rare first-mover position: as utilities, government labs, defense installations, and private deployments begin to scale advanced reactors, Standard will be positioned to meet the rising HALEU demand that no other domestic source currently can.
Our investment in Standard Nuclear is a strategic position in a structural energy transition with geopolitical dimensions. The constraints in fuel infrastructure result from decades of underinvestment, and companies that close those gaps will not only profit commercially but also materially strengthen U.S. energy independence. We are proud to support them.
[1] Army Announces Next Steps on Janus Program for Next-Generation Nuclear Energy, Army Communications and Outreach Office, 18 November 2025.
[2] M. Pir-Budagyan, Securing Energy Independence: The US Path to Resilient Enriched Uranium Supply Chain, Atlantic Council, 11 February 2025.
[3] J. Dyer, Russia Still Top Supplier of US Nuclear Fuel Despite Import Ban, Sightline U3O8, 30 September 2025.
[4] V. Volcovici, US Awards $2.7 Billion Worth of Orders to Boost Uranium Enrichment, Reuters, 5 January 2026.