The Trump administration is awarding a total of $2.7 billion to three companies to support uranium enrichment for nuclear energy.
American Centrifuge Operating, General Matter and Orano Federal Services will receive $900 million each. General Matter is reportedly backed by billionaire Peter Thiel.
The Trump administration said that the funding will help the U.S. transition away from foreign uranium sources.
“President Trump is catalyzing a resurgence in the nation’s nuclear energy sector to strengthen American security and prosperity,” Energy Secretary Chris Wright said in a written statement
Orano Federal Services will get the funds for low-enriched uranium, which is used by currently operating reactors.
American Centrifuge Operating and General Matter will get funding for high-assay low-enriched uranium, which could be used by advanced reactors in the future.
The move comes after the Trump administration has cut significant amounts of funding for other projects, particularly climate-friendly projects from the Biden-era.
Nuclear energy is also considered climate-friendly, but it generally has the support of the Trump administration.