FRANKFORT, Ky. — Global Laser Enrichment plans to build a new facility in Paducah worth $1.76 billion and generating about 240 new high-wage jobs, according to a release from Gov. Andy Beshear, D-Ky.
What You Need To Know
- Global Laser Enrichment plans a $1.76 billion nuclear fuel facility in Paducah
- The Paducah Laser Enrichment Facility is expected to create about 240 high-wage jobs
- The governor’s office said the project is the largest private investment ever in western Kentucky
- It is supported through an award from the U.S. Department of Energy
Beshear’s office said the project, which is supported by an award from the U.S. Department of Energy, is the largest private investment ever in western Kentucky.
“This is a game-changing investment for western Kentucky and our entire commonwealth, and I am excited to see this project and the 240 great jobs come to life for families in Paducah and the surrounding region,” Beshear said in the release. “This project solidifies our role as a leader in the country’s nuclear power sector and will transform our economy, creating opportunities for Kentucky families for generations.”
The Paducah Laser Enrichment Facility spans 665 acres and is located next to a former U.S. Department of Energy plant. Once the Nuclear Regulatory Commission finishes the licensing process, the plant will take more than 200,000 metric tons of depleted uranium stored at the site and turn it into useful nuclear fuel. Beshear’s office said this will speed cleanup of the old plant and help the U.S. rely less on foreign uranium.
GLE, which was founded in 2007, uses advanced laser technology to “enrich” uranium, turning leftover nuclear material into fuel that can power nuclear plants.
“GLE greatly appreciates the Commonwealth of Kentucky’s enthusiasm and support for nuclear energy and especially, the creation of new U.S. domestic nuclear fuel sources,” said Stephen Long, CEO of GLE. “The incentive package reflects a shared vision for economic development, technological leadership and the establishment of a resilient domestic nuclear fuel supply chain.”
“We look forward to continuing our collaboration with the state and local partners as we advance the PLEF. Paducah was once the hub of the U.S. nuclear fuel cycle, and GLE is proud to reassert Kentucky’s leadership with the world’s most advanced uranium enrichment technology.”
Beshear’s office said to encourage investment and job growth, the Kentucky Economic Development Finance Authority approved a 15-year incentive agreement with the company under the Kentucky Business Investment program. According to the governor’s office, the performance-based agreement can provide up to $24 million in tax incentives based on the company’s investment of $1.76 billion and these annual targets:
- Creation and maintenance of 240 Kentucky-resident, full-time jobs across 15 years
- Paying an average hourly wage of $62, including benefits, across those jobs
KEDFA also approved GLE for up to $3 million in tax incentives through the Kentucky Enterprise Initiative Act, Beshear’s office added. The act allows approved companies to recoup Kentucky sales and use tax on construction costs, building fixtures, equipment used in research and electronic processing.
“GLE will promote economic development in McCracken County through hundreds of skilled and stable jobs paying high wages, increased property tax and payroll tax for the county,” McCracken County Judge/Executive Craig Clymer said. “This will position McCracken County as a major player in the advanced nuclear fuel cycle supply chain, converting thousands of tons of depleted uranium into valuable nuclear fuel, reducing the U.S.’s reliance on foreign countries and reducing time and expense of DOE cleanup at the site.”
Visit GLE’s website for more information about the company.