USEC Inc., a supplier of processed uranium, surged after it won additional U.S. government funding for its American Centrifuge enrichment project.
USEC rose 51 percent to $29.02 at the close in New York, the most in a week. Shares of the Bethesda, Maryland-based energy company have more than doubled in the past week.
Additional funding of $29.9 million raises the U.S. Energy Department’s financial commitment to the centrifuge project to $227.7 million, USEC said today in a regulatory filing.
The American Centrifuge project is focused on developing a new commercial technology for the enriching of uranium, according to the company’s website. The research project is located near Piketon, Ohio.