Meridian Fuel Cycle
Meridian HALEU Fabrication
Senior notes on the fuel plant every advanced reactor on this platform depends on.
The advanced reactor fleet has a fuel problem: almost every design on this platform needs high-assay low-enriched uranium, and domestic fabrication capacity is a rounding error against the order book. Meridian holds a construction permit at Piketon and four executed supply agreements. This is a supplier, not a reactor, which historically is the side of the trade that survives.
$44,520,000 committed of $60,000,000
$31,100,000 released · 74% subscribed
- Minimum
- $500
- Target coupon
- 6.85%
- Term
- 8 yr
- Investors
- 3,902
$100 per unit
Annual, fixed
Closes December 15, 2026 · 93 days remaining
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TRL assessment
7
Technology readiness level, 1 to 9
Confidence band 6.5 – 7.4
A construction permit is issued and the pilot deconversion line has run production-representative material. Four executed offtake agreements mean the demand side is more certain than the plant, which is unusual and favorable. The band is wider than Oswego's because throughput at commercial scale is extrapolated from pilot data rather than measured.
At TRL 7, the ladder permits Senior note and releases up to 70% of committed capital. This offering is structured as a senior note, which is consistent with that band.
Signed and published
- Reviewer
- Dr. Helena Vargas-Mbeki
- Credential
- PE, Nuclear; former NRC senior reactor analyst
- Signed
- June 24, 2026
- Published
- June 25, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- Jun 18, 2026
Evidence
Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.
| Source | Document | Date | Weight |
|---|---|---|---|
| NRC docket | Construction permit issued, HALEU deconversion and fabrication NRC Docket 70-xxxx Authorizes construction of a Category II special nuclear material facility. | Oct 7, 2025 | 31% |
| Independent test report | Pilot line qualification campaign, 340 kg throughput Issuer quality records, NQA-1 audited Product met enrichment and impurity specification across nineteen consecutive batches. | May 14, 2026 | 27% |
| Supplier contract | Four executed fuel supply agreements Advanced reactor developers, take-or-pay with volume floors Aggregate contracted volume covers 71% of nameplate output for the first five years. | Mar 30, 2026 | 28% |
| DOE award | Cost-shared award, domestic HALEU availability program DOE award, cost-share structure Federal cost share reduces capital at risk to the issuer and its investors. | Jun 12, 2024 | 14% |
Score history
A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.