- Nuclear power is seeing bipartisan government support
- Executive order declared state of emergency to address America’s overreliance on critical minerals, including rare earth elements and uranium, from foreign sources
- House Speaker spearheaded climate bill that calls for reducing emissions to zero by 2050; Biden wants same goal by 2035
Energy Fuels (NYSE American: UUUU) (TSX: EFR) is a U.S. miner that stands ready with the unique abilities and resources to supply the United States with its growing demand for clean nuclear energy. As election day looms closer, the one thing both parties seem to agree on is that nuclear energy has a bright future as the country moves toward cleaner, carbon-free energy sources.
James Conca, an earth and environmental scientist and regular contributor to “Forbes” on the subject of energy wrote, “The idea that Republican Administrations are pro-nuclear and Democratic ones are anti-nuclear is one of those enduring myths, like the idea that Republicans are better for the economy than Democrats. When either party had control of Washington in the last 40 years, neither did anything great for nuclear power” (https://ibn.fm/0to91).
Conca points out that leading climate scientists say that the country cannot address climate change without significant nuclear power. Therefore, any candidates who are serious about making a difference on the carbon footprint and the future of the world’s climate has to include clean nuclear energy in their plan. As of this moment, both major presidential candidates are backing nuclear power. Indeed, the official Democratic Party Platform supports nuclear energy for the first time since 1972.
This is good news for Energy Fuels, America’s leading producer of uranium, which is the fuel for carbon-free electricity. Energy Fuels was also the largest domestic producer of vanadium in 2019. Vanadium is mainly used in steel and other high-strength alloys. But vanadium batteries, which can be used to store vast amounts of electricity generated from renewable sources, are also being commercialized around the world. The company is also entering the rare earth elements processing business. Rare earths are used in a whole host of advanced technologies, including in the clean energy sector.
On October 1, 2020, Energy Fuels publicly applauded the President’s executive order that declared a state of emergency to address America’s overreliance on critical minerals from foreign adversaries (https://ibn.fm/b8aoI). The order allows for the development of a program to fund mineral processing that protects national security. The President is making it clear that critical minerals should be produced in the United States and a reduction of current dependency on imports is necessary.
Such initiatives have bipartisan support. Democrats are also pushing the way forward as House Speaker Nancy Pelosi spearheaded a climate bill that calls for reducing emissions to zero by 2050; Biden wants to achieve the same goal by 2035 (https://ibn.fm/DECJR). These goals can only be achieved through increased use of renewable and nuclear energy. Energy Fuels is a leading U.S. producer of the raw materials needed to produce electricity from these sources.
Nuclear power is also seeing bipartisan U.S. support through the American Nuclear Infrastructure Act (ANIA) and the Nuclear Energy Leadership Act (NELA), which lift the prohibition on nuclear funding (https://ibn.fm/CWLaz). There is a growing interest in clean nuclear power that reaches beyond party lines, and Energy Fuels appears to be in an ideal spot to benefit from this rare show of support from both sides.
To learn more about the company, please visit www.EnergyFuels.com.
NOTE TO INVESTORS: The latest news and updates relating to UUUU are available in the company’s newsroom at http://ibn.fm/UUUU
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