The nuclear renaissance will require more than reactors. It will require uranium enrichment, fuel fabrication, component manufacturing, used-fuel management, and a credible strategy for recycling or disposing of nuclear material.
Five states have now volunteered to compete for the opportunity to bring those pieces together.
The Department of Energy (DOE) selected Utah, Tennessee, Oklahoma, Louisiana, and Idaho as potential hosts for Nuclear Lifecycle Innovation Campuses (NLICs) 1. The five were chosen from 28 applications submitted by 26 states. The states have signed memorandums of understanding with the DOE to begin discussing hosting agreements, individual projects, and financing.
The selection gives the five states an early position in what could become one of America’s largest nuclear-industrial development programs.
Five States, Five Starting Points
For Tennessee and Idaho, the campuses offer an opportunity to expand two of the most historically significant nuclear ecosystems.
Tennessee proposed Oak Ridge, where Oak Ridge National Laboratory, the Y-12 National Security Complex, and a growing cluster of private companies have created one of the country’s deepest concentrations of nuclear expertise:
Centrus Energy (LEU) (holding as of 8/3/26) is expanding its Oak Ridge centrifuge-manufacturing operation with a planned investment of more than $560 million2
X-energy (XE) subsidiary TRISO-X is building an advanced-fuel campus and recently received an $11 million Tennessee grant supporting a potential second fuel facility and research laboratory3
Oklo (OKLO) (holding as of 8/3/26) has proposed a $1.68 billion fuel-recycling and manufacturing facility expected to create more than 800 permanent jobs4
An NLIC could connect these projects with federal infrastructure and future industrial power customers.
Idaho offers a different advantage. Idaho National Laboratory already functions as one of America’s principal advanced-reactor testing and demonstration centers. The state’s proposal points to existing partnerships with developers and suppliers including TerraPower (private), BWX Technologies (BWXT), and Lightbridge (LTBR) (both holdings as of 8/3/26).
For Idaho, the opportunity is to turn a research-and-demonstration ecosystem into a broader commercial platform. State leadership is looking to keep more fuel development, manufacturing, reactor deployment, and supporting infrastructure inside the state.
Utah could use an NLIC to advance Operation Gigawatt, its effort to double the state’s power-production capacity5. Utah already possesses uranium resources and strong demand for new electricity. A campus could help the state move beyond supplying raw materials and capture more of the nuclear value chain.
Oklahoma may have the greatest opportunity for economic diversification. The state has long been an oil-and-gas leader but has not historically been a center of commercial nuclear power. An NLIC could add a new high-technology energy industry while building on Oklahoma’s engineering workforce.
Louisiana can similarly extend its traditional energy economy into nuclear. The state already operates commercial reactors, has a large petrochemical and industrial workforce, and recently adopted a statewide nuclear strategic framework6. Its ports, heavy manufacturing capabilities, and experience constructing complex energy infrastructure could make it a natural location for nuclear-component manufacturing and fuel-cycle facilities.
The Value May Be in the Cluster
The biggest economic prize is not any single facility. It is the creation of a self-reinforcing industrial cluster.
A single enrichment facility creates demand for specialized equipment, security, transportation, engineering, and skilled labor. A fuel-manufacturing plant needs customers, giving reactor developers another reason to locate nearby. Reactors provide dependable power for manufacturing and data centers, while those customers create the long-term electricity demand needed to finance additional generating capacity.
That is how a state moves from hosting one nuclear project to capturing decades of investment across an entire supply chain.
The same logic may help explain the investment case for the Range Nuclear Renaissance Index ETF (NUKZ). The fund is designed to provide exposure to advanced reactors, nuclear fuel, utilities, construction, and services rather than betting exclusively on uranium prices or on one reactor developer.
Cameco (CCJ) provides exposure to uranium and fuel services while also owning 49% of Westinghouse, extending its reach into reactor technology, components, and services
GE Vernova (GEV) participates through GE Vernova Hitachi Nuclear Energy and its BWRX-300 small modular reactor
BWX Technologies (BWXT) supplies nuclear fuel, reactor components, engineering, and microreactor technology
Jacobs (J) and Curtiss-Wright (CW) represent the engineering, project-management, controls, and specialized-component businesses required to turn nuclear plans into operating infrastructure.
(All holdings as of 8/3/26)
Companies such as Oklo (OKLO) and Centrus (LEU) (both holdings as of 8/3/26) illustrate how the campus model could connect the two halves of the nuclear investment story: producing and recycling fuel while simultaneously creating new reactors capable of consuming it.
The five-state announcement does not guarantee that every campus will be built. But, it establishes something the industry has often lacked: states competing to host the entire nuclear lifecycle.
The benefits could extend far beyond the eventual host communities. It could create demand across the fuel chain, the reactor industry, and the companies supplying the equipment and expertise behind both.
Holdings subject to change. To view holdings, click here.
Sources:
U.S. Department of Energy. "Nuclear Lifecycle Innovation Campuses Contenders Announced."
Centrus Energy Corp. "Centrus to Expand Oak Ridge Centrifuge Manufacturing Plant to Facilitate Large-Scale Deployment."
X-energy. "TRISO-X Awarded Tennessee Grant to Support Expansion of Nuclear Fuel Campus."
Oklo Inc. "Oklo Announces Fuel Recycling Facility as First Phase of up to $1.68 Billion Advanced Fuel Center in Tennessee."
Utah Office of Energy Development. "Operation Gigawatt."
Louisiana Economic Development. "Louisiana Positions for Next Wave of Energy Investment with Nuclear Framework and $45 Million in Federal Funding."
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