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Silex Systems looks to bank $15M after success at Global Laser Enrichment’s facility in Wilmington

Silex Systems looks to bank $15M after success at Global Laser Enrichment’s facility in Wilmington

Silex Systems (ASX:SLX) has completed a successful test loop program at GE-Hitachi Global Laser Enrichment’s facility in Wilmington, North Carolina, U.S.A., part of a first phase US$15 million milestone payment to Silex.

The payment from GLE to Silex to be paid in July 2013, demonstrates the success of Silex's uranium enrichment technology and a plank in its commercialisation path.

This follows receipt of approval from the US Nuclear Regulatory Commission for a construction and operating license in September last year.

Next step is focused on Phase II, which includes the economic and engineering validation and scale-up for the construction of the initial commercial production module for the world’s first laser enrichment plant.

Although the Phase I objectives for the Test Loop program have been achieved, the Test Loop will continue to be upgraded and optimized as part of the Phase II program.

The objective of which is to provide full economic and engineering validation of the technology necessary to support the construction and operation of the first commercial production module.

Phase III involves the construction of the first full-scale commercial production facility which has yet to commence.

The final commercialisation milestone payment has been restructured into two payments; commencement of construction for the initial commercial plant of US$5 million and NRC verification of construction compliance of the initial commercial plant of US$15 million.

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