USEC has closed on the first phase of a strategic investment in the firm after receiving $75m from Toshiba Corporation and The Babcock & Wilcox Company.

The investment will mainly be used to continue progress on activities related to the American Centrifuge Plant in Piketon, Ohio.

In May 2010, Toshiba and B&W signed a definitive agreement to make a $200m investment in USEC over three phases.

In the next phases the two firms will invest $50m and $75m after USEC secures loan guarantees from the US Department of Energy (DOE).

Babcock & Wilcox Technical Services Group president S. Robert Cochran said that the investment also marks an important step in formation of American Centrifuge Manufacturing, a joint venture between B&W and USEC, which will provide integrated manufacturing and assembly of centrifuge machines for USEC’s American Centrifuge Plant.