Silex receives $US15M milestone payment

Company News

Alternative energy company Silex Systems Limited (ASX:SLX) has received a milestone payment of $US15 million from US consortium Global Laser Enrichment. 
 
The consortium comprises of GE, Hitachi and Cameco and is developing the SILEX laser-based method of enriching uranium for nuclear power stations.
 
The payment received by Silex was triggered earlier this year when its SILEX technology passed a milestone at Global Laser Enrichment’s US facility. 

Testing has now moved to Phase 2 which if passed will trigger a $US5 million payment. Completing Phase 3 of the technology will trigger a $US15 million payment.

Silex sold the worldwide license to GE in 2006 in exchange for milestone payments and perpetual royalties of up to 12 per cent.
 
Silex Systems posted a net loss of $8.4 million in the first half of the 2013 financial year.

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