Gov. Andy Beshear announced a significant economic development project in McCracken County involving General Matter, an American uranium enrichment company. The project includes an investment of nearly $1.5 billion and is expected to create 140 full-time jobs. Governor Beshear joined elected officials and leaders from General Matter to mark the company's signing of a lease with the U.S. Department of Energy (DOE) for the former Paducah Gaseous Diffusion Plant.
The signed lease allows for further steps such as permitting, licensing, and contractual agreements with the DOE, which will advance the project. Once completed, this facility will be the largest economic development project in Western Kentucky’s history.
“I want to congratulate the team at General Matter on this major step toward what will be the largest economic investment ever for Western Kentucky,” Gov. Beshear said. “This lease reflects Kentucky’s leadership in nuclear energy and our strong partnerships at the federal and local levels, as well as in the private sector. I am looking forward to being back in Paducah soon to celebrate the next key milestone for this exciting and historic project.”
General Matter worked with state and local leaders along with DOE officials to develop plans for a commercial uranium enrichment facility at Paducah, which was previously used as an industrialized enrichment technology site—the first of its kind in the United States. The planned facility aims to produce fuel needed for new nuclear energy technologies that are considered important for future growth in manufacturing, artificial intelligence, and other sectors.
“Seventy-five years ago, the U.S. Atomic Energy Commission selected Paducah to help lead the nation’s original enrichment efforts,” said General Matter CEO Scott Nolan. “We are proud to return to and reactivate this historic site to power a new era of American energy independence, and we thank our partners in Kentucky and at the DOE’s Office of Environmental Management and the Office of Nuclear Energy for supporting us in this landmark investment in American nuclear infrastructure.”
General Matter is privately funded and focuses on developing uranium enrichment technology intended to strengthen domestic nuclear fuel capacity within America’s energy sector. The company has been selected by DOE programs related both to low enriched uranium (LEU) and high-assay low enriched uranium (HALEU), with plans to begin enriching uranium at Paducah by 2030.
McCracken County Judge/Executive Craig Clymer commented on how impactful this proposed project could be: “General Matter will be a huge addition to economic development in McCracken County. The large number of high-paying construction jobs to build the plant alone, will be a tremendous local benefit. And the hiring of a great many employees at lucrative pay scale for decades to come will be outstanding. The benefits will not be just locally or regionally. McCracken County, Kentucky, will be recognized across the nation and the world as the location of a major source of nuclear energy fuel. The consensus is that nuclear energy is the future, and General Matter, here in our county, will be a major player.”
Paducah Mayor George Bray highlighted his community's role: “The historic investment that General Matter will make in Paducah/McCracken County underscores our community’s role as a partner with both the public and private sectors to help lead the United States into a new era of American energy independence. Paducah embraced the nuclear age 75 years ago and played a very important role in winning World War II. As the country now embraces a safe and clean nuclear energy to help meet the power demands of the future, the General Matter project validates the importance of Department of Energy site that has been so important to Paducah. We appreciate confidence shown in our community and we pledge work hand-in-hand with General Matter ensure that this project successful.”
Greater Paducah Economic Development President & CEO Bruce Wilcox spoke about job opportunities: “We appreciate General Matter’s partnership and their decision locate Paducah Their investment among largest our community seen more than 75 years bringing life-changing opportunities residents through strong wages long-term careers For many families DOE site personal Parents helped build it their children work there today now next generation chance carry legacy forward We have full confidence General Matter share unified vision advance America’s energy independence with Paducah forefront innovation”
The investment by General Matter comes during what state officials describe as one of Kentucky's strongest periods for economic growth over five years.
Since taking office Gov Beshear has announced more than 1 200 private-sector projects representing over $36 billion investments resulting creation upwards 62 500 jobs This total marks highest level capital investment secured any governor commonwealth history surpassing previous record by $15 billion
Wages have also increased statewide; since 2022 average incentivized hourly wage topped $26 three consecutive years—a first time occurrence
Several large-scale projects under Beshear's administration have positioned Kentucky prominently within industries such electric vehicle battery production including Ford Motor Co SK On BlueOval SK Battery Park Hardin County AESC gigafactory Warren County Toyota expansion Scott County Shelbyville Battery Manufacturing Shelby County
Kentucky recently achieved its highest-ever general fund budget surplus rainy day fund while employment surpassed two million filled jobs—another record According credit rating agencies like Fitch S&P Global Moody's state received ratings upgrades Site Selection magazine ranked Kentucky top five nationally second South Central region per capita economic development projects Prosperity Cup rankings placed state second South Central sixth nationally
To support these developments initiatives such New Kentucky Home aim increase statewide economic activity talent attraction tourism
For its part KEDFA preliminarily approved last week incentive package supporting nearly $1 5 billion investment by General Matter under Business Investment program Company eligible receive up $14 million tax incentives over fifteen years based annual targets creating maintaining minimum 140 resident full-time positions paying average wage $64 hour including benefits KEDFA also approved up $3 5 million incentives through Enterprise Initiative Act covering sales tax construction equipment costs By meeting performance goals company can retain portion generated tax revenue apply credits against income liability wage assessments Additionally workforce service providers offer recruitment training assistance reduced-cost programs