Seven revision cycles and two public comment periods. One Texas uranium permit went through all of it over 17 months, for a plant whose first phase was built in June. enCore Energy now expects the final signature by November 13, and on the same day it said so, Washington offered Constellation up to $5 billion to get more power out of reactors that are already running.
enCore Energy’s Upper Spring Creek Permit Clears Final Texas Review
enCore Energy Corp. (Nasdaq: EU; TSXV: EU) said on October 27 that its first production area at Upper Spring Creek has cleared the Texas Commission on Environmental Quality’s technical review and public notice process, with final authorization expected on or before November 13. That beats the timing in the company’s Q2 guidance. A Production Area Authorization is the permit that allows in-situ recovery (pumping a solution through underground ore to dissolve the uranium) inside a defined wellfield. A Texas rule change effective May 1 removed the option of a public hearing, which the company says could otherwise have delayed things.
The satellite plant and first wellfield are built and already expensed. CEO Richard Little called permitting “the last step” between that infrastructure and new production. It is not quite the only one. The state still has to sign off on the waste disposal well, which is built and in final testing. Two more production areas at Alta Mesa are in technical review, with the PAA-3 Extension expected by year end. The release gives PAA-8 as both year end and early 2027.
Delays have already cost enCore. In March it disclosed buying extra uranium inventory in late 2025 to cover its 2026 delivery contracts because Upper Spring Creek permitting ran long. In August it filed for an at-the-market share program of up to $250 million, which lets it sell new stock into the market over time and can dilute existing holders. No 2027 production target in pounds came with the update.
Thermal Energy Backlog Climbs to C$19 Million After a Soft First Quarter
Thermal Energy International Inc. (TSXV: TMG; OTCQB: TMGEF) sells systems that recover waste heat from boilers and dryers at food, dairy and pharmaceutical plants. It reported fiscal Q1 2027 revenue of C$6.2 million on October 27, down 9.2% year over year, with a net loss of C$272,000 and adjusted EBITDA of negative C$80,000. CEO William Crossland put the miss mostly down to project timing.
The order book went the other way. Backlog was C$13.0 million on August 31 and C$19.0 million by October 26, up 46% in eight weeks. The biggest new piece is a C$3.2 million turnkey order from a new European agricultural and dairy cooperative, which the company expects to book as revenue within 12 months. Two days later a C$2 million project followed from a global nutrition company, its 12th with that customer.
Trailing 12-month revenue rose 17%. Cash ended the quarter at C$4.5 million, up from C$3.3 million in May.
DOE Offers Constellation Up to $5 Billion for Nuclear Uprates
The Department of Energy’s Office of Energy Dominance Financing announced on October 27 a conditional loan commitment of up to $5 billion for uprates and modernization at eight Constellation Energy nuclear plants in Illinois, Maryland and Pennsylvania. An uprate raises a reactor’s licensed power output. This set would add nearly 1.1 GW.
Conditional means conditional. Constellation still has to meet technical, legal, environmental and financial conditions before any money moves, and the company says it is not a final investment decision for any single plant. The deal follows a similar commitment of up to $4.2 billion to Vistra earlier in October. Together they could support about 1.5 GW of extra nuclear capacity.
More output from the same reactors means more fuel through them. That is the market enCore sells into.
EU, TMG, DOE Nuclear Loan: Forward-Looking FAQ
Not unless the waste disposal well is also approved. It handles the bleed stream from in-situ operations and needs its own TCEQ operational approval; enCore says it is built and in final testing but gave no approval date.
Not necessarily in one quarter. The C$3.2 million dairy order is expected to turn into revenue over 12 months, and management says results swing quarter to quarter with order timing.
No. A conditional commitment signals intent only. Funds flow after Constellation meets the stated conditions and definitive financing documents are signed, and it has not committed to uprates at every plant.
Sources
- CNW / PR Newswire: enCore Energy Reaches Final Stage of Permitting at Upper Spring Creek; Alta Mesa PAA-8 and PAA-3 Extension Remain on Schedule, October 27, 2026
- TipRanks / The Fly: EnCore Energy reaches final stage of permitting at Upper Spring Creek, October 27, 2026
- enCore Energy: Year-End Financial Results news release, March 9, 2026
- SEC EDGAR: enCore Energy Corp. Form 424B5 prospectus supplement, US$250,000,000 at-the-market offering, 2026
- Stockhouse / Newsfile: Thermal Energy International Reports First Quarter Financial Results, October 27, 2026
- StockTitan: Thermal Energy International Reports First Quarter Financial Results, October 27, 2026
- Stockhouse / Newsfile: Thermal Energy Secures $3.2 Million Turnkey Heat Recovery Project with European Agricultural and Dairy Co-operative, October 26, 2026
- StockTitan / Newsfile: Thermal Energy Announces $2 Million Turnkey Heat Recovery Project with Global Nutrition Company, October 28, 2026
- U.S. Department of Energy: Energy Department Announces $5 Billion Loan to Boost Nuclear Power, October 27, 2026
- POWER Magazine: DOE Offers Constellation Up to $5B Loan for 1.1 GW of Nuclear Uprates at Eight Plants, October 27, 2026
Editorial Disclosure
Securities discussed: enCore Energy Corp. (Nasdaq: EU; TSXV: EU) and Thermal Energy International Inc. (TSXV: TMG; OTCQB: TMGEF). aktiego.com has not received any compensation from any company mentioned, their management, investor relations representatives, or any third party. No staff member or principal of aktiego.com holds a position in any security mentioned at the time of publication.
enCore Energy: USC PAA-1 final authorization not yet received; waste disposal well approval pending; up to US$250 million at-the-market equity program on file may dilute existing shareholders.
Thermal Energy International: Q1 FY2027 net loss of C$272,000; backlog is not revenue until recognized.
The DOE section carries no ticker. Constellation Energy and Vistra are named for context only. The loan commitment is conditional and unfunded.
These are speculative investments carrying significant risk including potential total loss of capital. Coverage on aktiego.com is provided for informational and educational purposes only. aktiego.com is not a registered investment advisor. Nothing in this article constitutes financial, investment, or professional advice. Readers are encouraged to conduct their own due diligence and consult a qualified financial advisor before making any investment decisions. For more information please see our full DISCLAIMER.
