OKLO Stock Surges on DOE Approval and Google’s Nuclear Power Push
Oklo Inc (OKLO) shares are soaring, riding a wave of positive news that began with Monday’s announcement of a groundbreaking deal between Google and nuclear power developer Kairos Power. Oklo, a leading player in the advanced nuclear reactor field, is benefitting from this growing interest in nuclear energy, particularly as tech giants like Google seek clean and reliable power sources to fuel their data centers and support the burgeoning AI industry.
The U.S. Department of Energy (DOE) delivered a key boost to Oklo on Tuesday, approving the Conceptual Safety Design Report for its Aurora Fuel Fabrication Facility located at Idaho National Laboratory. This crucial milestone puts Oklo one step closer to realizing its vision of building a commercial nuclear power plant fueled by recycled nuclear materials. Oklo plans to use high assay low enriched uranium recovered from used Experimental Breeder Reactor-II fuel for its facility, showcasing its commitment to sustainable nuclear solutions.
Oklo’s co-founder and CEO, Jacob DeWitte, emphasized the company’s strong position in the market, highlighting its secure fuel supply, site use permit, significant regulatory progress, and robust supply chain development. These factors position Oklo to be a frontrunner in the deployment of its innovative Aurora powerhouses.
The DOE’s approval marks a pivotal step in the comprehensive review process. The next phases include the Preliminary Documented Safety Analysis before construction and the Documented Safety Analysis after construction and commissioning. This rigorous process ensures the safety and reliability of Oklo’s facilities before they are put into operation.
Oklo’s stock closed Monday up nearly 10% after a surge in afternoon trading, following Google’s announcement of its nuclear power strategy. The stock continued its upward trajectory after hours and maintained its gains into Tuesday’s trading session. As of publication, OKLO shares were up 4.68% at $10.50.
Google’s decision to invest in nuclear power reflects a broader trend among big tech companies. These companies are increasingly recognizing the need for reliable and sustainable energy sources to meet the growing demands of their operations, especially as AI technology rapidly evolves and requires more processing power. This shift towards nuclear power could be a game changer for Oklo and other companies developing innovative nuclear solutions.
The future looks bright for Oklo as it continues to develop its advanced nuclear technologies and capitalizes on the growing global demand for clean and sustainable energy. With the DOE’s approval and the support of tech giants like Google, Oklo is well-positioned to play a leading role in shaping the future of nuclear power.