As technology giants increasingly focus on nuclear power to support artificial intelligence and data centers, one particular producer is experiencing a significant surge in its stock value.
Oklo, a nuclear power company backed by OpenAI CEO Sam Altman, has witnessed a staggering 150% increase in its shares over the past month. The stock has risen by nearly 50% since the beginning of the year, although it experienced a slight dip of almost 5% during mid-day trading on Thursday.
Headquartered in Santa Clara, California, Oklo operates three project sites and is dedicated to developing next-generation fission power plants that aim to generate abundant, affordable, and clean energy on a global scale. The company’s Aurora powerhouse is capable of producing 15 megawatts of electrical power (MWe), with the potential to scale up to 50 MWe and operate for over a decade before requiring refueling.
Oklo’s stock performance has been positively impacted by Microsoft’s 20-year power purchase agreement with Constellation Energy in September. This agreement involves the restart of the Unit 1 reactor at Three Mile Island by Constellation, the majority owner of nuclear power plants in the United States. Constellation’s shares have surged by approximately 36% in the past month and have seen a 138% increase since the beginning of the year.
As part of the Microsoft and Constellation deal, which will lead to the establishment of the Crane Clean Energy Center (CCEC), Microsoft will procure energy from the Unit 1 reactor in line with its sustainability objectives. The CCEC, expected to be operational by 2028, will contribute over 800 MW of carbon-free electricity to the power grid, as indicated by a study conducted by the Pennsylvania Building and Construction Trades Council.
In a recent development, Google announced its landmark agreement to purchase nuclear energy from small modular reactors (SMRs) developed by Kairos Power, a California-based company. Google anticipates bringing Kairos Power’s first SMR online by the end of the decade.
For the most recent updates, follow us on Facebook, Twitter, and Instagram.