Oklo board member confirmed as U.S. energy secretary

SANTA CLARA, Calif. - Oklo Inc. (NYSE: OKLO), a company specializing in the development of advanced nuclear power plants with a market capitalization of $6.2 billion, announced the resignation of Chris Wright from its Board of Directors following his confirmation as the U.S. Secretary of Energy on February 3, 2025. Wright’s departure from the board is in line with his new commitment to the nation’s energy policy advancement. The company’s stock has shown remarkable momentum, delivering a 374% return over the past year according to InvestingPro data.

Jacob DeWitte, Co-Founder and CEO of Oklo, acknowledged Wright’s significant contribution to the company, stating that his expertise in energy and technology was pivotal in shaping Oklo’s vision. DeWitte expressed confidence in Wright’s upcoming leadership at the Department of Energy and gratitude for his dedication to Oklo’s mission.

The company will soon announce a successor to fill the vacancy left by Wright on the board.

Oklo Inc. has been actively engaged in the energy sector, receiving a site use permit from the U.S. Department of Energy, securing fuel material from Idaho National Laboratory, submitting a pioneering advanced nuclear custom combined license application to the U.S. Nuclear Regulatory Commission, and developing advanced fuel recycling technologies in collaboration with U.S. National Laboratories. While the company holds more cash than debt on its balance sheet, InvestingPro’s comprehensive analysis indicates the stock is currently trading above its Fair Value, with analysts not anticipating profitability this year.

The press release also contains forward-looking statements regarding Oklo’s intentions and expectations about future events or results, which are subject to various risks and uncertainties. These include risks related to the deployment of Oklo’s powerhouses, the emerging market for commercial projects, regulatory uncertainties, the need for financing, market conditions, competition, legal changes, and outcomes of government proceedings and investigations.

Oklo advises caution, as actual results or performance may differ materially from those projected due to these risks and uncertainties. The company regularly files documents with the U.S. Securities and Exchange Commission, which detail these and other risks.

This news article is based on a press release statement from Oklo Inc.

In other recent news, Oklo Inc. has been the focus of multiple developments. The company received a non-compliance notice from the New York Stock Exchange (NYSE) due to the resignation of Christopher Wright from the Audit Committee, leaving it with fewer than the required independent directors. Oklo Inc. responded promptly by submitting an interim affirmation and is actively seeking a new independent director to rectify this issue.

Craig-Hallum initiated coverage on Oklo with a Buy rating and a price target of $44, citing the company’s significant role in the energy transition with its advanced small modular reactors. The firm also noted Oklo’s expanding commercial pipeline, which has grown 20-fold over the past 18 months.

In contrast, energy stocks, including Oklo, experienced significant declines due to concerns about DeepSeek’s energy efficiency impacting the AI sector’s demand for high-tech chips. The market reaction underscored the sensitivity of the sector to technological advancements and market perceptions.

Wedbush analysts raised their price target on Oklo’s stock to $45, expressing confidence in the AI datacenter buildout, with nuclear energy expected to play a vital role. The firm anticipates Oklo to become a significant player in this emerging sector.

Finally, Oklo announced the pending resignation of board director Christopher Wright, contingent upon his confirmation as the United States Secretary of Energy. The company has yet to announce a successor or plans to fill the vacancy on the board following Wright’s departure.

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