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SANTA CLARA, Calif. - Oklo Inc. (NYSE: OKLO), a $4.46 billion market cap company focusing on advanced nuclear technology, has appointed Pat Schweiger as its Chief Technology Officer, leveraging his extensive experience in the energy sector. The company’s stock has shown remarkable performance, delivering a 195% return over the past year, according to InvestingPro data. Schweiger, an industry veteran with over four decades of experience, has held significant roles in engineering design, testing, construction, startup operations, and business development.
The new CTO’s background includes leadership positions at Hedron Engineering and Consulting, where he contributed to a high-capacity thermal battery initiative and small modular reactor projects. Schweiger’s tenure as Chief Engineer at Commonwealth Fusion Systems saw him oversee an engineering team of over 400 and participate in raising more than $2 billion in funding.
His previous role at TerraPower as Senior Vice President of Engineering and overall Design Authority involved establishing an engineering organization, international collaborations, and leading design integration efforts crucial to plant and reactor development.
Jacob DeWitte, Oklo’s co-founder and CEO, expressed confidence in Schweiger’s ability to aid in the commercialization of Oklo’s nuclear technologies. Schweiger himself highlighted his past work on sodium-cooled fast reactors, emphasizing their inherent safety and efficiency. InvestingPro analysis shows the company maintains strong financial health with liquid assets exceeding short-term obligations and minimal debt exposure.
Oklo Inc. aims to deliver clean and reliable energy through fast fission power plants, establish a domestic supply chain for critical radioisotopes, and advance nuclear fuel recycling. The company has made significant strides, including obtaining a site use permit from the U.S. Department of Energy for a commercial advanced fission plant, receiving fuel material from Idaho National Laboratory, and submitting a combined license application for an advanced reactor to the U.S. Nuclear Regulatory Commission.
This announcement is based on a press release statement and includes forward-looking statements regarding Oklo’s expectations and projections, which are subject to risks and uncertainties. The actual future results of Oklo may differ materially due to various factors, including but not limited to, market conditions, competition, and regulatory uncertainties. Investors should note that according to InvestingPro, which offers comprehensive analysis of over 1,400 US stocks, analysts do not expect profitability this year, with EPS forecast at -$0.49 for FY2025. The company’s next earnings report is scheduled for May 13, 2025.
In other recent news, Nuscale Power reported first-quarter revenues of approximately $13 million, significantly surpassing the consensus estimate of $3 million. Despite this positive earnings report, the revenue represented a sequential decline of about 65%. BTIG analyst Gregory Lewis raised Nuscale Power’s price target to $22, maintaining a Buy rating, reflecting confidence in the company’s growth trajectory and its prospects within the nuclear power sector. Meanwhile, Oklo Inc. has been in the spotlight after the announcement of Sam Altman’s resignation as Chairman of the Board. Altman, a pivotal figure in the company, has played a significant role in guiding Oklo’s strategic direction. H.C. Wainwright recently initiated coverage on Oklo with a Buy rating and set a price target of $55, highlighting the company’s focus on small modular reactors and its capability to use recycled fuel. Additionally, Oklo’s stock experienced a rise amid reports that the U.S. government is considering executive orders to accelerate nuclear power plant construction. Investors are closely monitoring these developments, as leadership changes and potential government actions could impact the company’s strategic direction.
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