Oklo stock rises after securing potential $2 billion investment

Investing.com -- Oklo Inc. (NYSE:OKLO) stock rose 3.3% after the advanced nuclear technology company announced a joint agreement with European developer newcleo to develop advanced fuel fabrication and manufacturing infrastructure in the United States. The deal could bring up to $2 billion in investment from newcleo via an affiliated investment vehicle.

The partnership, which may also include co-investment from Sweden’s Blykalla, aims to create multiple projects under U.S. oversight to strengthen the fuel ecosystem for advanced nuclear reactors. The collaboration includes potential co-location of fuel fabrication facilities and could involve repurposing surplus plutonium while adhering to U.S. safety and security requirements.

"Fissioning surplus plutonium is the best way to eliminate a legacy liability while creating an abundant near-term fuel source. It can accelerate the deployment of multiple gigawatts of advanced reactors and serve as a bridge fuel until uranium enrichment and recycling scale up," said Jacob DeWitte, co-founder and CEO of Oklo.

The agreement represents a significant transatlantic investment in American nuclear infrastructure, with specific projects and investment amounts to be detailed in forthcoming definitive agreements. Stefano Buono, founder and CEO of newcleo, emphasized that the partnership "proves that energy independence relies on advanced fuels and promotes an integrated closed-loop fuel cycle."

U.S. Secretary of the Interior Doug Burgum, who chairs the National Energy Dominance Council, characterized the agreement as supporting the administration’s American Energy Dominance Agenda by enhancing energy security and creating American jobs.

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