Oklo surges after signing contract with Siemens Energy to accelerate progress of its advanced fission power plant
Oklo is soaring in early trading after the nuclear energy company signed a binding contract with Siemens Energy for steam turbine and generator systems to advance its nuclear power plant.
As part of the agreement, Siemens Energy will “begin engineering and design work to expedite procurement of long-lead components and initiate the manufacturing process for the power conversion system” for the Aurora powerhouse, a brand of advanced fission power plant under construction at the Idaho National Laboratory.
Building and getting power plants up and running is a necessary prerequisite for Oklo to shed its label as a “zero revenues” company as it aims to meet the growing need for power spurred by the AI boom.
Per the press release, “This contract with Siemens Energy for the power conversion system helps to de-risk supply chain and production timeline challenges and demonstrates concrete execution capability.”
Shares of Oklo lost nearly half their value from mid-October through mid-November as part of a broad downturn in speculative stocks.
