Nuclear Power Pioneer Oklo Expands Project Pipeline to 2,100 MW
Oklo, an advanced reactor company, has made significant strides in expanding its project pipeline to approximately 2,100 MW, with non-binding letters of intent from two major data center operators to provide up to 750 MW of power from its Aurora powerhouse reactors.
Aurora Reactors Gain Traction
The company’s project pipeline has grown from 700 MW to 2,100 MW since Oklo announced its plans to go public in July 2023. The two new data center customers have asked to remain anonymous for now, but Oklo’s Chief Financial Officer R. Craig Bealmear confirmed the agreements on Thursday.
Oklo’s Q3 Investor Update Reveals Ambitious Plans
In its Q3 investor update, Oklo announced plans to submit an initial combined license application for its 15-MW microreactor design to the U.S. Nuclear Regulatory Commission next year, supporting its first reactor deployment at Idaho National Laboratory in late 2027. The company also expects to submit subsequent combined license applications for early commercial deployments shortly after.
Data Center Operators Drive Demand
Oklo’s agreements with data center operators Prometheus Hyperscale (formerly Wyoming Hyperscale) and Equinix demonstrate the growing demand for low-carbon power. The company’s CEO Jacob DeWitte noted that recent power purchase deals between Microsoft and Constellation Energy, and Amazon Web Services and Talen Energy, have established new price floors for baseload low-carbon power, with some expected at or above $100/MWh.
Federal Energy Regulatory Commission’s Ruling Boosts Oklo
The Federal Energy Regulatory Commission’s rejection of the Talen-AWS amended interconnection service agreement earlier this month may incentivize near-term deployment in an islanded mode behind the meter, DeWitte said. Oklo’s 50-MW reactor design aligns with the power demand of individual data halls, allowing for iterative expansion as data center campuses expand.
Site Characterization Progresses at Idaho National Laboratory
Oklo’s agreement with the U.S. Department of Energy in September clears the way for site assessments, environmental surveys, and geotechnical studies in preparation for construction on the INL reactor to begin. The company expects to break ground at INL in 2026.
TerraPower Takes Similar Approach
TerraPower, a Bill Gates-backed advanced reactor company, is taking a similar approach at the Southwestern Wyoming site of its commercial demonstration project for its Natrium reactor design. TerraPower began non-nuclear construction after submitting its initial construction license application to the NRC in March.
Fuel Business Expansion
Oklo made two announcements related to its fuel business: DOE’s approval of the conceptual safety design report for its planned Aurora fuel fabrication facility and its proposed $25 million, all-stock acquisition of Atomic Alchemy, a radioisotope producer. The acquisition would give Oklo exposure to a radioisotope market expected to reach $55.7 billion by 2026 and help shore up a creaky domestic supply chain for isotopes critical in lifesaving medical therapies, national defense, and advanced semiconductor production.
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