Oklo will start construction of the first small modular reactor in 2027.

Backed by Sam Altman, the nuclear power company Oklo is moving forward towards the goal of constructing the first small modular reactor at the Idaho National Laboratory by 2027.

The company manufactures nuclear power plants ranging from 15MWe to 50MWe as a potential solution to the extreme increase in energy demand brought by artificial intelligence, utilizing liquid metal reactor technology.

Although licensing and fuel supply are still bottlenecks, according to reports, the company has been selected for 4 cost-sharing awards by the Department of Energy and may commercialize advanced recycling technology. Reuters reported that they have secured site usage permits from the DOE and fuel awards from the INL.

Jayant Jacob DeWitt, co-founder and CEO of Oklo, commented: "We have designed and approached the construction to be as fast as reasonably possible."

DeWitt further added: "We are excited about the diversity of customers. It demonstrates that our scale and business model clearly align with customer interests."

"They don't start with facilities using that much power overnight, but they usually build up to such facilities."

"If we were to construct a 0.3 million kilowatt nuclear reactor, that wouldn't be possible, but it is achievable with what we are doing."

Oklo's "Aurora powerhouse" nuclear reactor is priced at about 70 million dollars for the 15 MW version, with a LCOE of 80-130 dollars/MWh, putting it on par with peak gas-fired power plants and offshore wind farms, according to Lazard's analysis.

According to Reuters' report, Oklo has signed contracts with the Southern Ohio Diversification Initiative to build the second and third commercial plants at the DOE's Piketon site, with a total capacity of over 700MWe and expressing interest in constructing more than 50 reactors exceeding 700MWe.

In May, Oklo partnered with Atomic Alchemy to produce medical isotopes for cancer treatment and medical imaging from the recycling process. Additionally, they signed an LOI with HyperScale to supply 100 MW to the company's data center campus in Wyoming in a 20-year PPA.

In April, Oklo signed an LOI with Diamondback Energy for a 20-year PPA for supplying electricity to their shale oil operations in the Permian Basin.

Oklo is preparing a pre-application review for the Nuclear Regulatory Commission (NRC). In 2022, NRC rejected Oklo's Combined Construction and Operating License Application (COLA). DeWitt noted that this pre-review is a "dress rehearsal" for their application and remained optimistic despite previous delays due to the pandemic.

The federal ADVANCE Act, passed in June, aims to benefit Oklo by expediting licensing procedures, mobilizing the fuel supply chain, reducing fees, shortening schedules, and providing incentives.

Oklo recently entered into a contract to supply power to HyperScale's data center in Wyoming, as introduced about a month ago.

As mentioned in May, Oklo obtained shareholder approval for listing on the New York Stock Exchange on May 8. The company's mission is to provide clean, reliable, and affordable energy on a global scale through the design and deployment of next-generation fast reactor technology.

Supported by prominent investors in the AI revolution like Jeff Bezos, Bill Gates, and Peter Thiel, the nuclear fusion startup is gaining momentum. Sam Altman, who invested in Oklo in 2015, believes, as stated in a July press release, that the company is in an optimal position for the commercialization of advanced nuclear fission energy solutions.

For those who missed it, in the 'Next AI Trades,' various investment opportunities to power up America were introduced, most of which have dramatically outperformed the market. As there is likely to be a surge in 'buy' ratings within the next month, Oklo is set to be included in the list of investment targets in the future due to this.