Oklo Inc (NYSE:OKLO) stock is trading higher Wednesday. The clean power technology company announced the successful demonstration of its advanced fuel recycling process in conjunction with Argonne and Idaho National Laboratories.
What To Know: Oklo announced the successful completion of the first end-to-end demonstration of the key stages of its advanced fuel recycling process, marking a significant step forward in the company's efforts to scale up its fuel recycling capabilities and deploy a commercial-scale recycling facility to increase advanced reactor fuel supplies and enhance fuel cost effectiveness.
The initiative is supported by a $5 million cost-share award from the U.S. Department of Energy's Advanced Research Projects Agency-Energy under the Optimizing Nuclear Waste and Advanced Reactor Disposal Systems Program ("ONWARDS").
The ONWARDS program hopes to organize the deployment of a commercial-scale advanced fuel recycling facility. The director of the ONWARDS program, Evelyn Wang, explained that recycling plays an important role in reducing high-level waste and furthering nuclear energy.
Oklo's fuel recycling technology extracts over 90% of remaining energy from used fuel, which is expected to be utilized in Oklo powerhouses to generate clean energy. The introduction of this commercial operation is projected to save Oklo up to 80% on fuel costs, enhancing efficiency, creating alternative fuel sources and reducing high-level waste disposal needs.
OKLO Price Action: Oklo shares initially surged to $9.75 on the news before pulling back in early trading. The stock was up 1.36% at $8.93 at the time of publication, per data from Benzinga Pro.
Image: Courtesy of Oklo.