Oklo Joins In Nuclear Power Deal

12/18/2024 10:10:06 AM

(MENAFN- Baystreet) Nuclear startup Oklo (NYSE:OKLO) aims to deploy 12 gigawatts of power over the next two decades through a framework agreement with data center operator Switch, the companies announced Wednesday.

Oklo would deploy what amounts to a fleet of small nuclear reactors through 2044, with power generation equivalent to the annual electricity consumption of more than nine million households in the U.S.

Oklo would develop, build and operate the small nuclear plants. It would sell the electricity to Switch through a number of power purchase agreements for its data centers across the U.S. Oklo and Switch have not signed any individual power purchase agreements yet.

The broad agreement signed by Oklo and Switch is a nonbinding framework that sets high level goals to execute against, Oklo CEO Jacob DeWitte told the media. "It creates a vehicle to advance large scale, multi-site power development and deployment," DeWitte said.

Oklo is a startup backed by OpenAI CEO Sam Altman that is developing micro nuclear reactors. Altman is Oklo's chairman, and the company made its market debut in May through a merger with his SPAC, AltC Acquisition Corp. Oklo has a market capitalization of $2.33 billion.

OKLO shares began Wednesday way ahead, $3.31, or 17.3%, to $22.42.

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