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Shares of Oklo Inc. (NASDAQ:OKLO) are trading higher Wednesday after the nuclear reactor company announced a partnership that will help progress one of its key projects.
What To Know: Oklo and Siemens Energy signed a binding contract for the design and delivery of the power conversion system for Oklo’s Aurora powerhouse. The agreement authorizes Siemens Energy to begin engineering and design work that will expedite procurement of long-lead components and initiate the manufacturing process for the power conversion system.
Shares were up nearly 4% at the time of writing, according to Benzinga Pro.
The partnership combines Oklo’s expertise in advanced fission technology with Siemens Energy’s industry-leading steam turbine and generator systems. The companies hope to deliver clean, reliable electricity through the collaboration.
“Aurora's inherent safety allows us to use proven, commercially available power systems like Siemens Energy's turbine technology. That design philosophy shortens timelines, lowers costs, and turns advanced nuclear into a deployable product,” said Oklo CPO Alex Renner.
“We believe this is a historic step forward for the advanced nuclear industry—a real-world purchase that demonstrates progress toward deployment and operation."
OKLO Price Action: Oklo shares were up 3.62% and trading at $100.07 at the time of publication Wednesday, according to Benzinga Pro.
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Posted In: OKLO
