Oklo Shares Climb as Google’s Nuclear Deal Boosts Sector
Shares of Oklo Inc. (NYSE: OKLO) surged on Tuesday as nuclear stocks gained momentum following a significant deal between Alphabet Inc. (NASDAQ: GOOG) and Constellation Energy Corp. (NASDAQ: CEG). The agreement involves a 20-year power purchase deal to add 890 megawatts of nuclear capacity to the PJM Interconnection grid. Constellation plans to invest over $4.3 billion in upgrades to 11 nuclear units across Illinois, Pennsylvania, and New Jersey, with the first phase expected to begin by 2028.
Amanda Peterson Corio, Google’s global head of energy and power, highlighted that the agreement will strengthen the PJM grid, which serves 67 million people. The deal comes just days after Amazon.com Inc. signed its own 20-year agreement with Constellation for an additional 190 megawatts. Together, these contracts aim to address about 16% of the 6,831-megawatt shortfall identified by PJM after its latest capacity auction.
Oklo, while not directly involved in these agreements, stands to benefit from the growing demand for nuclear energy. The company is developing Aurora fast-fission powerhouses under a build, own, and operate model, selling electricity directly to customers. Oklo’s first powerhouse, at Idaho National Laboratory, is targeted for completion in 2028. The company has secured a 12-gigawatt master power agreement with data center developer Switch and a prepayment agreement with Meta to develop a 1.2-gigawatt power campus in Pike County, Ohio.
As of the time of publication, Oklo shares were trading 7.26% higher at $38.58, according to data from Benzinga Pro.