Why Oklo Stock Was Ticking Higher Today
Key Points
The nuclear power specialist is teaming up with a government agency on a pilot project.
This is the design and construction of a test facility for the production of radioisotopes.
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News of a contract with a federal government agency was the inspiration for Oklo's (NYSE: OKLO) stock price rise on Wednesday. The next-generation nuclear power company's shares were cruising more than 3% higher in late-session trading that day.
Pilot program
Just before market open, Oklo announced it has signed a contract with the Department of Energy (DOE) to support the design and construction of a radioisotope pilot facility. The company did not mention where the plant will be located.
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Image source: Getty Images.
Radioisotopes, short for radioactive isotopes, are unstable versions of chemical elements. They release energy in the form of radiation as they attempt to become stable, and are useful for products and applications in various fields, including healthcare and agriculture.
Oklo said its subsidiary, Atomic Alchemy, will use the facility to pilot the manufacturing of radioisotopes used for medical purposes. The company stated that many of these are currently produced outside the U.S.
Oklo did not disclose the financial particulars of its new deal with the DOE.
Building for the future
In its press release on the arrangement, Oklo quoted CEO Jacob DeWitte as saying that "By building and operating a pilot reactor, we generate the data and experience to streamline future commercial deployments, improve regulatory efficiency, and deliver long-term value."
Despite the numerous wins it's notched with the government's ambitions to bolster the domestic nuclear sector, Oklo is still a relatively young company that's still in the early phases of development. I'd view its new collaboration with the DOE positively, but to me the company still needs to prove it can both draw revenue and (at least eventually) reach profitability.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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