Why Oklo Stock Popped Today
Key Points
The Department of Energy named several companies as winners of awards for their work on recycling used nuclear fuel.
Oklo stock is a great consideration for those seeking exposure to the nuclear energy industry.
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Extending the 14.4% rise that it locked in on Friday's close from where it ended on Thursday, Oklo (NYSE: OKLO) stock continued its climb higher today. While the company neither reported positive news nor received favorable analyst coverage, investors continued to respond to the U.S. Department of Energy's announcement from last week.
As of the end of regular trading hours at 4:00 p.m. ET, shares of Oklo had risen 5.6%, retreating slightly from an earlier climb of 6.2%.
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An award from the Department of Energy has charged up investors' excitement
Last Thursday, the Department of Energy (DoE) announced awards totaling more than $19 million to five U.S. companies engaged in the research and development of recycling technologies for used nuclear fuel. Oklo was named as a recipient of an award for its plan to study how radioactive materials of used nuclear fuel behave in hot liquid salt. Oklo will take these findings to help it design more efficient and safer nuclear fuel recycling facilities.
Unlike other companies, Oklo is developing an advanced nuclear reactor that is capable of converting used nuclear fuel. In support of this, Oklo announced last September that it's developing a nuclear fuel recycling facility in Tennessee that's capable of recycling used nuclear fuel into fuel for reactors such as its Aurora powerhouse. According to Oklo, this will be the first facility of its sort in the United States.
What's a nuclear energy investor to do now?
Oklo is one of several companies at the forefront of the nuclear energy renaissance currently underway in the United States. Still, its interest in converting and using recycled nuclear fuel distinguishes it from other nuclear energy leaders such as NuScale Power.
Although Oklo's award from the Department of Energy is noteworthy, it's hardly sufficient to justify an investment in Oklo. Nonetheless, Oklo stock is undoubtedly a worthy consideration for those seeking exposure to the nuclear energy industry.
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Scott Levine has no position in any of the stocks mentioned. The Motley Fool recommends NuScale Power. The Motley Fool has a disclosure policy.
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