Why Oklo Stock Powered Higher Today
Key Points
Oklo took a significant step toward authorization for its Aurora powerhouse project in Idaho.
Since Oklo stock is still speculative, conservative investors may prefer a nuclear energy ETF.
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After ending trading sessions on Tuesday and Wednesday lower than where they had finished on the previous days, Oklo (NYSE: OKLO) stock jumped higher today and stayed there through the closing bell. Investors bid the nuclear energy stock higher after the company reported progress toward securing regulatory approval.
Shares of Oklo closed at $57.85, climbing 7.1% from yesterday's close.
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Gleaming news from the Gem State
Oklo announced today that the U.S. Department of Energy's (DOE) Idaho Operations Office has approved the company's Preliminary Documented Safety Analysis (PDSA) for its Aurora powerhouse at Idaho National Laboratory (INL) under DOE's Reactor Pilot Program.
According to Jacob DeWitte, co-founder and CEO of Oklo, "This approval represents an important milestone for Aurora-INL and helps establish a foundation for future Aurora deployments."
The Aurora-INL is the first of the company's planned advanced nuclear reactor facilities. With the DOE approval of the PDSA, Oklo is one step closer to securing the Documented Safety Analysis, the final safety document that the DOE requires.
Will the DOE approval move the needle for Oklo?
With the company taking a major step closer to securing the necessary approvals from the DOE for Aurora-INL, it's unsurprising that the stock soared today. While this development reduces some risk around Oklo stock, it should still be considered for those comfortable with more speculative investments.
Even if the company secures all licenses, there's no guarantee its nuclear energy ambitions will lead to profitability. Fortunately, for those seeking exposure to the nuclear energy renaissance underway, there are nuclear energy ETFs that offer more conservative investment options.
Should you buy stock in Oklo right now?
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Scott Levine 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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