Why Centrus Energy Group Stock Surged 12% Higher Today
Key Points
This will support a set of powerhouses that keep Meta Platforms' data centers humming.
The arrangement is mutually beneficial for both Centrus and its partner.
- 10 stocks we like better than Centrus Energy ›
The stock of Centrus Energy Group (NYSE: LEU) didn't exactly go nuclear on Thursday, but investor enthusiasm over a new deal boosted its price. The nuclear fuel and enrichment services company's shares raced more than 12% higher on the news in that trading session.
A powerful piece of news
In a joint press release published that morning, Centrus and small modular reactor (SMR) company Oklo announced they had signed a letter of intent for a set of projects in Ohio.
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Under the terms of the document, Centrus will supply sufficient high-assay low-enriched uranium (HALEU) for up to five of Oklo's Aurora powerhouses in the state. The letter of intent covers multiple years, the two companies wrote without being more specific. Deliveries are to start in 2029, they said.
The Ohio assets are being built by Oklo in partnership with social media company Meta Platforms to power its artificial intelligence (AI)-capable data centers.
Centrus and Oklo added that their pact "brings together domestic fuel supply, planned advanced nuclear power generation, customer demand, and project execution" for the latter company's operations.
High on the coming supply
On top of that, per Centrus and Oklo, the arrangement comes "at a time when access to domestically sourced HALEU remains one of the central constraints facing the advanced nuclear sector."
This is an important point, and a key reason why investors were understandably bullish on Centrus stock after the news hit the headlines.
The great bulk of the company's revenue derives from fuel supplies, so the more it can lock in with long commitments, the better. The current U.S. nuclear power revival seems to be picking up energy -- forgive the corny wordplay -- and Centrus should be one of the top beneficiaries of this. I'd be positive on the company's future too.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.
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