(Reuters) -Nuclear technology company Oklo said on Tuesday it has signed a memorandum of understanding (MOU) with South Korea’s nuclear power plant operator Korea Hydro & Nuclear Power (KHNP) to develop Oklo’s planned Aurora powerhouse.
Shares of Oklo were up 1.9% at $49.71 in morning trade.
Oklo also said the MOU outlines plans to collaborate on the development and deployment of its advanced nuclear technology globally.
Nuclear companies are in high demand as the industry is considered to be a cleaner source of fuel and more reliable than wind or solar energy.
U.S. President Donald Trump on Friday signed executive orders seeking to jumpstart the nuclear industry where the orders direct the nation’s independent nuclear regulatory commission to cut down on regulations and fast-track new licenses for reactors and power plants.
Oklo said it plans to deploy its 75 megawatt electric (MWe) Aurora powerhouse, a neutron fission-reactor designed for providing clean and affordable energy to industries including data centers. The facility is located at the Idaho National Laboratory site.
The company is currently advancing through the licensing process and expects to complete it later this year.
The Aurora powerhouse, through its nuclear technology, needs to be refueled once every 10 years or more, unlike traditional reactors where one-third of the reactor core is changed every 1 to 2 years, and is expected to have lower costs.
The Sam Altman-backed Oklo said under the agreement it will collectively work, with the South Korean nuclear operation and construction company, towards development and verification of the Aurora powerhouse.
(Reporting by Katha Kalia in Bengaluru; Editing by Shailesh Kuber)
