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Oklo, South Korea's KHNP enter into agreement to develop Aurora nuclear facility

Nuclear technology company Oklo announced on Tuesday that it had signed a Memorandum of Understanding (MOU) for the development of Oklo’s planned Aurora powerhouse with South Korea’s nuclear plant operator Korea Hydro & Nuclear Power.

In morning trading, shares of Oklo rose 1.9% to $49.71.

Oklo said that the MOU also outlines plans for collaboration on the development of advanced nuclear technology worldwide.

The nuclear industry is in high demand because it's considered a cleaner fuel source and more reliable than solar or wind energy.

The U.S. president Donald Trump signed Friday executive orders to jumpstart nuclear industry. These orders direct the independent nuclear regulatory agency of the United States to reduce regulations and expedite new licenses for power plants and reactors.

Oklo announced that it will deploy its 75 Megawatt Electric (MWe), Aurora powerhouse. This is a neutron-fission reactor designed to provide clean, affordable energy for industries such as data centers. The facility is at the Idaho National Laboratory.

The company expects to finish the licensing process later this year.

Aurora's nuclear technology allows it to only need to be refueled every 10 years. This is in contrast to traditional reactors, where one-third is replaced every 1 to 2 year. It is also expected to cost less.

According to the agreement, the Oklo, backed by Sam Altman, will work with the South Korean nuclear construction and operation company on the development and verification for the Aurora powerhouse. (Reporting and editing by Shasheesh Kuber in Bengaluru)

(source: Reuters)