Turbulent stock market debut for Oklo, Altman’s nuclear start-up

Oklo, an innovative nuclear company, suffered a sharp fall on the stock market at the time of its IPO, despite high ambitions.

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Oklo Débuts Bourse Nucléaire

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On Friday, May 10, 2024 in New York, Oklo Inc, a start-up specializing in small modular nuclear reactors (SMRs), saw its share price fall dramatically on its first listing on Wall Street. The stock fell by 53.89% to $8.40 at around 19:40 GMT.

Oklo’s journey

Founded by MIT (Massachusetts Institute of Technology) alumni in 2013, Oklo entered the stock market. This was made possible by a merger with AltC Acquisition Corp. This is a SPAC (Special Purpose Acquisition Company) designed to facilitate this type of transaction. Since the announcement of this transaction last July, AltC’s share price had risen by over 72%.

Volatility and speculation

IPOs via SPAC are notorious for their volatility, often exacerbated by speculation. Sam Altman, Chairman of OpenAI and a major investor in Oklo since 2015, holds around 3% of the start-up’s capital. Altman first made a name for himself with the launch of ChatGPT by OpenAI in November 2022. This is an artificial intelligence interface capable of generating text in natural language.

Regulatory challenges and future plans

Oklo plans to develop small nuclear reactors. The aim is to deploy them more quickly and easily than traditional installations. The company also offers nuclear fuel recycling services. However, in January 2022, the U.S. Nuclear Regulatory Agency (NRC) denied Oklo a construction permit for an SMR in Idaho. The main reason is a lack of information on accident risk management.

Oklo’s difficult IPO underlines the challenges that innovative companies can face, especially in a sector as regulated as nuclear power. Despite initial difficulties, the start-up’s ambitious plans for commissioning its first reactor could yet transform the energy landscape.

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The steel dome of the CAP1000 Haiyang 4 reactor has been positioned, a major construction milestone paving the way for upcoming maintenance and technical installation phases.
The Groupement des Industriels Français de l'Énergie Nucléaire and the Belgian Nuclear Forum formalise a partnership aimed at strengthening industrial exchanges and joint projects between the two countries’ nuclear sectors.
The International Atomic Energy Agency warns that little time remains to reach an agreement with Iran on fully resuming inspections, as European sanctions could be reimposed within 30 days.
Slovenia’s JEK2 project moves forward with two nuclear technologies judged technically compatible, estimated between EUR9.31bn ($10.1bn) and EUR15.37bn ($16.66bn).
US-based Oklo will build the country’s first privately funded nuclear fuel recycling centre in Oak Ridge, investing $1.7bn and creating over 800 jobs.
The Tennessee Valley Authority partners with ENTRA1 Energy to develop up to 6 gigawatts of modular nuclear capacity, in an unprecedented project supporting energy growth across seven U.S. states.
A report by the International Atomic Energy Agency puts Iran’s 60% enriched uranium at 440.9 kg before Israeli and U.S. strikes, while the agency’s access to enrichment sites has remained suspended since the operations.
US-based Westinghouse has signed six industrial agreements in the UK to supply critical components for its AP1000 and AP300 nuclear projects in Britain and abroad.
NANO Nuclear Energy receives direct funding from the US Air Force innovation branch to assess the integration of its KRONOS MMR™ microreactor at the Washington D.C. military base.
EDF extends the operation of Heysham 1 and Hartlepool by one year after favourable safety inspections, ensuring continuity of nuclear production and safeguarding more than 1,000 jobs.
Russian nuclear group Rosatom has confirmed advanced discussions with India and Turkey to launch new power plants, including advanced and floating reactor technologies.
The International Atomic Energy Agency has identified uranium particles of industrial origin in samples taken from a Syrian site suspected of hosting an undeclared nuclear reactor.
Norwegian authorities begin the first regulatory phase for two modular nuclear reactor projects, marking a strategic step in the national review of the potential role of nuclear energy in the country’s power mix.
With eleven reactors under construction and major projects such as Jaitapur, India is preparing a nuclear build-up that could place it among the world’s five leading nations in the sector.
France and Germany have validated a joint energy roadmap, including a commitment to the non-discrimination of nuclear energy in European financing.
Russia and Iran seek to strengthen their nuclear cooperation as the E3 activates the sanctions mechanism against Tehran, reigniting tensions over compliance with the 2015 Vienna agreement.
US-based Natura Resources has secured strategic funding and key permits for its MSR-1 nuclear reactor, backed by public funds and enriched fuel allocation from the Department of Energy.
The United States and South Korea have agreed to initiate discussions on reprocessing spent nuclear fuel, marking a potential strategic shift in the long-standing bilateral agreement.

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