Oklo Selected by U.S. Department of Energy for Advanced Negotiations Under Surplus Plutonium Utilization Program

Key Terms

plutonium medical

Plutonium is a dense, highly radioactive metal used as fuel in certain types of nuclear reactors and as a material in nuclear weapons. Investors track it because its production, storage and regulation carry major costs, safety liabilities and geopolitical sensitivity that can affect energy companies, defense contractors and cleanup contractors; think of it like a high-value but hazardous raw material whose handling creates both business opportunity and significant legal and reputational risk.

fission medical

Fission is the process where a single entity splits into two or more parts, most commonly used to describe an atomic nucleus breaking apart and releasing a large amount of energy; in biology it can also mean a cell dividing into two. Investors care because fission underpins nuclear power and medical isotope production, and in biotech it can affect how organisms reproduce or how therapies work — like breaking a log to release stored energy, it creates potential value, regulatory scrutiny, safety risks, and market opportunity.

enrichment technical

Enrichment is a clinical trial design strategy that intentionally picks or screens participants who are more likely to show a treatment effect or experience an outcome, so the study can detect whether a drug works with fewer people or in less time. For investors, enrichment changes the odds that a trial will succeed and how broadly results apply — like testing a new car only with expert drivers to show peak performance, which can boost early results but may not reflect typical real-world users.

fuel fabrication technical

Fuel fabrication is the industrial process that turns processed nuclear material into finished fuel pellets and assemblies ready for use in a reactor, similar to turning raw ingredients into packaged, ready-to-use products. For investors it matters because fabrication determines the quality, cost, production speed and regulatory compliance of reactor fuel, affecting revenues, supply reliability and the commercial viability of nuclear projects.

lead-cooled fast reactor technical

A lead-cooled fast reactor is a type of nuclear power plant that uses liquid lead or lead–bismuth as a coolant and operates with fast (high-energy) neutrons to produce heat for electricity. Think of it as a boiler where a heavy, molten metal carries heat instead of water; this design aims for greater fuel efficiency, smaller waste volumes and inherent safety features. For investors, it matters because it represents a capital-intensive, long-horizon technology with potential for lower fuel costs, regulatory and construction risk, and possible advantages in waste management and long-term power generation economics.

U.S. Nuclear Regulatory Commission regulatory

A federal agency that licenses, inspects and enforces safety rules for civilian nuclear power plants and other uses of radioactive materials in the United States. Think of it as the official safety inspector and rulemaker for the nuclear industry—its approvals, inspections, fines and rule changes can speed up or delay projects, change operating costs, and alter legal and financial risk, so its actions directly affect companies’ prospects and investor value.

safeguards regulatory

Safeguards are deliberate rules, processes and tools a company uses to prevent or reduce harm — for example protecting money, data, patient safety or legal compliance. They matter to investors because strong safeguards lower the chance of costly mistakes, fines, recalls or reputation damage, making a business more stable and predictable; think of them like seatbelts and alarms that reduce the impact of accidents.

advanced nuclear reactors technical

Advanced nuclear reactors are next-generation power plant designs that aim to produce electricity more safely, efficiently, and flexibly than traditional reactors—often being smaller, easier to build, and producing less waste. For investors they matter because they represent potential long-term revenue streams, technological leadership, and large infrastructure markets, while also carrying regulatory, construction and public-acceptance risks; think of them as a modern, compact alternative to an old, bulky power plant.

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Selection supports the use of existing surplus material as a bridge fuel for advanced reactors.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Oklo Inc. (NYSE: OKLO) ("Oklo," or "the Company"), an advanced nuclear technology company, today announced that Oklo has been selected by the U.S. Department of Energy (DOE) for advanced negotiations under the Surplus Plutonium Utilization Program. The program aims to make designated surplus plutonium material available to industry participants and enable the conversion of those materials into fuel for advanced nuclear reactors subject to U.S. security, safeguards and material accountability requirements.

Oklo's Aurora powerhouse (Image: Oklo)

The selection, alongside four other advanced nuclear companies, supports Oklo’s broader fuel strategy, which includes multiple pathways to source fuel to support advanced reactor deployment while domestic enrichment and fuel infrastructure continue to scale.

In partnership with newcleo, a European developer of advanced nuclear reactors, Oklo would lead the utilization of surplus plutonium, while newcleo would bring relevant fuel experience and potential project capital, subject to definitive agreements, customary approvals, and applicable U.S. security and safeguards requirements.

Oklo and newcleo view the program as a pathway for disposition through use: converting material that already exists into fuel for advanced reactors, using it to generate reliable electricity, and consuming it through fission under stringent security, safeguards, and material control requirements. In doing so, the program can turn a long-term material management challenge into a domestic energy source.

“Fuel supply constraints are a key throttle to advanced reactor development,” said co-founder and CEO Jacob DeWitte. “This program creates a pathway to use existing surplus material as bridge fuel for advanced reactors to bring more reactors online sooner. Material that has been set aside for disposal can instead be converted into fuel to produce electricity through fission.”

“We are proud of this transatlantic partnership with Oklo to deliver on our promise of reducing nuclear liabilities through our fuel and reactor technologies,” said newcleo CEO and founder Stefano Buono. “The U.S. is taking a visionary approach to the fuel cycle, and we look forward to contributing to it.”

In October 2025, Oklo announced a strategic partnership with newcleo to develop advanced fuel fabrication infrastructure in the U.S., including potential work related to surplus plutonium, subject to definitive agreements, customary approvals, and applicable U.S. safety, security, and safeguards requirements. The partnership includes an investment of up to $2 billion, subject to mutually acceptable documentation and industry conditions, via a newcleo-affiliated vehicle for such a project.

In February 2026, newcleo initiated its pre-application engagement with the U.S. Nuclear Regulatory Commission for both an advanced fuel fabrication facility and a lead-cooled fast reactor design to support the future deployment of its fuel fabrication and reactor facilities in the U.S. market.

About Oklo Inc.: Oklo Inc. is developing fast fission power plants to deliver clean, reliable, affordable energy at global scale; establishing a domestic supply chain for critical isotopes; and advancing nuclear fuel recycling to convert used nuclear fuel into clean energy. Oklo was the first to receive a site use permit from the U.S. Department of Energy for a commercial advanced fission plant, was awarded fuel from Idaho National Laboratory, and submitted the first custom combined license application for an advanced reactor to the U.S. Nuclear Regulatory Commission. Oklo is also developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.

About newcleo: newcleo is an innovative nuclear energy company developing Advanced Modular Reactors (AMRs) cooled by liquid lead, and nuclear fuel from reprocessed nuclear waste, with the goal of delivering abundant, competitive, low-carbon energy. The company was founded by physicist-entrepreneur Stefano Buono following the USD 3.9 billion sale of his previous venture – NASDAQ-listed nuclear medicine company Advanced Accelerator Applications - to Novartis. With over USD 80 million in revenue in 2024, over USD 750 million in private funding, and more than 900 highly skilled employees across Europe and the US, the company has built a network of over 100 industry partnerships and supports its growth through the targeted acquisition and vertical integration of key companies in the nuclear supply chain. Visit www.newcleo.com

Forward-Looking Statements

This press release includes statements that express Oklo’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “may,” “will,” “could,” “should,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continue,” “might,” “possible,” “potential,” “predict,” “project,” “goal,” “would,” “commit,” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.

As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo’s future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the development and deployment of Oklo’s powerhouses, fuel fabrication and fuel recycling facilities, and radioisotope production activities; the risk that Oklo is pursuing an emerging market with no commercial project operating and regulatory uncertainties; risks related to acquisitions, divestitures, or joint ventures we may engage in; the need for financing to construct plants, which remain subject to market, financial, political, and legal conditions; risks related to an inability to raise additional capital to support our business and sustain our growth on favorable terms; the effects of competition; risks related to accessing high-assay low-enriched uranium, plutonium, and other fuels (including recycled fuels) at acceptable costs and under acceptable timelines; risks related to our supply chain; risks related to power purchase agreements; risks related to human capital; risks related to our intellectual property; risks related to cybersecurity and data privacy; changes in applicable laws or regulations, including tariffs; the outcome of any government and regulatory proceedings and investigations and inquiries; and the other factors set forth in our documents we have filed with the U.S. Securities and Exchange Commission (the “SEC”).

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the SEC. The forward-looking statements contained in this press release are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this presentation, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260526380253/en/

Media and Communications for Oklo:
Bonita Chester, Head of Communications and Media at media@oklo.com

Investor Contact:
Sam Doane, Senior Director of Investor Relations at investors@oklo.com

Source: Oklo Inc.