Oklo Selected by U.S. Department of Energy for Advanced Negotiations Under Surplus Plutonium Utilization Program
Selection supports the use of existing surplus material as a bridge fuel for advanced reactors.
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.
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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.
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