Better Choice for Nuclear Energy Stocks: Oklo or Centrus Energy

Oklo and Centrus Energy Explore Collaboration on Advanced Nuclear Fuel

In recent developments, nuclear energy firms Oklo (NYSE: OKLO) and Centrus Energy (NYSE: LEU) have initiated talks to potentially form a joint venture. Their focus is on providing deconversion services for high-assay, low-enriched uranium (HALEU), as well as strengthening supply chains and advancing fuel-cycle technologies related to this next-generation nuclear fuel.

Both companies are poised to become key players as the United States ramps up its nuclear energy infrastructure. However, for investors evaluating these opportunities, one company currently stands out as the more attractive option.

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Oklo’s Innovative Reactors and Fuel Needs

Oklo is a pioneering company in the nuclear sector, developing advanced fission plants known as Aurora powerhouses. These facilities utilize liquid-metal cooled sodium fast reactor technology, which is derived from the Experimental Breeder Reactor-II (EBR-II) that operated at Idaho National Laboratory for over three decades before its closure in 1994.

Earlier this year, Oklo partnered with Meta Platforms to build a 1.2-gigawatt power campus in Ohio. Under this agreement, Meta will provide upfront funding by prepaying for electricity, helping Oklo move the project forward. The initial phase is expected to be operational by 2030, with full capacity anticipated by 2034.

The Aurora reactors are designed to run on high-assay, low-enriched uranium, a more advanced fuel with higher enrichment than the standard low-enriched uranium (LEU) used in most current nuclear plants. This “premium” fuel is essential for next-generation microreactors, and this is where Centrus Energy becomes crucial. Centrus currently operates the only enrichment facility in the U.S. licensed to produce HALEU up to 20% enrichment, giving it a significant competitive edge.

At present, Centrus sources LEU for today’s reactors and supplies it to customers. One of its main suppliers, TENEX, is based in Russia—a relationship that will need to end once the Prohibiting Russian Uranium Imports Act, enacted in May 2024, is fully enforced in 2028. To ensure a domestic supply, Centrus is working to become a U.S.-based producer of enriched uranium at its Piketon, Ohio facility.

Recently, Centrus secured a $900 million contract from the U.S. Department of Energy to expand its Ohio operations. The company expects its first new production cascade—an array of centrifuges for uranium enrichment—to be up and running in approximately three and a half years.

Comparing Oklo and Centrus Energy as Investment Choices

Oklo and Centrus each face unique challenges. Oklo’s Aurora Powerhouse at Idaho National Laboratory is not expected to begin operations until late 2027 at the earliest, and delays are possible given the complexity of such projects. Meanwhile, Centrus is already generating profits and actively selling LEU, but will need to invest heavily to expand its Ohio facility and produce both LEU and HALEU domestically.

Both companies are positioned to benefit from the growing momentum in the nuclear energy sector. However, Oklo remains years away from profitability and commercial operations. Centrus, on the other hand, has an established, profitable business, making it a more compelling choice for investors seeking exposure to nuclear energy today.

Is Now the Time to Invest in Oklo?

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Courtney Carlsen owns shares of Centrus Energy. The Motley Fool holds positions in and recommends Meta Platforms. For more information, see our disclosure policy.

Better Nuclear Energy Stock: Oklo vs. Centrus Energy was first published by The Motley Fool.