梦晨 发自 纽凹非寺 量子位 | 公众号 QbitAI 算力之王 黄仁勋 ，把目光投向了核电！ 英伟达旗下风投部门NVentures，参与了 比尔盖茨创立的核能公司TerraPower 最新一轮6.5亿美元融资， 这是黄仁勋首次涉足核电领域 。 这笔巨额融资将用于建造TerraPower的首座商业核电站，位于美国怀俄明州的 Natrium反应堆 项目。 建成后，这座反应堆将产生 345兆瓦 的电力，加上配套的储能系统，峰值输出功率可达500兆瓦，足以为约 40万户家庭 供电。 参与这轮融资的还有参与投资的还包括韩国现代和比尔盖茨自己。 此前，黄仁勋已在多个场合明确表态支持核能。 核能是供应数据中心庞大电力需求的好选项。 我们需要包括风力发电、太阳能与核能的所有能源，不应该给任何能源贴标签。 近期，OpenAI奥特曼支持的核电公司Oklo也完成4.6亿美元融资。 AI巨头抢电的动作，明显加速了。 TerraPower的Natrium系统集成了一个千兆瓦级的熔盐储能装置，反应堆产生的热量先加热巨大的熔盐罐，需要时再用这些热量发电。 这个储能系统可以在短时间内将电站输出功率从345兆瓦提升至500兆瓦，并持续超过5 ...

目前主要有两种实现路径：压力延迟渗透技术通过半透膜引导淡水向高盐度区域自然渗透，利用产生的 液压驱动涡轮发电；反向电渗析技术则借助离子交换膜分离正负电荷，通过离子定向移动直接产生电 流。这两种方式各有千秋，正在共同绘就盐度差能源利用的美妙图景。 核能技术革新：开启清洁能源新纪元 经历短暂沉寂后，全球核能产业正迎来新一轮发展浪潮。随着小型模块化反应堆等创新技术的涌现，核 电站建设正朝着降低成本、优化设计的方向大步迈进。从冷却燃料革新到反应堆小型化，各国科研人员 正在多维度推动核能技术升级。而这一切努力的终极目标，是实现可控核聚变。这项突破性技术一旦实 现，将为人类能源困境带来革命性转机。 细菌变身"活体药厂"：体内治疗革命即将到来 据世界经济论坛网站6月24日报道，在2025天津夏季达沃斯论坛上，世界经济论坛发布了2025年《十大 新兴技术报告》。这十大技术有望在未来3至5年内取得实效，助力人类解决迫在眉睫的全球性挑战。 结构电池复合材料：交通领域新能手 碳纤维与环氧树脂等结构电池复合材料集机械承载性能和电化学储能于一体，正在改写功能材料的定 义。这种"一材双用"的特性，将为电动汽车和航空工业带来质的飞跃：车身 ...

Core Insights - The global clean energy sector is evolving, with nuclear energy stocks like Oklo Inc. (OKLO) and NANO Nuclear Energy Inc. (NNE) gaining attention due to rising government support and investment in small modular and advanced nuclear technologies [1][2] Group 1: Company Achievements - Oklo's subsidiary, Atomic Alchemy, began site characterization work for a commercial radioisotope production facility in Idaho in June 2025 [3] - Oklo received a Notice of Intent to Award for deploying its Aurora powerhouse at Alaska's Eielson Air Force Base, which would allow it to design, build, and operate the plant [4] - The U.S. Nuclear Regulatory Commission started reviewing Oklo's Licensed Operator Topical Report, indicating progress towards obtaining a license for its Aurora powerhouses [5] - NANO Nuclear signed a Memorandum of Understanding with the Namibia Industrial Development Agency to explore building a domestic nuclear fuel supply chain in Namibia [8] - NANO Nuclear filed six new utility patent applications for its ZEUS microreactor, showcasing its commitment to innovation in compact nuclear technologies [9] Group 2: Financial Stability - Oklo ended Q1 2025 with $201 million in cash and cash equivalents, indicating a solid financial footing to support its Aurora powerhouse development [6] - NANO Nuclear ended the fiscal second quarter of 2025 with $119 million in cash and cash equivalents, also showing a strong liquidity position [10][11] Group 3: Challenges - Oklo is in the pre-revenue stage, with its first Aurora powerhouse not expected to be operational until 2027, leading to limited income opportunities in the short term [7] - NANO Nuclear is also in the pre-revenue stage, focusing on R&D for its microreactors, which presents limited income opportunities and long regulatory timelines [12] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Oklo's 2025 EPS is a loss of 46 cents per share, an improvement from a loss of 74 cents per share the previous year [13] - The Zacks Consensus Estimate for NNE's fiscal 2025 EPS is a loss of $1.05 per share, a deterioration from a loss of 39 cents per share the previous year [14] Group 5: Stock Performance and Valuation - Oklo shares increased by 549.2% year over year, significantly outperforming NNE's 119.9% stock price gain [10][18] - Oklo's trailing 12-month Price/Book (P/B TTM) ratio is 28.72X, compared to NNE's 10.02X, indicating that NNE may offer a more attractive valuation [19] Group 6: Conclusion - Oklo has a stronger cash position and recent regulatory progress, while NANO Nuclear is at an earlier stage with a smaller capital base [22] - Oklo shows stronger stock momentum and improving EPS trends, while NNE appeals to value-oriented investors [23]

On news of a fresh contract signing with a branch of the U.S. military, investors piled into the stock of nuclear energy start-up Oklo (OKLO 29.48%) on Wednesday. That surge in interest blasted the stock higher by almost 30%, on a day when the S&P 500 index dipped by 0.3%.Going nuclearWednesday morning Oklo announced, no doubt with great pleasure, that it had received a notice of intent to award (NOITA) for a project in Alaska. The company was notified by the government's Defense Logistics Agency on behalf ...

Oklo (OKLO) Q1 2025 Earnings Call May 13, 2025 05:00 PM ET Speaker0 Thank you for standing by. My name is JL, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklo First Quarter twenty twenty five Financial Results and Business Update Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. I would now like to turn the conference over to Sam Doane, Director of Investo ...

Lightbridge (LTBR) Q1 2025 Earnings Call May 12, 2025 04:00 PM ET Company Participants Matthew Abenante - Director of Investor RelationsSeth Grae - President, CEO & Executive DirectorAndrey Mushakov - Executive Vice President of Nuclear OperationsLarry Goldman - CFOSherrie Holloway - Controller Operator Hello. Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and First Quarter twenty twenty five Conference Call. Please note that today's call is being recorded. It is now m ...

Lightbridge (LTBR) Q1 2025 Earnings Call May 12, 2025 04:00 PM ET Company Participants Matthew Abenante - Director of Investor RelationsSeth Grae - President, CEO & Executive DirectorAndrey Mushakov - Executive Vice President of Nuclear OperationsLarry Goldman - CFOSherrie Holloway - Controller Operator Hello. Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and First Quarter twenty twenty five Conference Call. Please note that today's call is being recorded. It is now m ...

Financial Data and Key Metrics Changes - First quarter revenue was $682 million, up 13% year over year, with growth in both segments [23] - Adjusted EBITDA was $130 million, also up 13% year over year, driven by robust growth in government operations [23] - Adjusted earnings per share increased to $0.91, a 20% rise compared to $0.76 last year [24] - Free cash flow for the quarter was $17 million, with capital expenditures at $33 million, or 4.9% of sales [26] Business Line Data and Key Metrics Changes - Government operations revenue grew by 14%, with adjusted EBITDA reaching $117 million and a margin of 21.1% [27] - Commercial operations revenue was $128 million, up 10% year over year, with adjusted EBITDA of $14 million and a margin of 10.9% [28] - The backlog for commercial operations reached a record $1.3 billion, up 39% from the previous quarter and 78% year over year [17] Market Data and Key Metrics Changes - The U.S. government continues to prioritize naval nuclear fleet and nuclear modernization, creating opportunities for BWXT [7][12] - In Canada, significant investments are being made in nuclear generation capacity, with potential new builds expanding to nearly 20 gigawatts [18] Company Strategy and Development Direction - BWXT is focused on expanding its nuclear services portfolio and enhancing manufacturing capacity in North America [9] - The company is well-positioned to capitalize on long-term investments in clean nuclear power and energy security [6] - The acquisition of Connectrix and expansion of the Cambridge manufacturing plant are part of the strategy to meet growing customer demand [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather macroeconomic disruptions due to long-cycle contracts and a strong balance sheet [10] - The administration's focus on nuclear energy and shipbuilding is seen as a positive for future growth [46] - Management anticipates a modest growth outlook for government operations in 2025, with a revenue CAGR of 3% to 5% in the naval propulsion segment [12] Other Important Information - The company completed the acquisition of AOT and is actively pursuing opportunities in the special materials sector [14] - BWXT is involved in the Advanced Nuclear Power for Installations Program, which aims to provide energy security for U.S. military bases [15] Q&A Session Summary Question: Negative EACs impact on government operations - Management confirmed that negative EACs were split between commercial and government operations, with recovery expected in the second half of the year [35][36] Question: Funding opportunities from recent appropriations - Management indicated limited direct funding opportunities from the continuing resolution but expressed optimism about potential benefits from the reconciliation bill [39][40] Question: Updates on the reconciliation package and shipbuilding - Management noted funding for defense enrichment and nuclear reactors in the reconciliation bill, with a positive outlook for nuclear shipbuilding [44][46] Question: Impact of raw material costs on commercial operations - Management acknowledged that raw material cost issues would affect margins in the first half of the year but expected recovery in the second half [48][49] Question: Timeline for Moly approval and contracting - Management hopes for approval in 2025 but acknowledged potential delays into early 2026 [56][57] Question: Updates on the enrichment contract and pilot program - Management detailed the conceptual stage of the pilot plant and the complexities of using unobligated materials for enrichment [65][68] Question: BWXT's entry into SPR management - Management highlighted their experience and qualifications as key factors in winning the SPR management contract [99][100] Question: Progress on Actinium-225 production - Management confirmed they remain the largest commercial producer of Actinium-225 and are exploring multiple production modalities [102][104]

Financial Data and Key Metrics Changes - First quarter revenue was $682 million, up 13% year over year, with growth in both segments [21] - Adjusted EBITDA was $130 million, also up 13% year over year, driven by robust growth in government operations [21] - Adjusted earnings per share increased to $0.91, a 20% rise compared to $0.76 last year [22] Business Line Data and Key Metrics Changes - Government operations saw a revenue increase of 14%, driven by naval propulsion and special materials [24] - Commercial operations revenue was $128 million, up 10% year over year, led by growth in medical and commercial power [25] - Adjusted EBITDA margin for government operations was 21.1%, while commercial operations saw a margin of 10.9%, down 100 basis points due to unfavorable mix and cost absorption [26] Market Data and Key Metrics Changes - The commercial operations backlog reached a record $1.3 billion, up 39% from the previous quarter and 78% year over year [15] - The Canadian Nuclear Safety Commission authorized the construction of the first BWRX 300 unit, marking a significant milestone for North America's first SMR project [16] Company Strategy and Development Direction - The company is focused on expanding its nuclear services portfolio and enhancing its manufacturing capacity in North America [7][17] - BWXT is positioned to benefit from long-term investments in nuclear technologies driven by decarbonization and increasing electricity demand [5][6] - The company is actively pursuing opportunities in government contracts, particularly in energy security and environmental restoration projects [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to weather macroeconomic disruptions due to long-cycle contracts and a strong balance sheet [8] - The administration's focus on naval nuclear fleet and nuclear modernization is expected to support a revenue CAGR of 3% to 5% in the government operations segment [11] - The market for nuclear medicine is anticipated to grow significantly, driven by increasing volumes of SPECT and PET scanning procedures [20] Other Important Information - Free cash flow for the quarter was $17 million, with capital expenditures at $33 million, or 4.9% of sales [21][23] - The company expects full-year free cash flow to be between $265 million and $285 million [23] Q&A Session Summary Question: Were the negative EACs all at government operations? - The negative EACs were about half from commercial operations and half from government operations, with specific impacts noted in the fuel business [32][33] Question: Do you see BWXT as in line to get any of the funding from the recent appropriations? - There is optimism regarding potential funding from the reconciliation bill, particularly for domestic defense enrichment and DoD nuclear reactors [36][42] Question: Can you provide an update on the Actinium-225 effort? - The company remains the largest commercial producer of Actinium-225 and is exploring multiple production modalities [98] Question: What is the status of the enrichment contract and pilot program? - The pilot program is in the conceptual stage, focusing on designing a pilot plant for centrifuge-type enrichment technology [62][63] Question: How is the company managing the zirconium cost impact? - The company has strong relationships with customers that allow for a path through mechanism to mitigate unforeseen risks related to raw material costs [89]