Summary of Conference Call on Nuclear Power Panel with SMR and Holtec Industry Overview - The conference focused on the nuclear power sector, specifically small modular reactors (SMR) and clean energy opportunities presented by Holtec International and NuScale Power [1][2]. Key Points from NuScale Power (SMR) Market Outlook - SMR anticipates 2025 as a pivotal year with the receipt of Standard Design Approval (SDA) for its 77 MW module from the NRC and a ~5.5 GW agreement with TVA through partner Entra1 [2]. - The company aims to finalize a firm Power Purchase Agreement (PPA) in 2026, viewing it as critical due to increasing competition in the SMR market [2][3]. Customer Relationships - SMR is leveraging its partnership with Entra1 to enhance customer relationships and has existing agreements with TVA and RoPower [3]. - The company plans to submit a Combined Operating License Application (COLA) and commence Front-End Engineering Design (FEED) efforts post-PPA, targeting electricity generation by 2030 [3]. Supply Chain and Funding - SMR is collaborating with Doosan to manufacture its first 12 modules [4]. - The company is a potential beneficiary of $25 billion in funding from the US/Japan trade deal to advance its SMR design [4]. Key Points from Holtec International Market Outlook - Holtec is active in various nuclear value chain aspects and had a successful 2025, with strong results across business units, except for decommissioning [7]. - The company plans to restart the Palisades reactor in Michigan in 2026 and has entered a $600 million contract with Taiwan for two dry storage facilities [7]. Restart Opportunities - Holtec is responsible for four decommissioning projects and sees potential to restart the Indian Point reactor, which could provide about 2 GW of power, contingent on political and local support [8]. SMR Development - Holtec has been developing its SMR 300 design since 2011, focusing on Pressurized Water Reactor (PWR) technology [9]. - The company aims to deploy its first reactor at Palisades and has started the formal regulatory review process with the NRC [9]. - Holtec received a $400 million grant from the DOE to support its SMR design development and is in advanced discussions with customers for commercial offtake in the first half of 2026 [9]. Valuation and Risks for SMR - SMR is rated Neutral with a 12-month price target of $23, based on a 50/50 weighting of DCF and EV/Sales estimates [10]. - Key risks include execution risk, customer relationships, cash burn, financing needs, delivery costs for modules, competition, and licensing challenges [10]. Additional Notes - Holtec International is a private company, and specific disclosures regarding its operations were not provided [11]. - The conference highlighted the growing interest in nuclear applications among utilities, indicating a potential shift in market dynamics [9].

Core Viewpoint - NuScale Power, a developer of small modular reactors (SMRs), has experienced significant stock volatility since going public in May 2022, with potential for substantial long-term gains for investors [1] Company Overview - NuScale's SMRs are designed to be 15 feet wide and 76 feet tall, allowing for pre-fabrication and on-site assembly, which reduces construction time, labor, and costs [2] - The company is the only one to have received Standard Design Approvals (SDAs) from the U.S. Nuclear Regulatory Commission (NRC) for its SMRs, with approvals for both 50 MWe and 77 MWe designs [3] Market Potential - The modular design of NuScale's reactors allows for scalable nuclear power plants with smaller footprints, which is increasingly relevant due to the growing demand from cloud computing, high-performance computing, and artificial intelligence sectors [4] Challenges Faced - NuScale abandoned its initial plan to deploy six 77 MWe SMRs in Idaho due to high costs and has laid off 40% of its workforce in response to financial pressures [5] - Currently, the company generates revenue primarily as a subcontractor for Fluor's construction of a 462 MWe plant in Romania, which is still in the front-end engineering and design phase and awaiting a final investment decision [6] Stock Performance - NuScale's stock has declined over 60% from its all-time high, and while it appears expensive relative to near-term growth potential, there is optimism for stock appreciation as the company deploys its first commercial reactors [7] - The company has agreements to deploy up to six gigawatts of SMR capacity for the Tennessee Valley Authority, but these plants are not expected to be fully operational until 2032 [8]

大规模核电建设的历史记录让投资者望而却步。据T. Rowe Price发布的一份报告，美国要在2050年实现 产能翻两番，从2030年起每年需新增15吉瓦（GW）的装机量，这一速度将超过1974年创下的历史峰 值。该报告强调，"成本和可融资性"是扩张计划的最大威胁。 作为前车之鉴，佐治亚州的Vogtle电站3号和4号机组在2023年和2024年才投入运营，不仅延期七年，预 算更超支180亿美元。其建设成本飙升至每千瓦15000美元，约是韩国核电项目的五倍，也显著高于印 度。 特朗普政府正试图通过激进的核能扩张计划，确保美国在人工智能（AI）竞赛中占据领先地位。然 而，尽管白宫提出了到2050年将全美核电产能翻两番的雄心壮志，但面临高昂的建设成本、监管挑战以 及私营部门对财务风险的担忧，市场专家与业内人士对这一愿景的现实性表达了广泛质疑。 最新动态显示，特朗普政府已将核能视为解决AI数据中心用电缺口的关键。政府在2024年10月与私募 股权巨头Brookfield及反应堆设计商Westinghouse签署了价值800亿美元的合作伙伴关系，计划建设8座大 型核电站。同时，政府正通过提供数十亿美元贷款，推动包括密歇 ...

Group 1 - Oklo Inc. (NYSE:OKLO) experienced a significant share price increase of 33.48% from December 30, 2025, to January 6, 2026, making it one of the top-performing energy stocks for that week [1] - The company, supported by OpenAI's Sam Altman, focuses on developing advanced fission power plants aimed at providing clean, reliable, and affordable energy at scale in the United States [2] - On January 5, 2026, Oklo Inc. was highlighted among small modular reactor (SMR) stocks following news that the US House of Representatives' Energy subcommittee would begin reviewing the nuclear sector's current status, with hearings planned to support nuclear power plant deployment [3] Group 2 - The Energy Subcommittee Chair and Full Committee Chair emphasized the importance of discussing the nuclear industry's current state, including licensing and deployment, to support growth essential for meeting energy and security needs [4] - In 2025, Oklo Inc. gained significant investor attention, particularly due to multiple contracts awarded by the Department of Energy, resulting in an impressive stock gain of 238% for the year [5]

Core Viewpoint - Terrestrial Energy Inc. is set to participate in the 28th Annual Needham Growth Conference, highlighting its focus on small modular nuclear power plants utilizing Generation IV reactor technology [1][2]. Company Overview - Terrestrial Energy is developing Generation IV nuclear plants featuring the proprietary Integral Molten Salt Reactor (IMSR), which aims to enhance capital efficiency, reduce costs, and provide versatile energy solutions [3]. - The IMSR technology is designed for distributed supply of low-cost, reliable, and clean energy, applicable in various industrial sectors such as petrochemicals and data centers [3]. - The company is actively engaging with regulators, suppliers, and industrial partners to build and license the first IMSR plants, targeting deployment in the early 2030s [3].

Key Points The nuclear power specialist is teaming up with a government agency on a pilot project. This is the design and construction of a test facility for the production of radioisotopes. 10 stocks we like better than Oklo › News of a contract with a federal government agency was the inspiration for Oklo's (NYSE: OKLO) stock price rise on Wednesday. The next-generation nuclear power company's shares were cruising more than 3% higher in late-session trading that day. Pilot program Just before ...

Key Takeaways OKLO's reactor is based on liquid-metal-cooled, metal-fueled fast reactor technology.The design builds on EBR-II, a reactor that ran for 30 years and provided passive safety features.OKLO's approach supports recycling nuclear waste into fuel, lowering risk and boosting credibility.Oklo Inc.’s (OKLO) reactor concept is rooted in fast reactor technology that has been built, operated and validated over decades. Its design draws directly from liquid-metal-cooled and metal-fueled fast reactors, whi ...

Key Takeaways ArcelorMittal signed a CAPN with EDF to secure long-term low-carbon electricity for its sites in France.MT receives a share of EDF's operating nuclear fleet capacity under an 18-year contract starting Jan. 1, 2026.ArcelorMittal says the deal supports decarbonization, competitive pricing, and production in France.ArcelorMittal S.A. (MT) and EDF have signed a Nuclear Power Production Allocation Contract (“CAPN”) to secure a long-term supply of low-carbon electricity. This marks a major step in A ...

Core Viewpoint - The article discusses the increasing demand for reliable, carbon-free energy sources driven by the AI revolution, highlighting Constellation Energy's strategic position as a key player in the energy sector due to its nuclear fleet [3][6][16]. Group 1: Market Dynamics - U.S. data center power demand surged by approximately 22% in 2025, creating significant pressure on the electrical grid [2]. - Technology giants are willing to pay a premium for reliable power, as evidenced by Constellation's deal with Microsoft, which is priced at around $110 to $115 per megawatt-hour (MWh) [7][8]. - The market is increasingly valuing reliable power as a critical commodity, with Constellation's competitor Vistra Corp acquiring Cogentrix Energy for $4 billion, indicating a trend towards valuing energy assets highly [9][10]. Group 2: Company Positioning - Constellation has transitioned from being viewed as a traditional utility to being recognized as a vital infrastructure partner for the technology sector [4]. - The company is modernizing its fleet through strategic acquisitions and digital upgrades, enhancing long-term reliability to meet future energy demands [5][13]. - Constellation's nuclear fleet is positioned as a unique asset, providing baseload power that is essential for data centers, especially as AI demands increase [6][19]. Group 3: Financial Metrics - Constellation's price-to-earnings ratio (P/E) is around 40x, which is high compared to the utility sector average of 15x to 18x, but this is justified when viewed as a growth stock linked to the tech sector [11]. - Investors are currently paying a premium for the expectation of significantly higher future free cash flow, supported by tightening grid supply [12]. Group 4: Regulatory and Strategic Developments - Constellation received regulatory approval for a $167 million digital safety upgrade at the Limerick Generating Station, marking a significant modernization effort [13][14]. - The company is in the final stages of acquiring Calpine, which will enhance its ability to provide a comprehensive energy solution combining nuclear and natural gas power [15]. Group 5: Future Outlook - The AI super-cycle is still in its early stages, and as energy demands grow, Constellation is well-positioned at the intersection of electrification and digitization trends [16]. - Despite potential stock volatility, the fundamental demand for energy from tech companies supports a strong valuation for Constellation's stock [17].

Core Viewpoint - Centrus Energy has been awarded a $900 million task order by the U.S. Department of Energy to expand its uranium enrichment facility in Piketon, Ohio, which is expected to create thousands of jobs and enhance the U.S. nuclear fuel supply chain [1][2]. Group 1: Expansion and Job Creation - The expansion will support the production of High-Assay, Low-Enriched Uranium (HALEU) and additional Low-Enriched Uranium (LEU) to serve commercial utilities [1][2]. - The project is anticipated to create 1,000 construction jobs and 300 new operating jobs in Ohio, while retaining 150 existing jobs at the Piketon plant [8]. - Additional jobs will be generated at Centrus' centrifuge manufacturing plant in Oak Ridge, Tennessee, and across a nationwide network of suppliers, leading to thousands of indirect jobs [8]. Group 2: Financial Aspects and Commitments - Centrus has secured $2.3 billion in LEU purchase commitments from utilities, contingent upon obtaining necessary financing for the new capacity [4]. - The total task order contract value, including options, is $1.07 billion, with a base amount of $900 million for new enrichment capacity [6]. - The company raised over $1.2 billion in private capital through convertible note transactions to support its expansion plans [4]. Group 3: Technological Development - Centrus has constructed a cascade of advanced centrifuges to demonstrate HALEU production, which became operational in 2023 [3]. - The company plans to build additional centrifuge cascades to enhance HALEU production capacity and produce LEU feed material [4]. Group 4: Government Support and Bipartisan Efforts - The funding award was made possible by a bipartisan funding package supported by various Congressional leaders, highlighting a commitment to revitalizing the U.S. nuclear fuel supply chain [2]. - Centrus' President and CEO expressed gratitude to both Republican and Democratic leaders for their support in securing the funding [2].