Core Viewpoint - The United States is lagging in the new energy dominance race, which is critical for AI, national security, and financial markets [1][2]. Energy Demand and Infrastructure - The rise of AI, quantum computing, and cryptocurrency is causing an unsustainable surge in energy demand in the U.S., with AI consuming more power than entire states [3]. - The national power grid is not equipped to handle this exponential growth, risking a slowdown or halt in AI innovation due to insufficient electricity [3][4]. Global Competition - Countries like China and Russia are securing long-term energy reserves to maintain their lead in AI and digital economies, while parts of the U.S. are already facing energy restrictions [4]. National Security Implications - Energy dominance is now a national security issue, as energy shortages could impair the functionality of U.S. military AI systems, making the nation vulnerable to cyberattacks and foreign threats [5]. Proposed Solutions - Small Modular Reactors (SMRs), referred to as 'Nuclear 2.0', are seen as a viable solution to meet the energy demands of AI while ensuring energy independence for the U.S. [6]. - SMRs are characterized by their minimal land requirements, low emissions, and ability to provide continuous power for decades, making them suitable for strategic placement across the country [7]. Urgency of Action - The need for immediate action is emphasized, as energy is described as the new battlefield, and failure to adapt could result in losing control of future technological advancements [7].

Core Insights - Alphabet is focusing on reducing the costs of building new nuclear reactors through a partnership with Kairos Power, aiming to deploy small modular reactors [1][4] - The tech sector has significantly invested in nuclear projects to meet the increasing electricity demand driven by artificial intelligence, emphasizing the need for reliable, carbon-free energy [2] - There are challenges in the U.S. nuclear sector, including cost overruns and delays, necessitating immediate action from both public and private sectors to replicate construction processes and lower costs [3][5] Company Initiatives - Google has entered a deal to purchase power from small modular reactors being developed by Kairos Power, with plans to have the first plant operational by 2030 and additional reactors by 2035 [4] - Ruth Porat highlighted the importance of starting the construction of multiple reactors now to effectively drive down costs [5] Industry Context - NextEra's CEO John Ketchum stated that nuclear energy is unlikely to be a viable power solution until 2035 or later, while renewables are currently the quickest and cheapest option to meet rising energy demands [5][6] - NextEra projects a sixfold increase in power demand over the next 20 years, with 17% of that growth attributed to data centers [7] - The U.S. has seen a significant increase in renewable energy installations, with 175 gigawatts added in the past five years compared to only 3 gigawatts of nuclear [7] Future Prospects - NextEra is exploring the possibility of restarting the shuttered Duane Arnold nuclear plant in Iowa, alongside other potential nuclear restarts [8] - There is a significant opportunity for co-locating small modular reactors at existing sites, but the industry needs to narrow down the number of companies involved to a more manageable number [9]

Company Overview - Steady Energy, a Finnish innovator in small modular reactor (SMR) technology, has secured €22 million in funding, marking a significant milestone in its development [2][3] - The company is set to begin construction of a full-scale pilot plant in the second half of 2025, positioning itself as a leader in the race for the world's first commercial SMR [3] Investment Details - The funding round was led by 92 Ventures, a Copenhagen-based investment firm focused on nuclear energy, highlighting strong private-sector confidence in Steady Energy's technology [2][5] - Lifeline Ventures, an early investor in Steady Energy, also participated in this funding round, emphasizing the attractiveness of the company's reactor technology [6] Technology and Market Potential - Steady Energy's LDR-50 reactor is designed to provide affordable, zero-emission heat, targeting the district heating market, which currently relies heavily on fossil fuels [7] - The reactor can deliver heat at a cost below €40/MWh, making it more affordable than bioenergy, conventional nuclear, and fossil fuels [7] - The technology is based on advanced research from VTT Technical Research Centre of Finland, ensuring high efficiency and a near-100% emission-free operation [6][7] Strategic Vision - The CEO of Steady Energy, Tommi Nyman, stated that the technology allows utilities to reduce CO2 emissions more effectively and with better returns compared to traditional nuclear plants [4] - 92 Ventures' CEO, Anatol Kjær Knudsen, emphasized the potential for nuclear energy to play a transformative role in deep decarbonization, particularly in district heating and industrial applications [5]

NuScale Power Fourth Quarter and Full Year 2024 Earnings Presentation March 2025 NuScale Nonproprietary Copyright © 2024 NuScale Power, LLC. 2 Forward-Looking Statements This presentation may contain forward-looking statements (including without limitation statements to the effect that the Company or its management "will," "believes," "expects," "anticipates," "plans" or other similar expressions). These forward-looking statements include statements relating to strategic and operational plans, capital deplo ...

Core Viewpoint - Oklo Inc experienced a significant stock market fluctuation, dropping 13.37% before rebounding with a 12.65% increase following its announcement of participation in the U.S. Department of Energy's Voucher Program [1][2]. Group 1: Company Developments - Oklo's participation in the DOE Voucher Program will support the evaluation and testing of advanced structural materials for its Aurora powerhouse, enhancing scalability, supply chains, and manufacturing [2]. - The collaboration with Oak Ridge National Laboratory is expected to refine fast reactor technologies, enabling Oklo to provide scalable and cost-effective clean energy solutions [3]. - The company has a pipeline of 14 gigawatts of announced customers and partners, positioning it to meet growing energy demands across various applications [3]. Group 2: Market Performance - Despite being 36.09% below its 2025 price target of $55.49, Oklo's stock remains 65.82% up year-to-date and has increased by 316.62% over the last 12 months [8]. - The stock's performance reflects a bullish sentiment, bolstered by the company's strategic partnerships and management setup, including the involvement of Sam Altman from OpenAI [6][7]. Group 3: Strategic Context - The anticipated support from the DOE has been in the works, as indicated by a previous press release regarding a board member's departure to a government position [5]. - The overall energy strategy under the Trump administration and significant investments in AI infrastructure suggest a favorable environment for Oklo's business expansion [7].

Financial Data and Key Metrics Changes - For the full year 2024, the company achieved $442 million in revenue, a year-over-year increase of nearly 40% compared to 2023, which was $321.2 million [23][24] - The gross profit for 2024 was $111.5 million, slightly down from $112.1 million in the prior year [24][26] - Net income for 2024 was $73.2 million, compared to $84.4 million in 2023 [23][24] - The company ended the year with an unrestricted cash balance of $671.4 million, bolstered by strategic initiatives and capital raises [28] Business Line Data and Key Metrics Changes - The Low Enriched Uranium (LEU) segment generated $349.9 million in revenue, an increase of $80.9 million compared to 2023, driven by growth in uranium and Separative Work Unit (SWU) revenue [24][26] - The Technical Solutions segment reported $92.1 million in revenue, an increase of $40.9 million compared to the previous year, with a gross profit of $17.6 million, up by $10.6 million [26][27] - The cost of sales in the LEU segment increased from $163.9 million in 2023 to $256 million in 2024, primarily due to higher average SWU and uranium costs [25][26] Market Data and Key Metrics Changes - The company’s total backlog reached $3.7 billion, with the LEU segment backlog at approximately $2.8 billion, including $800 million of future SWU and uranium deliveries [27] - The Technical Solutions segment backlog was approximately $900 million, which includes funded amounts, unfunded amounts, and unexercised options [27] Company Strategy and Development Direction - The company aims to restore America's ability to enrich uranium, focusing on domestic production to meet energy and national security needs [6][13] - Recent contract awards from the Department of Energy (DOE) are expected to support the restart of American uranium enrichment, reducing dependence on foreign sources [11][12] - The company is investing $60 million to resume centrifuge manufacturing and expand capacity at its Oak Ridge facility, reinforcing its first mover advantage [18][28] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing bipartisan support for nuclear energy and significant federal investments in domestic nuclear fuel production [30][33] - The company is positioned to capitalize on the growing demand for enriched uranium, especially with the upcoming ban on imports from Russia starting in 2028 [19][20] - Management emphasized the importance of public-private partnerships to support domestic enrichment capabilities and job creation [16][32] Other Important Information - The company has secured approximately $2 billion in customer contingent LEU sales commitments, indicating strong market demand [21] - The company has received approval for $62.4 million in investment tax credits for its manufacturing facility, contingent on meeting certain requirements [29] Q&A Session Summary Question: Follow-up on DOE contracts and task orders - Management indicated that while there is forward movement on task orders, they cannot speculate on timing [35][36] Question: Details on the $60 million investment - The investment is aimed at readiness and preparation for upcoming task orders, ensuring the company can respond quickly [39][40] Question: High uranium sales in Q4 - The high revenue was attributed to taking advantage of market opportunities rather than selling inventory [46] Question: Timeline for the first commercial cascade - The $60 million investment officially starts the 42-month timeline for bringing on the first commercial cascade [51] Question: Investment tax credit details - The company explained that the investment tax credit can be realized over approximately four years, contingent on meeting specific conditions [57]