Oklo shares rise on Switch power agreement

Investing.com -- Shares of Oklo Inc. (NYSE: OKLO) climbed 7% following news of the company entering a non-binding Master Power Agreement with Switch (NYSE:SWCH ), a notable player in AI, cloud, and enterprise data center services. The agreement outlines the provision of 12 gigawatts of power from Oklo's Aurora powerhouses through 2044, marking a major corporate clean power arrangement.

The collaboration between Oklo and Switch involves power purchase agreements that will support the construction and operation of Oklo's powerhouses across the United States, aimed at supplying energy to Switch's facilities. This partnership is set to bolster Oklo's early deployments and aid in scaling up its operations to address the rising demand for energy.

Switch has been operating its data centers on 100% renewable energy since 2016 and the deal with Oklo is expected to reinforce its commitment to sustainable practices. The agreement is also a strategic move for Oklo, which focuses on selling power directly to customers, offering them clean and reliable advanced nuclear energy.

Rob Roy, Founder and CEO of Switch, highlighted the significance of the agreement in maintaining the company's sustainability leadership in the data center industry. Jacob DeWitte, Co-Founder and CEO of Oklo, also expressed excitement about the partnership, which is in line with their vision of utilizing nuclear energy to power artificial intelligence and contribute to global energy abundance.

The press release announcing the Master Agreement between Oklo and Switch provides the basis for the facts in this article. This agreement is a crucial step in introducing advanced nuclear power into the renewable energy mix, potentially influencing the energy supply for data centers and the broader technology sector for many years ahead.

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Source: Investing.com