Centrus Energy, Oklo sign multi-year nuclear fuel deal

US nuclear fuel supplier Centrus Energy (NYSE: LEU) has agreed to provide high-assay low-enriched uranium (HALEU) to power small modular reactors (SMR) developed by Oklo (NYSE: OKLO).

Under a letter of intent signed on Thursday, Centrus said it would supply domestically produced HALEU to Oklo’s flagship fast-fission SMRs — known as Aurora — for multiple years. The uranium products would come from Centrus’ American Centrifuge Plant in Pike County, Ohio, powering five Aurora Powerhouses within Oklo’s planned 1.2-gigawatt campus in the region. First delivery is scheduled for 2029.

The LOI follows an earlier-year announcement that the companies are considering a joint venture focused on deconversion services for HALEU to improve efficiency and costs through co-location, as well as to expand domestic advanced nuclear fuel capacity to serve Oklo’s needs and broader US nuclear deployment.

Shares of Centrus Energy rose as much as 9% on the news, sending its market capitalization to $3.7 billion. Oklo, meanwhile, gained nearly 5%, with a market capitalization of nearly $11 billion.

Foundation for US nuclear hub

Oklo, headquartered in California’s Silicon Valley, is the first company to receive a site use permit from the US Department of Energy for a commercial advanced fission plant in the country. In early 2026, the SMR developer announced plans to build its Ohio campus in partnership with Meta, which plans to use power generated from the site for its data centers and has agreed to fund the project.

Centrus, backed by a DOE task order and funding, began producing HALEU at its American Centrifuge Plant in Ohio in late 2023. That achievement made it the first US-owned uranium enrichment facility to come online in 70 years.

The supply agreement with Oklo “brings together domestic fuel supply, planned advanced nuclear power generation, customer demand and project execution in southern Ohio,” Centrus said in a statement, adding that it anticipates a further definitive contract.

The deal also strengthens fuel certainty for Oklo’s planned Aurora powerhouse deployments at a time when access to domestically sourced HALEU remains one of the central constraints facing the advanced nuclear sector, the company added.

“By connecting advanced nuclear power generation and customer demand with domestic HALEU production in southern Ohio, this agreement helps establish a foundation for a new US advanced nuclear energy hub,” Centrus CEO Amir Vexler said.

$900M DOE backing

To advance these plans, Centrus said it plans to leverage billions in private capital along with the previously announced $900 million HALEU task order from the DOE.

In late 2025, the Maryland-based company announced a multi-billion-dollar expansion of the Piketon plant to scale up its production of HALEU. This expansion, slated to come online in 2029, is expected to create 1,000 construction jobs and 300 new operating jobs in Ohio alone, Centrus said.

“This agreement aligns core elements of advanced nuclear deployment: power generation, fuel, and customer demand,” added Oklo CEO Jacob DeWitte.

“Southern Ohio brings together decades of nuclear experience and a highly qualified workforce that can move advanced nuclear from planning to deployment.”

The Aurora powerhouses, according to Oklo, are designed to provide reliable clean power under a build-own-operate model, using liquid-metal cooling with low-water requirements, low emissions and inherent safety characteristics.