(Bloomberg) -- Oklo Inc., a developer of advanced nuclear reactors backed by billionaire Sam Altman, agreed to use components from Siemens Energy in its power plants, a move aimed at accelerating the deployment of its technology.
The company plans to use Siemens Energy steam turbines to produce electricity from the heat supplied by Oklo’s reactors, according to a statement Tuesday. The Santa Clara, California-based firm has said its first plant is on track to go into service in 2027.
The deal means Oklo power plants will use well-known turbine technology from one of the power industry’s main suppliers. The strategy will simplify the design and construction of the company’s power plants, according to Chief Executive Officer Jacob DeWitte. He said the Siemens Energy components would account for about 10% to 12% of the capital cost of an Oklo plant.
“We make the heat, and they bring in the equipment that makes all the electricity,” DeWitte said in an interview. “It’s one of the most important parts of the plant.”
Oklo shares gained 5.1% to $7.41 at 10:54 a.m. in New York.
Altman, the CEO of OpenAI Inc., is Oklo’s chairman and the company went public in May through a merger with his AltC Acquisition Corp. The company is developing a so-called small, modular reactor that could be manufactured in factories and assembled on-site, an approach that supporters say will be faster and cheaper than the big conventional nuclear plants widely used now.
(Updates share price in fifth paragraph.)
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