2Q Preview: Turning plans to projects

研报英文原文证据摘录

2Q Preview: Turning plans to projects

Equity Research

22 July 2026

NuScale Power / Oklo Inc.

2Q Preview: Turning plans to

projects

OKLO and SMR look to ease supply chain risks as North America Clean Technology

commercialization nears. OKLO strengthened fuel optionality POSITIVE Unchanged

through DOE plutonium and Centrus agreements, while SMR North America Clean Technology

Christine Cho, CFAexpanded manufacturing partnerships. Key near-term

catalysts remain Aurora’s final DOE approval and a potential +1christine.cho@barclays.com212 526 8419

ENTRA1/TVA PPA. BCI, US

Liam Duggan, CFA

+1 212 526 5416Fuel availability continues to de-risk advanced reactor deployment: As nuclear

liam.duggan@barclays.com

commercialization approaches, fuel supply remains one of the most closely watched variables, BCI, US

and recent developments suggest some progress. OKLO’s selection for advanced negotiations

under the DOE’s Surplus Plutonium Utilization Program could provide access to material

capable of supporting roughly 25 Aurora powerhouses, creating a potentially important bridge

fuel source while domestic HALEU infrastructure scales. The award further diversifies OKLO’s

fuel strategy beyond EBR-II recycled fuel inventories and future commercial enrichment

contracts, while potentially improving both deployment certainty and economics. Separately,

OKLO signed an LOI with Centrus covering HALEU supply for up to five Aurora powerhouses at

its planned Southern Ohio campus, one of the industry's largest announced commercial fuel

arrangements to date. Meanwhile, SMR continues to strengthen fuel availability through its

expanded partnership with Framatome, which broadens fabrication capabilities across both

U.S. and European facilities and supports future deployment flexibility.