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Stocks to Watch on the Hunt for Nuclear Energy Solutions as AI Data Centers Push Demand
January 15, 2025 (Globalinvestorideas.com Breaking Stock Market News and Commentary ) Investorideas.com, a go-to investing platform covering renewable energy and AI stocks releases a snapshot on recent news and developments looking at the demand for nuclear power as AI grows exponentially, featuring KULR Technology Group, Inc (NYSE American:KULR), a leader in advanced energy management platforms.
Looking at what’s next in the use of nuclear energy to solve the energy consumption crisis, companies like NuScale Power (NYSE: SMR), Nano Nuclear Energy Inc. (Nasdaq: NNE), Oklo (NYSE: OKLO) and KULR Technology Group, Inc. (NYSE American:KULR), are looking to address future demand.
JLL reports, "The data center industry stands at the precipice of a transformative era, driven by the relentless advancement of artificial intelligence. This technological revolution is not merely evolving the digital infrastructure landscape; it's fundamentally redefining it.”
“Nuclear power is emerging as a preferred solution to meet the growing energy demands of data centers, particularly for AI and high-performance computing applications. Tech companies are the largest occupiers of data center space, and they have among the most aggressive net zero targets.”
According to the International Atomic Agency, “The combined electricity consumption of four companies alone — Amazon, Microsoft, Google and Meta — more than doubled between 2017 and 2021 to about 72 terawatt-hours (TWh).”
KULR Technology Group, Inc (NYSE American:KULR) just announced the signing of a multi-million-dollar licensing agreement with a new technology partner (“Licensee”) to enable advanced carbon fiber cathode applications for nuclear reactor systems in Japan.
Applications for Carbon Fiber Cathode Technology
The licensed carbon fiber cathode solutions are specifically engineered for critical use in nuclear reactors, offering enhanced safety, superior heat dissipation, and structural integrity. The carbon fiber-based thermal interface materials provide high-performance solutions for demanding nuclear energy applications.
The license will be applied to laser-based nuclear fusion systems as well as small modular reactors (SMR’s) - a rapidly emerging technology with the potential to deliver cost-effective and reliable fusion energy. Laser-based fusion employs high-powered lasers to initiate fusion reactions, representing a groundbreaking alternative to traditional methods.
Strategic Market Opportunities
This licensing agreement underscores KULR’s leadership in carbon fiber-based energy solutions and opens new opportunities for advancements in nuclear technology within Japan and the broader Asian market. By leveraging its innovative carbon fiber cathode technology, KULR aims to contribute to the development of fusion technology to meet the world's increasing energy demands while addressing climate change.
According to Goldman Sachs, data center energy demand - currently representing 1-2% of global demand - is projected to double by 2030. This growth is driven by hyperscalers increasingly focusing on nuclear energy to meet the rising demands of AI-powered applications in data centers. With global electricity use projected to rise by as much as 75% by 2050 (U.S. Department of Energy), KULR’s technology is poised to play a pivotal role in addressing these challenges.
“This licensing agreement represents a significant milestone for KULR as we expand the applications of our carbon fiber technologies into the nuclear energy sector,” said Michael Mo, CEO of KULR Technology Group. “We are proud to partner with an innovative Licensee to bring our cutting-edge cathode and thermal interface materials to the forefront of nuclear reactor technology.”
NuScale Power (NYSE: SMR), the industry-leading provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology, when reporting its results for the third quarter ended September 30, 2024 said, "As energy demand grows, the world’s largest technology companies are urgently seeking sources of secure, clean, reliable nuclear power, and NuScale is uniquely positioned to serve their needs for uninterrupted energy," said John Hopkins, President and Chief Executive Officer of NuScale Power. "NuScale’s SMR technology is ready for near-term deployment to support the growth of AI and other power-intensive technologies. We are the sole SMR technology approved by the U.S. Nuclear Regulatory Commission, have modules currently in production with supply chain partner Doosan Enerbility, and are seeing interest like never before."
Nano Nuclear Energy Inc.(Nasdaq: NNE), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, just announced that it has closed its previously announced acquisition of select nuclear energy technology assets, including the patented Micro Modular Reactor (MMR®) Energy System and Pylon Transportable Reactor Platform, from Ultra Safe Nuclear Corporation and certain of its subsidiaries (collectively, “USNC”).
From the news: The acquisition of these assets and related intellectual property and contracts significantly expands NANO Nuclear’s patent portfolio and adds to its existing pipeline of cutting edge small nuclear reactor technologies in development. The assets include 38 issued and pending or published patents, including six issued and four pending or published U.S. utility patents and three issued and four pending Canadian utility patents, as well as associated trademarks.
Continued: The acquisition also brings important demonstration project collaborations related to the MMR® system, notably at the University of Illinois at Urbana-Champaign. Pending Canadian governmental approvals, the acquisition would also bring certain Canadian government relationships and support. Further, certain of the technology acquired by NANO Nuclear in this acquisition was being used by an affiliate of USNC to develop related technology in the United Kingdom, and NANO Nuclear may be able to explore a potential future license or acquisition of such related technology in the United Kingdom, which could be accompanied by U.K. government support.
Oklo (NYSE: OKLO), an advanced nuclear technology company, and Switch, a premier provider of AI, cloud and enterprise data centers announced in mid -December the signing of a non-binding Master Power Agreement ("Master Agreement") to deploy 12 gigawatts of Oklo Aurora powerhouse projects through 2044. This is one of the largest corporate clean power agreements ever signed. The Master Agreement establishes a framework for collaboration, with the expectation that individual binding agreements will be finalized as project milestones are reached.
From the news: Under the Master Agreement, Oklo will develop, construct, and operate powerhouses to provide power to Switch across the United States through a series of power purchase agreements. This enduring relationship over several decades will help accelerate Oklo’s early powerhouse deployments and also position the Company to scale in response to a growing demand pipeline. This Master Agreement enables Oklo to leverage Switch’s best-in-class execution while developing the financial and infrastructure model for scaling advanced nuclear.
Continued: The timescale of this Master Agreement underscores Switch and Oklo’s commitment to meeting artificial intelligence’s growing electricity demands with clean, sustainable power. The Company believes that Switch’s industry-leading data centers, which support the computing needs of some of the world’s largest companies, are ideally positioned to handle AI workloads well into the future.
Continued: "The relationship with Oklo underscores our commitment to deploying advanced nuclear power at a transformative scale for our data centers, further enhancing our offerings of one of the world’s most advanced data center infrastructures to current and future Switch clients," said Rob Roy, Founder and CEO of Switch. "By utilizing Oklo’s powerhouses, we aim to ensure that Switch remains the leader in data center sustainability while supporting our vision of energy abundance."
Continued: Since January 2016, all Switch data centers have been powered by 100% renewable energy, nearly 984 million kilowatt-hours of green power annually. This Master Agreement with Oklo supports Switch’s mission to build efficient, sustainable infrastructure while bolstering the voluntary market for renewable and clean energy sources.
Continued: "We are excited to collaborate with Switch on this historic agreement," said Jacob DeWitte, Co-Founder and CEO of Oklo. "Rob Roy and the Switch team share the vision we have for nuclear energy’s role in powering artificial intelligence and providing the world with energy abundance. Oklo expects to benefit enormously from Switch’s record of turning visions into reality. The lifespan of this Master Agreement will allow us to iterate and evolve with Switch, from development to deployment to scaling. We believe that working with Switch will not only accelerate our early powerhouses but also accelerate our ability to scale by demonstrating customer demand for decades to come."
The market may become even bigger than the current analyst predictions as JLL reports, “Artificial intelligence (AI) will continue to build momentum in 2025. The data center industry stands at the dawn of a transformative era, driven by the relentless advancement of AI. Billions of dollars have been invested in AI over the last couple of years, driving demand for more data center infrastructure.”
KULR Technology Group, Inc (NYSE American: KULR) with its long history of battery technology expertise is positioning to move forward with the next phase of energy management as nuclear energy leads the way.
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