Oklo Inc (NYSE:OKLO) shares are trading higher Wednesday after the company finalized an agreement with the U.S. Department of Energy (DOE) allowing the company to conduct site investigations.

What Happened: Oklo announced the finalization of a Memorandum of Agreement (MOA) with the DOE's Idaho Operations Office. The MOA will give the company access to its preferred site in Idaho for inspection as it works towards site preparation and construction.

Oklo now plans to move forward with geotechnical assessments, environmental surveys and infrastructure planning at its preferred site as it works toward its goal of deploying the first commercial advanced fission power plant in the U.S.

"Our partnership with the DOE has been instrumental. Beginning with the site use permit and fuel award in 2019," said Jacob DeWitte, co-founder and CEO of Oklo. "Signing this MOA reflects our commitment to timely deployment and operational readiness while also helping to manage costs and maintain our project schedule."

Oklo noted that this MOA builds on its longstanding collaboration with the DOE and reinforces its commitment to moving toward its commercialization plans. Oklo believes its setting itself up for a seamless transition to construction by addressing site preparation needs early.

Oklo aims to develop fast fission power plants that provide clean, reliable and affordable energy at scale.

OKLO Price Action: Oklo shares were up 1.5% at $8.43 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Oklo.

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