European company newcleo lined up for potential investment in project
US-based advanced nuclear technology company Oklo has been selected by the US Department of Energy (DOE) for advanced negotiations under a programme that aims to make surplus plutonium material available for conversion into fuel for advanced nuclear reactors.
Oklo said the selection, made under the federal Surplus Plutonium Utilization Program alongside four other advanced nuclear companies, supports its broader fuel strategy, which includes “multiple pathways” to sourcing fuel for advanced reactor deployment.
In partnership with newcleo, a European developer of advanced nuclear reactors, Oklo would lead the utilisation of surplus plutonium, while newcleo would bring fuel experience and potential project capital, subject to agreements and approvals.
Oklo and newcleo said in a statement they view the program as a pathway for disposition through use: converting material that already exists into fuel for advanced reactors, using it to generate reliable electricity, and consuming it through fission. In doing so, the program can turn a long-term material management challenge into a domestic energy source.
“Fuel supply constraints are a key throttle to advanced reactor development,” said Oklo co-founder and chief executive officer Jacob DeWitte.
“This program creates a pathway to use existing surplus material as bridge fuel for advanced reactors to bring more reactors online sooner. Material that has been set aside for disposal can instead be converted into fuel to produce electricity through fission.”
Newcleo founder and chief executive Stefano Buono said: “We are proud of this transatlantic partnership with Oklo to deliver on our promise of reducing nuclear liabilities through our fuel and reactor technologies. “The US is taking a visionary approach to the fuel cycle, and we look forward to contributing to it.”
In October 2025, Oklo announced a partnership with newcleo to develop advanced fuel fabrication infrastructure in the US, including potential work related to surplus plutonium.
The partnership includes a potential investment of up to $2bn (€1.7bn) via a newcleo-affiliated vehicle.
In February 2026, newcleo began its pre-application engagement with the US Nuclear Regulatory Commission for both an advanced fuel fabrication facility and a lead-cooled fast reactor design to support the future deployment of its fuel fabrication and reactor facilities in the US market.
Oklo, in which OpenAI founder Sam Altman was a founding investor, is developing fast fission power plants, establishing a domestic supply chain for critical isotopes and advancing nuclear fuel recycling.
Newcleo is developing advanced modular reactors cooled by liquid lead, and nuclear fuel from reprocessed nuclear waste.
