00:00What do you think about the price Wall Street is putting on your business?
00:02I think one of the aspects here still is this story has so many details to it that people are still unpacking.
00:07And I think there's still sort of a recognition of what's happening there.
00:10What we announced last month, I guess it was earlier this month, in terms of investing in fuel recycling,
00:15is a massive unlock, a part of the story that hasn't actually been fully appreciated about what that does,
00:19not just for solving fuel scarcity issues, but changing fuel economics in a fundamental way
00:24and opening up different revenue streams. And that's just a small example.
00:27Then what we're going to talk about here a little more today, partnering on a transatlantic basis,
00:32opens up additional partnership opportunities and opportunities for growth in a more kind of global scale.
00:36So I think there's still a lot of details of the story being unpacked.
00:39There's obviously a lot of excitement, which is cool to see.
00:42But at the end of the day, execution proves it all out. So that's what we've got to do.
00:45Jacob Stedman, come in here and tell us about the deal that you've made,
00:49what you're going to do with the money and how you plan to work together.
00:52Yeah, thank you for having me here.
00:54So Oculus is investing in five million into Blue Calla.
00:56And it's also, we signed a transatlantic partnership.
00:59I think it's one of the first of its kind.
01:01So we have three areas, as you said, about collaboration.
01:03So one is, for example, on fuel.
01:05Oculus is investing heavily in fuel fabrication.
01:07And that's great for us because we, as everybody else, also needs fuel.
01:10So we hope to procure that fuel in the future, the fuel made here in the United States.
01:14And hopefully also maybe co-invest together in facilities like this.
01:18So that's one area.
01:19And then also working with supply development, for example, there are big capacity shortages.
01:23And we hope to solve them by creating aggregate demand.
01:25Will this, Jake DeWitt, get you to, I have two Jakes here on set.
01:29Will this get you closer to commercial deployment?
01:35Because that's, for me, like one of the most exciting milestones that we are waiting to see.
01:40This partnership alone, no.
01:42But we are taking a lot of steps.
01:43I mean, there's so much happening that's even just transpired since the executive orders.
01:47And I agree, getting that first plant built is exciting.
01:50But here's how I think about it.
01:51If we swing at one plant, you know, that's the wrong thing to do.
01:54We have to swing through and beyond.
01:55Because what we're talking about in opportunity, what you mentioned in your prior segment, 30% growth, I actually think that might be soft.
02:01You look at the goals set by President Biden, President Trump, we need hundreds of gigawatts of new nuclear.
02:06So this partnership is about scaling beyond that first one, well through it and above.
02:09So it's opening up the door for significant, not just domestic expansion, because they might be investing in and buying fuel fabrication capacity from us.
02:17But also we can work with them about opening the door for more suppliers to come to the table so that we can actually build more plants both domestically and internationally.
02:25So I think it works actually pretty favorably.
02:26You have, I think, a vertically integrated strategy, right?
02:30And how do these partnerships, how will this play into it?
02:33Will we see more like this?
02:34It does.
02:35So we have a lot of constraints, like Jacob was saying, in the supply chain.
02:38And where we can work together with suppliers to acquire more components together is a great way to sort of unlock some of that and grow that and make investments that we're going to make, that they're going to make, that we might make together in things as well, like fuel fabrication.
02:49It's not just about the fuel material, like they talk about scarcity.
02:51It's also fabricating it.
02:52So we're making investments across the whole chain.
02:54And then that will help us serve their needs as well.
02:57Jacob, what are your needs and what are Europeans prepared to do here?
03:01I mean, Sweden, my experience is in Germany, where they have gone the other direction from nuclear, right?
03:10But the rest of Europe may see it differently.
03:12Yes, I think Sweden is obviously a much smaller place than the United States, but the government is extremely pro-nuclear.
03:18So we are going to double the electricity generation over the next 25 years, even more in percentage than here.
03:25So doubling means building a lot of new nuclear.
03:27The government puts up a roadmap saying we're going to build 10 gigawatts more nuclear capacity, and we intend to be a big part of that solution.
03:34And your concerns about supply chain, your concerns about fuel are helped, I guess, by this investment.
03:42Exactly.
03:43I mean, I think it's a win-win.
03:44It's actually a win-win-win because it's also good for the suppliers.
03:47So, you know, if we come together and create aggregate demand, it's much easier for a single supplier to say, ah, here is this customer group that wants the same things.
03:55And then they can invest in capacity and get it built.
03:58So when will we see these, your first plants built?
04:02Or I know you want to swing through and look at more, but when are we going to see actual deployment?
04:07Because until then, analysts are going to say these things about valuations, right?
04:13I'm not going to find really a P.E. or not much of one.
04:17Yeah, well, I think these are the things that start to unpack the story in different dimensions, like we just talked about.
04:21But in terms of answering your question, one of the really exciting things that came out from President Trump's executive orders that build on stuff that passed in the Advance Act under President Biden
04:29is this acceleration on the regulatory front and opening up the apertures for different regulatory pathways, including, for example, the Department of Energy's reactor pilot program.
04:37We had not one, not two, actually three reactors selected into that.
04:40And that program is built to enable plants to turn on by July 4th, 2026.
04:46Now, not all plants and not all designs are going to be able to do that because of supply chain constraints.
04:50But we have, like, sort of the work in place to bring forward.
04:53We expect at least one of our reactors to hit that date.
04:56And then we expect follow-on plants to come in potentially in that similar time frame or going into 27.
05:02Then scaling into full power operations from 27 to 28.
05:05When we look at the world, like, the U.S. is leading in its commitment to nuclear.
05:08And then Sweden is one of the other countries that's really leading and investing in and committing to nuclear power.
05:14So partnering up between the two to leverage kind of the best benefits that each country and the technologies give with the nuclear company in Sweden,
05:21which is Blicala, was kind of a natural fit for us.
05:23Jacob Stedman, what are the milestones we should be watching for from Blicala?
05:26Obviously, Oklo has been an astounding success from an investment perspective.
05:31Because we're fortunate to talk to Jake, we know the story well.
05:36What about Blicala?
05:37Yeah, so we're not listed yet, but you can still follow us.
05:39There are three things we're going to do also with the proceeds from this round.
05:42So the first is to complete the design and start licensing for the reactor.
05:47So to get its first reactor part built.
05:49The second thing is the financing.
05:51And Sweden has quite an innovative financing mechanism from the government that makes it possible to access cheap debt and also lock in a certain price for a long time.
05:59So we're going to access that financing package.
06:01And then third, we're going to also work with getting the test facility in place.
06:05So Uniper, which is one of the biggest utilities in all of Europe, is an important partner to us.
06:10And they have a nuclear power plant in southern Sweden.
06:12And we're building a test facility, a non-nuclear test facility on their site.
06:16They're also an investor in Blicala.
06:17So it's an important partner.
06:19And that's something we prioritize.
06:21When you do list, will it be in Stockholm or would you look at New York?
06:25So New York is, of course, very attractive for companies all over the world, right?
06:29Yeah.
06:30Not London, though.
06:32I mean, I would take a stand for now.
06:34But I think, you know, New York is clearly where most people look at the States.
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