Oklo Inc. announces $1.7 billion investment into USA’s Energy Hub, Oak Ridge
The advanced nuclear technology company will create more than 800 new jobs through the project, which includes the development of an advanced nuclear fuel recycling facility on a 247-acre site at the Oak Ridge Heritage Center.
In a major win for East Tennessee’s innovation economy, Governor Bill Lee, Tennessee Department of Economic and Community Development Commissioner Stuart C. McWhorter, and officials from Oklo Inc. announced Thursday that the California-based advanced nuclear technology company will invest nearly $1.7 billion to establish a nuclear fuel recycling facility in Oak Ridge.
Rain poured across the region late Thursday afternoon, but that didn’t stop more than a hundred economic developers, elected officials, and members of the innovation community from gathering at the newly unveiled William J. Wilcox Jr. K-25 Interpretive Center to celebrate the announcement.
Governor Lee praised Oak Ridge as an “energy magnet,” crediting the community’s legacy and leadership for attracting high-impact companies.
“I want to say to the people of Oak Ridge… You have created an environment with the legacy of Oak Ridge, from the Manhattan Project through today, that is attractive to a wealth of companies,” he said.
Building on that legacy was the hyper-focus of the newly formed Oak Ridge Corridor Development Corporation, which is an economic development group that launched earlier this year with a focus on nuclear industries. Their bet is already paying off (see story here).
Oklo’s project will be located on a 247-acre site at the Oak Ridge Heritage Center and will create more than 800 high-paying jobs. It also marks a historic milestone: the first privately funded nuclear fuel recycling facility in the United States.
Company leadership is exploring opportunities with the Tennessee Valley Authority (TVA) to recycle the utility’s used fuel at the new facility and to evaluate potential power sales from future Oklo powerhouses in the region to TVA.
Founded in 2013, Oklo develops fast fission power plants designed to deliver clean, reliable, and affordable energy at scale. Its flagship product, the Aurora Powerhouse, is a compact, liquid metal-cooled fast reactor that can operate for up to 20 years without refueling. Rather than selling reactors, Oklo’s business model centers on long-term power purchase agreements with customers.
“By recycling used fuel, we’re building the supply chain for the next generation of nuclear technology with advanced fuels that power industry and support durable jobs for decades to come,” said Jacob DeWitte, Co-Founder and CEO of Oklo. “We’re talking about unlocking energy that is equivalent in size to global oil reserves.”
Oklo is the fifth company to locate in Tennessee through the state’s Nuclear Energy Fund, a strategic initiative designed to attract nuclear-related businesses and strengthen university-led nuclear education programs. Originally proposed in Gov. Lee’s 2023–2024 budget, the fund received $50 million, with an additional $40 million approved across the 2024 and 2025 legislative sessions.
Other companies supported by the fund include Type One Energy Group, Orano USA, BWXT Enrichment Operations, and Master Machine LLC.
Oklo’s project was vetted and recommended by the Education and Workforce subgroup of the Tennessee Nuclear Energy Advisory Council, a 22-member body focused on advancing the state’s nuclear strategy.
With this announcement, Oak Ridge continues to build on its legacy as a national hub for nuclear innovation—bridging its atomic past with a clean energy future.
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