Oklo Signs Definitive Contracts With Centrus to Secure Fuel for 1.2-Gigawatt Ohio Complex
Key Facts
Oklo announced on November 12, 2026, that it had signed several definitive contracts with Centrus Energy to supply high-assay low-enriched uranium, known as HALEU, moving the companies’ relationship from an earlier letter of intent to supply agreements. Reuters said in its coverage of the deal that the contracts include advance payments by Oklo to support the creation of new uranium-enrichment capacity in the United States at Centrus. The fuel is tied to the first phase of Oklo’s planned Ohio complex, which has a capacity of 1.2 gigawatts. The agreements come as the company seeks to secure the fuel needed to expand its power-generation business. Oklo Chief Executive Jacob DeWitte said, "Securing fuel is essential to expanding our energy business beyond our first reactor in Idaho."
Funding for the fuel purchase is tied to Meta financing for future power production by Oklo; Oklo’s quarterly report said the HALEU supply agreement signed on September 30, 2026, is subject to certain conditions. The report added that an initial amount of Meta funding left escrow and was paid directly to Centrus on November 2 as a credit for fuel orders. Centrus said the advance payments would help fund its expansion as it increases production of American Centrifuge technology for commercial use. The arrangement places fuel financing within the broader structure of the Ohio project, with the supply serving the planned complex’s first phase. The available information did not specify the value of the advance payments or the quantities of fuel covered by the contracts.
The two companies had announced a letter of intent in June 2026 to supply enough HALEU to operate up to five Aurora reactors for several years, with deliveries scheduled to begin in 2029. Centrus said at the time that the fuel would come from its American Centrifuge plant in Pike County, Ohio, to support Oklo’s planned 1.2-gigawatt complex. Centrus’ second-quarter filing showed that the letter of intent was nonbinding and that fuel supply was contingent on negotiating definitive agreements. The filing said deliveries were scheduled to begin in 2029 if a final agreement was reached. The new contracts thus replace the preliminary understanding with a definitive contractual framework, while the previously stated delivery date remains 2029.
Centrus is expanding its enrichment capacity in Ohio alongside its supply arrangement with Oklo. The company said on October 29, 2026, that it had begun shipping the first new centrifuge from its manufacturing facility in Oak Ridge to Ohio as part of a multibillion-dollar expansion. The U.S. Department of Energy had issued a task order on July 1 to expand the Piketon enrichment facility to include commercial-scale HALEU production, with additional options of up to $170 million, according to a Centrus filing. The company said new capacity from the Ohio centrifuges is expected to begin operating in 2029, the same year previously set for the start of fuel deliveries to Oklo. Centrus said in its filing, however, that the department’s funding for the expansion is not guaranteed, nor is successful execution of any awarded contract.
Oklo’s deal comes as advanced-reactor companies move to secure HALEU, a fuel that Centrus said nine of the 10 reactor designs initially selected by the Department of Energy will need. In its third-quarter results, Centrus reported revenue of $55.5 million, down from $74.9 million in the same period of 2025. In the same report, it said its backlog of contracts and commitments to purchase low-enriched uranium and HALEU had risen to $5.4 billion, and that it was producing HALEU for the commercial market using a set of 16 centrifuges. The company had also signed a definitive multiyear contract in September 2026 to supply HALEU to Antares, with deliveries to begin before the end of the contract. The agreements reflect Centrus’ efforts to expand its commercial nuclear-fuel business alongside its production-capacity expansion.
The companies’ shares closed in the November 11, 2026, session at $25.86 for Oklo and $112.17 for Centrus. In trading on the day of the announcement, Reuters coverage showed Centrus shares up about 2.09% and Oklo shares up about 3.07% at the time the report was prepared. Centrus had said the first new capacity from its Ohio centrifuge expansion was expected in 2029, while the earlier letter of intent pointed to the start of HALEU deliveries to Oklo in the same year. Progress on supply is tied to completion of the enrichment expansion, which Centrus said is not guaranteed to receive funding or be executed. The definitive agreements secure fuel for the first phase of the Ohio project, according to coverage published on the day of the announcement.