Oklo Inc. (NYSE:OKLO) on Tuesday announced that it has inked a memorandum of understanding (MOU) with South Korean Nuclear Giant Korea Hydro & Nuclear Power (KHNP).

The agreement sets the stage for joint efforts to advance and deploy Oklo’s nuclear technology worldwide.

As per the deal, KHNP and Oklo will collaborate to advance the standard design and verification of Oklo’s Aurora powerhouse.

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The partnership will also focus on early-stage project development, including manufacturability assessments, major equipment planning, supply chain development for the balance of plant systems, and construction planning.

Notably, Oklo plans to deploy its 75 MWe Aurora reactor at the Idaho National Laboratory and is currently in the licensing process.

The company is working with the U.S. Nuclear Regulatory Commission through a Pre-Application Readiness Assessment and plans to submit a Combined License Application (COLA) later this year.

Oklo also plans to file additional applications to support a growing pipeline of over 14 GW in customer demand.

Jacob DeWitte, Co-Founder and CEO of Oklo stated, “Partnering with KHNP, one of the most accomplished nuclear builders in the world, who have been building nuclear power plants continuously since 1971, offers meaningful opportunities to align on key execution factors such as manufacturability, constructability, and supply chain development.”

This month, the company posted a first-quarter loss of 7 cents per share, an improvement from a 34-cent loss in the same quarter last year, and ended the quarter with $90.1 million in cash and cash equivalents.

Investors can gain exposure to the stock via VanEck Uranium and Nuclear ETF (NYSE:NLR) and Global X Uranium ETF (NYSE:URA).

Price Action: OKLO shares are trading lower by 1.68% to $48.05 at last check Tuesday.

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