Oklo targets 12 gigawatts of new nuclear power in deal with data center operator [Video]

Nuclear startup Oklo aims to deploy 12 gigawatts of power over the next two decades through a framework agreement with data center operator Switch, the companies announced Wednesday.

Oklo would deploy what amounts to a fleet of small nuclear reactors through 2044, with power generation equivalent to the annual electricity consumption of more than 9 million households in the U.S.

Oklo would develop, build and operate the small nuclear plants. It would sell the electricity to Switch through a number of power purchase agreements for its data centers across the U.S. Oklo and Switch have not signed any individual power purchase agreements yet.

Oklo’s stock rose more than 9% in morning trading.

The broad agreement signed by Oklo and Switch is a nonbinding framework that sets high level goals to execute against, Oklo CEO Jacob DeWitte told CNBC in an interview. It creates a vehicle to advance large scale, multi-site power development and …