Oklo Inc. (NYSE: OKLO) and Centrus Energy Corp. (NYSE: LEU) announced they have agreed to pursue discussions regarding a joint venture focused on deconversion services for high-assay low-enriched uranium and related fuel-cycle technologies.

The joint venture activities would occur at Centrus' Piketon site in Pike County, Ohio, co-located with Centrus' enrichment operations and adjacent to Oklo's planned 1.2 GW power campus.

Deconversion involves converting processed and enriched uranium into different chemical forms such as uranium oxide or uranium metal before it can be fabricated into fuel for advanced reactors. The companies stated the joint venture would aim to integrate uranium enrichment and deconversion to improve efficiency and costs through co-location.

"Advanced nuclear energy development requires not only reactors but also reliable fuel-cycle capabilities that support those reactors," said Jacob DeWitte, CEO and co-founder of Oklo. "This framework supports deeper discussions with Centrus on potential pathways to expand deconversion capacity, strengthen domestic supply chains, and advance a more efficient fuel-cycle model that operates from the same location."

Centrus President and CEO Amir Vexler stated, "We look forward to exploring options to co-locate and scale deconversion services to improve efficiency and support growing demand."

The companies believe a central hub for deconversion services co-located with HALEU enrichment could eliminate the need for each fuel fabrication facility to establish its own deconversion line. This approach could also simplify and reduce the cost of shipping HALEU.

The parties plan to explore coordination of regulatory and research activities, including joint engagement with federal agencies. The collaboration would align with redevelopment efforts by the Southern Ohio Diversification Initiative to transform the former Portsmouth Gaseous Diffusion Plant site into an advanced manufacturing and clean energy hub.