2 No-Brainer Energy Nuclear Stocks to Buy With $100 Right Now

Key Points

• Oklo is developing a small modular reactor (SMR) called Aurora, which could provide 24/7 power to remote sites like data centers.

• Centrus Energy is a U.S. supplier of high-assay low-enriched uranium (HALEU) -- the fuel needed to power most SMRs.

• 10 stocks we like better than Oklo ›

Nuclear energy is having a moment.

After decades on the sidelines, nuclear is suddenly back in the conversation. A couple of reasons can explain its sudden resurgence: One, it's a zero-emission energy source, and, two, it can support energy-hungry artificial intelligence (AI) data centers with reliable 24/7 power. As a result, governments are pumping billions to increase nuclear energy capacity, with the White House recently taking executive action to "reinvigorate" its domestic nuclear supply chain.

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Those two tailwinds, plus others, are making quite a few nuclear energy companies seem like no-brainers for investors betting on an energy intensive future. If you're looking to open a stake in the most intriguing opportunities, here are two nuclear energy stocks to watch.

Image source: Getty Images.

1. Oklo

Oklo (NYSE: OKLO) is a nuclear start-up that's widely seen as a pioneer in advanced nuclear technology. Although the company is pre-revenue -- and isn't expected to generate revenue until 2027 -- the stock is up over 1,360% year over year, with a $13.4 billion market valuation to go with it.

What's exciting investors about Oklo is the promise that its bread-and-butter technology, small modular reactors (SMRs), will be the most fitting energy source for AI data centers.

Oklo's SMRs are small, modular reactors that take up less space than most green energy sources (like wind farms) and can be assembled faster than traditional reactors. They use a novel fuel technology that can supposedly run for about 10 years, which makes them ideal for remote off-grid sites. And although they're small, they can also be chained together to provide more power if needed.

But here's the kicker. Oklo's flagship microreactor, Aurora, has been tested, but currently none have been built for commercial customers. The company hit a regulatory snag in 2022 -- its license application was denied by the U.S. Nuclear Regulatory Commission -- and is currently completing a new application. Until it gets past all the regulatory hurdles, its designs will be promising but untested at scale.

At the same time, Oklo has friends in high places. It has a letter of intent for a 20-year power deal with Diamondback Energy and a strategic partnership with Centrus Energy (NYSEMKT: LEU). The latter partnership includes purchasing high-assay low-enriched uranium (HALEU) in exchange for electricity purchased from it to power Centrus' production facility in Piketon, Ohio.

Oklo was also chosen by the White House as part of a new slate of federally supported nuclear projects. Most notably, three of the 11 projects selected were Oklo's -- the only company to have more than one.

As such, Oklo remains a speculative play, a pre-revenue company whose valuation is already high but whose promise could be much worth much more than what it trades at today.

2. Centrus Energy

If Oklo is a designer reinventing the nuclear reactor from the ground up, then Centrus is the fuel supplier making it possible.

Indeed, Centrus is the only U.S.-owned enricher who's licensed to make high-assay low-enriched uranium, which just so happens to be the very fuel that most next-generation reactors will require when they are put to commerical use.

HALEU is enriched between 5% and 20% U-235. This is a higher energy density than what most traditional reactors were engineered to require, but not nearly as volatile as weapons-grade material. In practice, it means smaller reactors can run longer between refueling and generate less waste.

Currently, the U.S. imports most of its enriched uranium from Russia and France. As you can imagine, this is an uncomfortable fact for the White House. While Centrus also imports some Russian LEU, the hope is that it will, with government support, obtain self-sufficiency in production.

On that front, the Piketon facility is pulling off some early heavy lifting. Over the last six years, Centrus has built 16 advanced centrifuges, gotten regulatory approval to enrich uranium up to 19.75%, and delivered nearly 1 metric ton (900 kgs) of HALEU to U.S. Department of Energy. The DOE has now extended its contract with Centrus into Phase III, with options for up to eight more years of production. If all goes well with Phase III, it could establish Centrus as the U.S.'s domestic supplier of HALEU.

Like Oklo, however, Centrus is still a speculative play. For one, the stock trades at a premium: about 56 times forward earnings, or almost 4 times higher than the energy sector's average rate of about 15. It sits on about $833 million in cash and a $3.6 billion backlog, but its capacity to produce enriched uranium is limited and needs successful expansion to meet expected demands.

For investors betting that future is powered by nuclear power, both of those stocks are compelling high-risk buys for $100. More cautious investors who want to limit downside risk, however, might want to consider a nuclear energy exchange traded-fund (ETF).

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Steven Porrello has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.