Shares of Energy Fuels Inc. (UUUU), a leading U.S. producer of uranium and rare earth elements, surged 5% on Wednesday following news that Amazon Web Services has signed agreements to support the development of several new Small Modular Reactors (SMRs) and other nuclear energy projects.

The move by Amazon, the cloud computing giant, is seen as a positive development for the nuclear energy industry and companies like Energy Fuels that produce the uranium fuel required for nuclear power plants. Analysts believe this resurgence in demand for nuclear energy, driven by major tech companies seeking clean energy sources, bodes well for Energy Fuels' future prospects.

As the only fully licensed and operating conventional uranium processing facility in the United States, Energy Fuels is well-positioned to capitalize on the growing interest in nuclear power. The company has been the leading U.S. producer of natural uranium concentrate for the past several years, supplying nuclear utilities that process it for the production of carbon-free nuclear energy.