By Mackenzie Tatananni

Oklo stock jumped in premarket trading Wednesday after the start-up landed an agreement to provide nuclear power to data center operator Switch.

Shares of the California-based clean energy company climbed 14% to $21.85, marking the largest same-day percent increase since Nov. 21, according to Dow Jones Market Data.

In a joint press release, Oklo and Switch dubbed the partnership "one of the largest corporate power agreements in history."

Under the terms of a non-binding master agreement, Oklo will develop powerhouses across the U.S. and sell energy to Switch through a string of power purchase agreements. Oklo aims to deploy 12 gigawatts of power through 2044.

"We believe that working with Switch will not only accelerate our early powerhouses but also accelerate our ability to scale by demonstrating customer demand for decades to come," Oklo CEO Jacob DeWitte said in a press release.

The agreement "underscores Switch and Oklo's commitment to meeting artificial intelligence's growing electricity demands with clean, sustainable power," the collaborators added.

Switch is a privately held company that operates data center campuses nationwide. Since January 2016, all Switch data centers have been powered by renewable energy. The company is best known for its Citadel Campus in Reno, Nevada, which is among the largest in the world.

Oklo debuted on the New York Stock Exchange in May under the ticker "OKLO." The start-up went public through a merger with AltC Acquisition Corp., a special purpose acquisition company headed by OpenAI CEO Sam Altman.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 18, 2024 09:01 ET (14:01 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.