Nuclear energy companies gain on Amazon's push for nuclear power to meet data center demand

Energy Fuels

16/10/2024 18:43

** Shares of uranium producers and nuclear power companies
jump after Amazon.com  AMZN.O  signs three agreements on
developing nuclear power technology called small modular
reactors (SMR)
    ** While no U.S. SMRs exist yet, Amazon will have the right
to purchase electricity from four modules
    ** Earlier this year, Amazon purchased a nuclear-powered
data center from Talen Energy  TLN.O 
    ** "AMZNs announcement continues a string of positive events
starting with the passing of the ADVANCE Act ... Nano Nuclear
Energy  NNE.O  is developing 1-2MW SMRs and has secured capital
and rapidly putting in place a strong team to lead its efforts"
— Michael Legg, managing director of emerging growth equity
research at The Benchmark Company
    ** NNE jumps 28.5%
    ** Nuclear energy-backed utilities Talen Energy Corp
 TLN.O , Vistra Corp  VST.N , Dominion Energy  D.N  jump about
8% 
    ** U.S. uranium miners Uranium Energy Corp  UEC.A  and
Energy Fuels Inc  UUUU.A  rise 7% to 15%; Canada's Cameco Corp
 CCO.TO  gains about 7.6%

 (Reporting by Khusbu Jena in Bengaluru)
 ((Khusbu.Jena@thomsonreuters.com))