Although state visits by leaders of sovereign nations tend to be largely ceremonial affairs, President Trump’s visit to the UK last week offered up a chance for the two sides to get down to business and negotiate over the trade impasse brought on by the US president’s tariff policies.
And one of the most significant takeaways from this latest round of talks between the two countries was an agreement by the UK and the US to pursue a joint effort on ramping up the development of nuclear energy.
Crucially, the UK agreed to open its nuclear sector to technology being developed by American companies.
In a memorandum of understanding released by the White House last week, the Trump administration indicated that a goal of the two countries was to build “a secure and reliable supply chain for advanced nuclear fuels in both countries, and achieving full independence from Russian nuclear fuel by the end of 2028” in order to support their advanced reactor programs.
News of the agreement between the US and the UK sent nuclear stocks surging last week.
Oklo (OKLO) soared 22.8% on Friday, NuScale Power Corporation (SMR) gained 18.2%, and Cameco Corporation (CCJ) was up 4.4%.
Oklo is arguably the biggest winner so far from the nuclear energy sector’s resurgence, with its stock increasing nearly 1,500% over the past year. Even though the company is not expected to deploy its first working small modular reactor (SMR) until 2030, Wall Street appears to be especially bullish on the long-term opportunities that the boom in energy-thirsty AI data centers will be offering it.
At least one analysis shows that the US nuclear power market is expected to grow from $13.3 billion in 2024 to $19.6 billion by 2032, increasing at a compound annual growth rate (CAGR) of 5.1% between 2025 and 2032.
US and UK building ‘golden age of nuclear’ together
The UK government said in a press release that its agreement with the US is “cementing the UK as a world-leading investment destination for nuclear with US companies entering the market to create jobs and growth for working people in Britain’s industrial heartlands.”
UK Prime Minister Keir Starmer said in a statement that the two countries are “building a golden age of nuclear that puts both countries at the forefront of global innovation and investment.”
“This landmark UK-US nuclear partnership is not just about powering our homes, it’s about powering our economy, our communities, and our ambition,” he said.
“These major commitments set us well on course to a golden age of nuclear that will drive down household bills in the long run, while delivering thousands of good jobs in the short term.”
As part of the agreement, X-Energy, a private US nuclear company, will be partnering with British multinational energy company Centrica to build up to 12 advanced modular reactors in Hartlepool.
The US and UK have also agreed to fast-track reactor design checks, so that if a reactor has “passed rigorous safety checks” in one country, it will not have to go through a duplicate inspection in the other country.
The aim is to complete approvals of nuclear reactors within 24 months.
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