Nuclear energy company Oklo (OKLO) has expanded its team with an ex-Deputy Secretary of Energy. According to a March 7 SEC filing, Oklo stock appointed Michael Thompson and Daniel B. Poneman to the board.
Poneman served as Deputy Secretary of Energy at the U.S. Department of Energy until 2014 and later led Centrus Energy as CEO until 2023.
“Mr. Poneman has decades of experience in the U.S. nuclear industry across both public and private sectors. He served as Deputy Secretary of Energy at the U.S. Department of Energy from 2009 to 2014,” said Oklo CFO Craig Bealmear
He added that Poneman “played a key role in the Recovery Act of 2009 and responsible for infrastructure investments and a transition to clean energy, including nuclear industry initiatives.”
Oklo got caught in the broader sell-off
Oklo’s stock has been in steady decline since mid-February, shedding nearly half of its value.
A broader market downturn, compounded by Microsoft pulling back on data center investments, has hit tech-exposed stocks especially hard over the past month.
Oklo had positioned itself as a key energy provider for the AI and tech industries.
“I think we are only seeing the beginning of a massive new surge, tech and AI are helping contribute and drive a new demand signal,” Oklo CEO Jacob DeWitte said in October 2024, when AI stocks were still soaring.
Oklo is also backed by some of the most high-profile tech names. OpenAI CEO Sam Altman chairs Oklo’s board, and former PayPal CEO Peter Thiel is an investor.
Notably, Oklo is the only company Altman currently chairs apart from OpenAI.
Atomic acquisition
Despite its stock struggles, Oklo is expanding its business. On March 5, the company acquired Atomic Alchemy, a nuclear elements manufacturer widely used in the medical field, for $25 million in Oklo stock.
“This strategic acquisition enhances Oklo’s capabilities to establish a reliable domestic supply chain,” the company said in a press release.
The deal is expected to diversify Oklo’s operations beyond AI and energy, with applications in biotech, pharmaceuticals, defense, space, and semiconductors.
However, Atomic Alchemy has not yet turned a profit, the release clarified.
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