A：The two developments are the US Department of Energy's Genesis mission and the DOE's nuclear life cycle innovation campus initiative.

A：The purpose of Oakland's collaboration with Nvidia and Los Alamos National Laboratory is to develop and deploy physics and chemistry-based AI models, digital twins, and modeling and simulation tools to accelerate fuel validation and improve workflows for designing, deploying, and operating nuclear facilities.

A：The DOE's nuclear life cycle innovation campus initiative is a plan to create campuses that could bring together fuel fabrication, enrichment, recycling, reactor development and deployment, power generation, advanced manufacturing, and data centers. The selected potential host states are Utah, Tennessee, Oklahoma, Louisiana, and Idaho.

A：Oakland's strategy for creating an integrated nuclear technology platform includes focusing on three pillars: power, fuel, and isotopes. Power is the anchor, with Aurora powerhouses designed to deliver clean, reliable, and affordable electricity and heat. Fuel is the enabler, with a focus on building capabilities across fuel sourcing, fabrication, and recycling. Isotopes expand the value of the platform and allow the application of nuclear materials processing and operating capabilities to high-value markets across various industries.

A：The Aurora project is significant because it aims to provide a reliable and scalable fuel supply for nuclear deployment, which is a critical constraint. It is building capabilities in fuel fabrication, recycling, and operations, which also supports a fleet of reactors, creates recurring fuel demand scale, and enhances availability and value across the nuclear platform.

A：Vertical integration benefits Oakland's strategy by creating greater flexibility in funding growth, capturing value across the full life cycle of a nuclear asset, potentially reducing direct capital investment, preserving recurring revenue opportunities, improving capital efficiency, expanding financing structures, and supporting faster and more scalable deployment of the nuclear platform.

A：Progress has been made across power, fuel, and isotopes business lines, including the acquisitions of RME and Creative Engineers Inc., expanding use of AI, strengthening manufacturing and engineering capabilities, advancing fuel strategy, continuing work on recycling planning, and advancing the isotope business both technically and commercially.

A：The Groves project was developed in about 11 months from ground-breaking to achieving first criticality. Major accomplishments include completing major civil work, installing key systems, advancing commissioning and authorization activities, and reaching operational status as a nuclear isotope facility. This timeline demonstrates a record-setting pace for the nuclear industry and represents the fastest transition from Greenfield to criticality for a full-scale, privately funded, and privately cited reactor in history.

A：Through the Groves Project, Oakland developed capabilities in nuclear deployment, including design, procurement, construction, authorization, commissioning, and operation of a full-scale reactor. These capabilities were built within the company and allow for the retention and leverage of experience, procedures, and lessons learned across projects.

A：Future projects will benefit from the experiences gained from Groves as they will start with an experienced team that has already managed every phase of a nuclear project, from construction to operation. This transfers the capability to execute nuclear projects more efficiently and effectively, with the ability to reuse and improve the deployment model established at Groves.

A：The approval of the Preliminary Documented Safety Analysis (PDSA) is significant as it establishes the preliminary safety basis for the Aurora Powerhouse, including hazard analysis, accident analysis, safety controls, and design commitments. It is an important step towards final design and construction and sets the stage for further regulatory milestones.

A：The site for Aurora II is advancing with site mobilization underway and near completion of excavation for the reactor area. Procurement, engineering, and system integration are ongoing parallel efforts. Safety reviews inform design, which in turn influences procurement and construction, creating a feedback loop that improves project planning and coordination.

A：Kiwitt is providing engineering, procurement, construction, and execution planning support for the initial phase of the Ohio Power Campus. This collaboration leverages lessons learned in Idaho to inform the supply of meta power from the Oakla 1.2 GW power campus in Ohio, aiming for repeatable approaches that can support multiple Aurora powerhouses.

A：Acquisitions like A & C Creative Engineers contribute specialized engineering, manufacturing, testing, and capabilities that support repeatable deployment across business lines. This enhances connections between design and fabrication, improves execution pace, and strengthens the internal capabilities supporting the deployment platform.

A：Oakland's fuel strategy is to build a diversified domestic fuel supply, avoiding dependence on a single fuel pathway. This includes multiple complementary pathways involving commercial and government materials, recycling, and the potential use of surplus plutonium. The strategy aims to ensure fuel availability and support ongoing deployment efforts.

A：The new fuel fabrication facility (3F) is in production to fabricate EBR 2 fuel for Aurora II. This facility supports the first core load of this fuel type for use in Aurora, contributing to the infrastructure needed for deploying the reactor and ensuring fuel supply as the market evolves.

A：The planned Ohio campus is strategically significant as it combines domestic fuel production, a 1.2 GW clean energy campus, customer demand, existing energy infrastructure, and execution planning. This integration helps reduce fuel constraints, provides greater visibility into project development, and aligns fuel planning directly with customer demand and asset deployment.

A：The company is excited about the Department of Energy's decision to move forward with them as part of the process. The total allocation is about 20 tons, to be divided among multiple recipients. Regarding reactivity coefficients, the company has been validating them through dynamic response comparisons in both a very fast plutonium system and a moderated system. These comparisons have been a focus of the past few days' discussions.

A：Plutonium is blended with uranium, which can be natural, depleted, or low enriched, to achieve halo equivalent performance. Typically, this blending occurs with a depleted or natural uranium stock. The expected range for halo equivalent performance is between 10 and 13% plutonium content, depending on the load and characteristics of the materials involved.

A：The experiments conducted at the critical assembly in a fast reactor system were successful. The assembly was run through various radioactivity feedback mechanisms, not just at zero power but with up to about 2 kW of power input. The system demonstrated a strong reactivity feedback coefficient, particularly from thermal expansion and the Doppler effect, indicating a tightly coupled and responsive system. The results showed great validation of the inherent feedback effects in a small-scale system.

A：The specific isotopes for initial production are not detailed in the transcript, but the focus is on developing operational commissioning and full-scale reactor experience to prepare for isotope production.

A：The company expects to start producing some test quantities of materials in about 12 months, ramping up production as they further develop capabilities. Additionally, there are opportunities for isotope production outside of reactor operations, such as through the Idaho Radiochemistry lab, which could contribute to revenue before or during the 12-month window.

A：The company's plan involves utilizing a multivariate fuel strategy that includes different fuel sources like plutonium and enriched uranium. This strategy is aimed at maximizing the use of available fuels while recycling is brought online, supporting enrichment expansion, and potentially tapping into existing inventories for isotope refining. The goal is to have a versatile reactor that can use a diverse mix of fuels to stretch fuel resources while developing recycling capabilities.

A：The timeline for DOE to allocate plutonium is not being dictated by the company and therefore, a specific date cannot be provided. However, the company indicates that they are closer to receiving the allocation than before, suggesting progress has been made.

A：The nuclear fuel innovation program aims to provide a more effective, constructive, and scalable solution for nuclear fuel lifecycle management. This could potentially open up different disposition pathways and capture innovations in technology, which could in turn attract capital or other resources to projects like the Advanced Fuel Center in Tennessee. The program's goal is to support and advance nuclear fuel management in a more sustainable and efficient manner.

A：The initiative could have significant impacts on the energy future of the world, especially the United States, by encouraging the development of combined ecosystems that include fuel intake, recycling, waste disposal through innovative methods like boreholes, advanced fuel fabrication, and the production of energy from fast reactors. This could lead to the creation of energy super campuses or regional campuses that bolster the nuclear ecosystem and other industries.

A：The used fuel inventories in the United States are significant because they are equivalent to the energy content of more than one Saudi Arabia, representing almost the entire world's known energy reserves in terms of oil. This implies that states which participate in the initiative could potentially have an immense supply of energy available to them, which is economically advantageous.

A：The decision to select five states for the initiative was based on a competitive response from 26 states expressing interest in participating. The selected states are those that raised their hand and indicated their readiness to engage with the materials and processes involved in the initiative.

A：The new initiative will lead to increased capital and operational expenses. Capital expenditures are being pulled forward due to commitments at the Idaho National Lab (INL) regarding long lead-time procurement and grid interconnection. The focus is on ensuring no delays in project timelines, which is contributing to higher operational expenditures, especially for engineering and technical staff to support the first-of-a-kind projects.

A：Progress on the fuel supply for the Aurora Il project is positive as the company feels confident in having all the fuel needed for the plant to operate at full power without changes. However, the company is still finalizing the cost details for the project with the U.S. Department of Energy (DOE) and will provide a more comprehensive cost guidance once those figures are locked in.

A：Partnership capital opportunities are present across different business lines, with potentially more active discussions on the power side, related to energy corridors and investments in asset and project level within the United States. The isotopes business is still in its early days and represents an area for significant customer investment. The company is actively exploring potential acquisitions that align with its business model and scale of interest.

A：The company is scaling its asset deployment capability by both building the capability internally and acquiring assets through strategic purchases. This strategy involves buying assets to add to the company's portfolio and integrating teams with strong capabilities. M&A is being used as a tool to accelerate this process and to ensure the company can provide assurance around asset deployment.

A：Each project completed by the company contributes to more credibility and helps in advancing commercial conversations and offtake agreements. The progress in these areas is seen as a benefit that enhances the company's ability to engage with potential customers.

A：The customer landscape has increasing confidence in the company's progress due to its ability to address regulatory aspects, fuel procurement, construction, and capital requirements. The pathways to watch include ongoing regulatory deconstruction, the assurance of fuel supply, and the diversification of fuel strategies, which are being communicated to customers to align their expectations with the company's capabilities.

A：The company is actively participating in the interconnection process with PJM and has multiple applications on the docket. The key watchpoint is the turnaround time on approvals and ensuring that the company remains proactive in pushing projects through. The interconnection team, led by Mike Donahue, has a depth of expertise to handle this aspect. However, potential setbacks could be due to interconnection challenges and the overall backlog in the process.

A：Historically, advanced reactors may not undergo the same down selection process to 2 or 3 designs as other markets, suggesting that the industry might sustain more diversity in reactor designs.

A：The current market space in the nuclear industry is seen as incredibly large with modernized ways of delivering nuclear plants, moving away from legacy approaches.

A：There are opportunities across different reactor sizes, from micro-reactors for niche applications to scalable small to medium-sized reactors for unique deployment opportunities, to large reactors with strong legacies.

A：All types of reactors can deliver useful heat for various applications, with the majority of product heat needs being served under 200 degrees centigrade, and some able to deliver between 400 and 450 degrees centigrade, which opens up different market opportunities.

A：The industry aims to support the use of all types of reactors, manage the process of recycling used fuel to make reactors more efficient and economical, ultimately converging towards fast reactors and recycling due to inherent benefits.

A：The data center community, including hyperscalers, is encouraged to stand up and tell their story to influence perceptions positively. They are advised to engage in community engagement and take advantage of current dynamics to foster a better understanding of nuclear energy.

A：AI is being used to enhance design analysis and data processing, and to accelerate the design characterization space, which leads to higher performing designs and more efficient use of resources. It also helps in modernizing the approach to managing nuclear materials and extending the usability of different materials.

A：AI is expected to significantly accelerate the design process, reduce time to market, and optimize reactor performance. It is also anticipated to improve the documentation process and contribute to the development of future reactor designs.

A：While a blend of plutonium with Leu can achieve similar performance to HALEO, plutonium is a limited resource. Transuranic material produced from recycling provides a more abundant and sustainable source of fuel. This strategy aims to bridge the gap to fast reactors and recycling, while recognizing the potential for increased utilization of existing plutonium inventories.

A：SMR technology has applications in off-grid and industrial heat, with specific focus on its deployment in the Alaska Air Force. The comparison with high-temperature gas cooled designs that run on triso fuel shows that while the market opportunities above 450 degrees are marginal, they become more significant at temperatures above 850 degrees, especially near 1000 degrees. The reason is that economically viable ways to move heat at those temperatures are not present, and materials for such high temperatures are incredibly expensive and underdeveloped. Hence, converting energy into different forms is preferred, which is more feasible at temperatures up to 450 degrees. The emphasis is on the cost-effective delivery of heat by water reactors, regardless of the type of fuel used.

A：Historically, technology development in nuclear energy was centered around research and development with justifications such as opening up niche heat opportunities above normal temperature ranges. However, even above 550 degrees, there's not much process heat output, and the technology work needed to achieve temperatures above 600-650 degrees is not yet mature. Using super alloys for transporting heat at different distances at temperatures above 500-600 degrees is cost-prohibitive. Therefore, most technologies collapse into using non-site water reactors for delivering heat economically.

A：Economic considerations for delivering heat include the cost of transporting heat over distances at high temperatures. Water reactors are highlighted as delivering heat economically, with the type of fuel (sodium, lead, salt, gas) having less significance. Lower temperature levels are more cost-effective, and the inherent benefits of pressurized water and sodium in terms of power density make them advantageous for various markets. The idea of pursuing higher temperatures for their own sake is seen as not being as justified due to diminishing marginal opportunities. The reality is that most customers are excited about the potential for heat in various industrial applications, and the art of the possible in this space is still largely underexplored.

A：The achievements in executing a full-scale nuclear reactor include completing the entire project, from civil construction to reactor building, with full control over the entire process. The company built the reactor so that the process could be scaled and repeated, incorporating lessons learned to make future projects more efficient. This experience enabled the company to commission the facility and operate it themselves, setting up in-house capabilities. As a result, the company has the capability and knowledge to design, build, commission, and turn on a full-scale reactor that can be replicated again and again. This capability gives a significant advantage when moving to new projects like Aurora and others with complexities like fuel fabrication and recycling.