Atomic Show #338 – Craig Bealmear, CFO Oklo

Oklo is rapidly becoming a household name, at least among households with members who pay attention to energy industry developments and/or the headliners in the financial press.

Oklo is in the process of designing and permitting a family of small modular reactors that it plans to own and operate to produce electricity, heat and isotopes that it will sell to its end customers under long term power purchase agreements (PPA).

The specific type of SMR that Oklo has chosen as the one with the best chance to economically meet its needs as a power and heat producer – over the long haul – is a liquid sodium cooled, fast neutron reactor designed to closely match the features and performance of the Experimental Breeder Reactor II (EBR-II). That impressively successful demonstration reactor, which produced about 20 MWe, ran reliably for 30 years (1964-1994).

Oklo has stated that it intends to produce 15, 50 and 75 MWe versions of the system in order to best meet the needs of the customers it is aiming to serve.

An integral part of the Oklo vision is to recycle used nuclear fuel, the material that is often referred to as spent nuclear fuel or even “nuclear waste.” The fact that the material still contains about 90-95% of its initial potential energy is finally becoming common knowledge. Oklo believes that fast spectrum reactors are the technology that is best suited for converting used fuel materials into useful energy, and it also believes that affordably recycling fuel is essential to meeting its long term economic projections.

Part of Oklo’s business model is focusing on community acceptance for its powerhouses. They are designed to be aesthetically pleasing to the point where Oklo powerhouse images are often used to illustrate articles about advanced nuclear energy that focus on other companies. The company has talked about designing the stations to be community gathering places and also talked about beneficially using waste heat for purposes like heating swimming pools or district heating systems.

For Atomic Show #338, I spoke with Craig Bealmear, Oklo’s Chief Financial Officer (CFO). Craig described his 30-year background in the energy industry, mostly working in finance and accounting for BP. He spent most of his career in their marketing arm selling gasoline, diesel and jet fuel to large customers, but also ran several commercial enterprises within the company.

We discussed Oklo’s experience as one of three publicly traded pure plays in advanced nuclear energy during a period when excitement about nuclear energy hit an inflection point and dramatically increased demand for a commodity in very short supply. (Note: The supply of publicly traded pure plays in nuclear has recently doubled, creating a situation that is testing the strength of the demand for those companies.)

We spoke about the company’s vision, its business model and the way that its business model drove the selection of liquid metal fast spectrum reactors. Oklo’s founders – Jake and Caroline DeWitt – were attracted to their ability to operate at near atmospheric pressure while achieving high enough temperatures to create steam at the conditions used by modern Rankine Cycle steam plants. They believed that characteristic, along with the impressive results of EBR-II passive safety tests, will allow them to reduce the portion of their systems that are classified as safety-related. Sodium has been proven to be chemically compatible with stainless steel over a long period of high temperature operation, a characteristic with cost reduction potential.

Of course, we also had to talk about the design and operating provisions needed to mitigate and minimize the impact of sodium’s well known chemical reactions with water and moist air. That characteristic requires almost as much attention to keeping the primary coolant system leak tight and reliably separated from the clean steam site of the plant as has always been invested in pressurized water reactors. Low pressures make fabrication of the primary coolant pressure boundary for sodium cooled reactors a little less challenging than it is for very high pressure water.

Early in its development, Oklo invested a substantial amount of time recovering data from the EBR-II and the Fast Flux Test Facility. Craig and I talked about the value that quality testing and design data and how Oklo’s investment in organizing, understanding and using that data gives it a valuable head start compared to others who also have access to the government’s results.

During its decade+ period of operation, Oklo has developed strong relations with the Department of Energy and its national labs. It has recently announced several partnerships with others that are interested in fuel recycling, uranium enrichment and fast spectrum/liquid metal cooled reactors. It is interested in the potential for supplying – or buying – materials and components when it is mutually beneficial.

As the CFO, Craig is working to mitigate some of the concerns he has with the “asset-intensive” nature of Oklo’s build, own and operate business model. We talked about several paths that Oklo might pursue to reduce the capital requirements.

Though Oklo has been interacting with the Nuclear Regulatory Commission since 2016, it is planning to take advantage of a recently reinvigorated capability for the Department of Energy to authorize the construction, operation and testing of pilot reactors. We spoke about DOE authorization as an interim step that can speed the process while enabling a later relicensing by the NRC for commercial operation. Oklo’s long term plan is to use repeated COLs under Part 52 with reactors manufactured under a manufacturing license.

We also talked about Atomic Alchemy and how the acquisition of that company fits Oklo’s future plans.

Counting Atomic Alchemy’s VIPER reactor, Oklo has three reactors in the DOE’s recently announced Reactor Pilot Program. The other two are Aurora-INL and Pluto. Aurora-INL is a 15 MWe version of Oklo’s powerhouse design while VIPER is a reactor that is optimized to produce high-demand isotopes. Very little information has been released about Pluto, but the project name offers a hint about one of its major design characteristics.

The company is actively pursuing all three reactor projects, but they intend to push hardest on one of the three to achieve critical operations by July 4, 2026. Kiewit is serving as the engineering, procurement and construction contractor for the Aurora-INL project.

One of the final topics we discussed was the company’s employee base. Oklo employs more than 200 people and has 45 openings listed on its job board. Either Jake or Caroline interviews every potential hire before they are added to the team.

We ran out of time before we could discuss topics like the manufacturing facility plans, the current progress of recycling efforts or the politics involved in moving the US away from the 50-year old de facto policy of avoiding fuel recycling.

Disclosure: My wife and I have a small position in Oklo. As Nov 19, 2025, It represents less than 1% of our net worth.