Nuclear energy stocks

Cameco Corporation is a prominent global enterprise specializing in the production and distribution of uranium. Its operations are structured into two core divisions: Uranium and Fuel Services. The Uranium division manages the full upstream process, encompassing the exploration, extraction, and initial processing (milling) of uranium ore, as well as the procurement and sale of uranium concentrate. Conversely, the Fuel Services division focuses on the downstream transformation of uranium. This includes the refining, conversion, and fabrication of uranium concentrate into usable forms, alongside providing related conversion services. Furthermore, this segment is responsible for manufacturing specialized fuel bundles and reactor components specifically designed for CANDU reactors. Cameco provides its essential uranium products and associated fuel services to nuclear utility clients across major international markets, including the Americas, Europe, and Asia. The company was founded in 1987 and maintains its principal office in Saskatoon, Canada.

BWX Technologies, Inc. operates globally, specializing in the production and sale of nuclear components across the United States, Canada, and other international regions. The company's multifaceted operations are categorized into three distinct segments: Nuclear Operations Group, Nuclear Power Group, and Nuclear Services Group. The Nuclear Operations Group is a pivotal supplier of precision naval and critical nuclear components, including reactors, nuclear fuel, and assemblies, primarily supporting the United States Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Program. This segment also fabricates missile launch tubes for U.S. Navy submarines, produces specialized close-tolerance equipment for various nuclear applications, and is involved in converting Cold War-era stockpiles of high-enriched uranium. Its responsibilities further extend to the receiving, storage, characterization, dissolution, recovery, and purification of uranium-bearing materials, alongside providing research reactor fuel elements for academic and national laboratories, and other defense-related components. The Nuclear Power Group caters to the commercial nuclear sector, offering a comprehensive range of products such as nuclear steam generators, fuel, fuel handling systems, pressure vessels, reactor components, heat exchangers, tooling delivery systems, and specialized containers. This group provides engineering and in-plant services for nuclear power facilities, overseeing the design, manufacturing, commissioning, and servicing of nuclear power generation equipment. It also delivers essential in-plant inspection, maintenance, and modification services, non-destructive examination, and tooling/repair solutions. Moreover, it is a key provider of medical radioisotopes and radiopharmaceuticals for research, diagnostic, and therapeutic applications. Finally, the Nuclear Services Group focuses on critical support functions, encompassing nuclear materials processing, environmental site remediation, and comprehensive management and operating services. This segment is also dedicated to advancing technology for nuclear power sources and plays a role in the design, engineering, licensing, and manufacturing of nuclear reactors. Founded in 1867 as The Babcock & Wilcox Company, the corporation adopted its current name, BWX Technologies, Inc., in June 2015, and is headquartered in Lynchburg, Virginia.

Standard Nuclear is described as the only U.S. company with industrial-scale TRISO fuel fabrication facilities and has a Radiant supply agreement.

Standard Nuclear, Inc. is a reactor-agnostic producer of TRISO nuclear fuel, designing and manufacturing advanced nuclear fuels for next-generation reactors to support U.S. energy security. The company is the only independent U.S. manufacturer of TRISO fuel, a robust, high-performance fuel essential to advanced nuclear reactors. It aims to supply advanced fuels to the next-generation nuclear industry and deliver radioisotope power solutions.

Aecon’s CanAtom joint venture has a direct C$1.7 billion Unit 5 RFBR contract and Aecon provides construction and major-component replacement execution.

Aecon is a direct winner through its 50% interest in the Pickering joint venture. The contract increases Construction segment backlog and provides multi-year engineering, procurement, planning, and execution revenue, with potential follow-on work on additional units.

L&T has direct nuclear EPC and heavy-component experience and is therefore positioned to capture repeat procurement from standardized PHWR fleet construction.

BHEL’s reactor-component and conventional-island activities provide direct equipment exposure to the nuclear construction program.

Oklo is actively integrating fuel recycling (Tennessee facility) and radioisotopes (Atomic Alchemy) into its core reactor business.

Oklo Inc. develops advanced fission power plants to provide clean, reliable, and affordable energy at scale to customers in the United States. The company’s primary offering is the Aurora powerhouse, which is designed to produce between 15 and up to 75 megawatts of electricity. The company is also commercializing nuclear fuel recycling, fuel fabrication technology that can convert used nuclear fuel into usable fuel for its reactors, and the production of radioisotopes. The company has a strategic partnership with Blykalla AB for the development of advanced nuclear reactor technology and its commercialization. The company was formerly known as AltC Acquisition Corp. and changed its name to Oklo Inc. in May 2024. Oklo Inc. was founded in 2013 and is headquartered in Santa Clara, California.

Fortum is the named nuclear generator and receives long-term revenue certainty from the Google PPA.

Fortum is the owner and operator of Loviisa. The 22-year Google PPA provides revenue certainty for Fortum's roughly €1 billion lifetime-extension program, allowing the plant to remain in operation through 2050 and supporting long-term nuclear generation revenue.

Constellation is a nuclear power generator that purchases uranium, conversion, enrichment, and fuel-fabrication services.

Constellation operates existing nuclear generation and has used long-term hyperscaler PPAs to support nuclear asset revenue certainty.

Hyperscalers are increasingly underwriting long-term power purchase agreements (PPAs) to secure reliable carbon-free energy. Constellation's massive nuclear capacity makes it a key partner for companies like Microsoft and Meta, allowing it to lock in 20-year high-margin supply deals.

CGN Power, as one of China's duopoly nuclear operators, benefits directly from the State Council's continued push for large-scale nuclear capacity expansion, which secures its long-term generation capacity growth.

NuScale Power Corporation provides proprietary and innovative small modular reactor (SMR) nuclear technology. The company's mission is to help power the global energy transition by delivering safe, scalable, and reliable carbon-free energy. Its primary products are its VOYGR SMR plants which utilize NuScale Power Modules (NPM), a light water nuclear reactor that can generate 77 megawatts of electricity.

NuScale Power designs and markets small modular reactors (SMRs) capable of providing steady, low-carbon electricity to large power users. As the DoD requires the base data centers to utilize off-grid power and minimize community resource strains, NuScale is well-positioned to supply baseload energy through power purchase agreements.

Rolls-Royce SMR has been selected as supplier for a Swedish project, creating direct technology and future equipment exposure to nuclear continuation.

Rolls-Royce has relevant naval nuclear-reactor engineering and manufacturing capabilities that could be adapted or used as a benchmark for allied commercial marine nuclear systems. The company is not identified as a supplier to the U.S. merchant-ship framework, making this primarily an indirect strategic opportunity.

Solstice operates a uranium-conversion facility, placing it in the downstream front end of the nuclear-fuel cycle.

Solstice owns and operates the only identified U.S. uranium-conversion facility, creating potential strategic value if the eight-reactor program increases demand for domestic fuel-cycle capacity. The benefit is indirect and depends on expansion, contracting, and regulatory execution.

JSC National Atomic Company Kazatomprom operates as a prominent player in the global uranium sector. Its core business spans the entire uranium value chain, from initial exploration and extraction to processing, marketing, and ultimately, the international and domestic sale of uranium and its derivatives within the Republic of Kazakhstan. Beyond its primary focus on uranium, the company also processes various rare metals and is a key manufacturer and supplier of beryllium, tantalum, and niobium products. Its diverse activities extend to offering communication and security services, as well as producing semiconductor materials. Furthermore, Kazatomprom provides a range of specialized services including research, project development, engineering consultancy, drilling operations, procurement, and transportation. A crucial aspect of its work also involves monitoring radiation levels and environmental conditions. The company further diversifies its portfolio through investment management and the administration of financial services. Established in 1997, Kazatomprom is headquartered in Nur-Sultan, the capital city of the Republic of Kazakhstan.

AtkinsRéalis has direct nuclear engineering exposure through Candu Energy, which has preferred-vendor agreements for Canadian reactor refurbishment and construction.

AtkinsRéalis participates in PROPEL, the joint venture appointed to design the Raynesway nuclear manufacturing expansion. The program therefore creates specialized nuclear-facility engineering work, subject to project execution and qualification requirements.

Eagle Nuclear Energy Corp. functions as an exploration and extraction enterprise, primarily dedicated to identifying and developing mineral resources across North America. This organization holds a distinctive position within the nuclear energy sector, integrating localized uranium prospecting with its proprietary Small Modular Reactor (SMR) technology. Furthermore, it engineers compact, modular nuclear reactors specifically designed to supply electricity for industrial operations and national power grids. Established in 2023, the company maintains its corporate headquarters in Reno, Nevada.

Eagle's Aurora project is a large U.S. conventional uranium development asset, so a newly financed conventional platform directly affects its competitive development environment and potential domestic supply narrative.

NANO Nuclear Energy Inc. operates as a nuclear energy company. The company is developing KRONOS MMR Energy System, a high-temperature gas-cooled reactor; LOKI MMR, a compact microreactor designed for remote and specialized applications; ZEUS, a solid core battery reactor; and ODIN, a low-pressure salt coolant reactor. It is also developing a high-assay low-enriched uranium fuel processing facility to provide a fuel pipeline for the nuclear reactor industry, and fuel transportation and nuclear consultation businesses. The company was incorporated in 2022 and is based in New York, New York.

NANO Nuclear is an early-stage portable-reactor developer rather than a disclosed supplier to the TNPP pilot, giving it technology-sector exposure but limited project-capital capture.

Terra Innovatum Global N.V., a nuclear energy technology company, develops micro-modular nuclear reactors to deliver power solutions. The company offers SOLO, a micro-modular nuclear reactor which generates 1 megawatt electric of baseload power through a gas-cooled system utilizing commercially available low enriched uranium. It serves various industries including cement production, food processing, paper mills, chemical plants, pharmaceutical facilities, and mining operations. Terra Innovatum Global N.V. was founded in 2018 and is headquartered in Lucca, Italy.

Hadron Energy, Inc. operates as a nuclear power company, focusing its efforts on the development and refinement of Micro Modular Reactor (MMR) technology. This cutting-edge solution provides clean, emissions-free electricity, specifically tailored to meet the power demands of data centers, a variety of industrial uses, and remote populations. The company maintains its primary office in Redwood City, California, and also has a presence with another office in San Francisco, California.

newcleo is a nuclear technology company that develops advanced modular reactors (AMR) and nuclear fuel. The company's technology focuses on lead-cooled fast reactors that are designed to run on recycled nuclear materials, such as mixed-oxide (MOX) fuel. The goal is to provide clean, safe, and sustainable energy for industrial users and close the nuclear fuel cycle.

Silex Systems Limited, a technology commercialization company, engages in the research and development, commercialization, and license of SILEX laser enrichment technology in Australia, the United States, and the United Kingdom. It operates through three segments: Silex Systems, Translucent, and Silex USA. The company also sells its cREO technology. In addition, it develops its laser-based enrichment technology for use in various applications comprising uranium production and enrichment for nuclear power; silicon enrichment for silicon quantum computing; and medical isotope enrichment for new cancer therapies. Silex Systems Limited was incorporated in 1987 and is based in Lucas Heights, Australia.

Doosan Enerbility has direct EPC, heavy-forging, and reactor-component capabilities, giving it substantial potential to capture nuclear construction spending if selected or subcontracted.

Doosan supplies nuclear-grade equipment and forgings that could be required for SMR modules, but it is not exposed to the natural-gas portion of the configuration.

Curtiss-Wright supplies qualified nuclear components, creating meaningful equipment exposure as an approved SMR moves toward design finalization and procurement.

Curtiss-Wright’s mission-critical nuclear pumps and valves can participate in replacement and life-extension programs, although no event-specific MRO contract is cited.

Curtiss-Wright supplies qualified nuclear instrumentation, controls, pumps, and other components rather than fuel-cycle materials.

Uranium Energy Corp. (UEC) and its subsidiaries are involved in every stage of the uranium and titanium concentrate production cycle, from initial exploration and preparatory work to extraction and final processing. These activities take place across the United States, Canada, and Paraguay. The company possesses ownership interests in various projects, including the Palangana mine, along with the Goliad, Burke Hollow, Longhorn, and Salvo projects, all located in Texas. Additional U.S. holdings comprise the Anderson, Workman Creek, and Los Cuatros projects in Arizona; the Slick Rock project in Colorado; and the Reno Creek project in Wyoming. Internationally, UEC operates the Diabase project in Canada and manages titanium-focused initiatives such as Yuty, Oviedo, and Alto Paraná in Paraguay. Established in 2003 under its previous name, Carlin Gold Inc., the company rebranded as Uranium Energy Corp. in January 2005 and maintains its principal offices in Corpus Christi, Texas.

UEC is an upstream uranium producer that could benefit from additional feedstock demand, but it has no identified direct enrichment or HALEU capacity.

Ur-Energy has an operating Wyoming ISR project and is directly exposed to the competition and procurement dynamics of expanding U.S. uranium production.

Energy Fuels' U.S. uranium production and milling platform can gain strategic value as utilities seek supply outside politically exposed Niger.

Energy Fuels operates a U.S. uranium production and milling platform that could gain strategic value if nuclear expansion increases demand for diversified domestic uranium feedstock. The impact is long dated and downstream from enrichment because no incremental offtake or SMR fuel contract is disclosed.

Denison is an identified uranium developer whose project economics and financing prospects could improve if delayed Kazakh supply supports stronger uranium prices and term contracting.

Global Atomic’s planned Niger production and utility contract represent an alternative supply pathway that becomes more valuable when Kazakh capacity is delayed.

Global Atomic Corporation is an enterprise primarily engaged in the discovery, assessment, and advancement of uranium projects in Niger. A significant holding for the company is its Dasa uranium deposit, located in the Republic of Niger, in which it maintains complete ownership. Furthermore, Global Atomic diversifies its activities by transforming electric arc furnace dust into zinc concentrates, which are subsequently provided to various zinc smelting operations. The firm's main operational base is situated in Toronto, Canada.

Asarian Energy Ltd. is a uranium focused development company, which engages in the acquisition, exploration, and development of mineral properties located in Namibia, Africa. It focuses on the production of the Norasa Uranium project.

Kovrov Mechanical Plant, a Public Joint Stock Company, serves Russia's nuclear sector by designing and producing gas centrifuges, which are instrumental in the process of separating uranium isotopes. The company also maintains a diverse portfolio, including the manufacturing and sale of permanent magnets and magnet systems, the production of various tools, the leasing of non-residential office and industrial premises, and the provision of water supply services. This enterprise, established in 1950 and headquartered in Kovrov, Russia, operates as a subsidiary of JSC TVEL.

Entergy Corporation, headquartered in New Orleans, Louisiana, is a prominent American energy company primarily involved in generating and distributing electricity across the United States. Its operations are divided into two main divisions: Utility and Entergy Wholesale Commodities. The Utility division manages the end-to-end process of generating, transmitting, distributing, and selling electricity. This service covers specific regions of Arkansas, Louisiana, Mississippi, and Texas, including the metropolitan area of New Orleans, providing electricity to 3 million utility customers in these states. Additionally, this segment handles natural gas distribution. In contrast, the Entergy Wholesale Commodities division focuses on the ownership, operation, and decommissioning of nuclear power facilities. It also holds stakes in various non-nuclear power plants, selling their output to wholesale clients, and offers specialized services to other nuclear power plant operators. Entergy's electricity generation portfolio is diverse, utilizing natural gas, nuclear, coal, hydroelectric, and solar power. Collectively, its power plants boast an approximate generating capacity of 26,000 megawatts (MW), with 6,000 MW specifically from nuclear sources. Beyond its direct utility customers, Entergy also supplies energy to a range of wholesale clients, including other retail power providers, utility companies, electric power cooperatives, energy trading organizations, and fellow power generation firms. The company has a long history, established in 1913.

Talen has a comparable long-term hyperscaler arrangement for its Susquehanna nuclear plant, giving it positive exposure to stronger nuclear-offtake demand.

Alphabet’s contract reinforces the commercial value of pairing hyperscaler demand with existing PJM nuclear generation. Talen has a directly comparable AWS-Susquehanna arrangement, so stronger corporate demand for firm nuclear offtake can improve the value of its generation assets and future contracting pipeline.

Exelon is a nuclear-exposed utility, but its documented exposure is primarily regulated utility operations rather than a direct Point Beach supply or maintenance contract.

Exelon Corporation, a utility holding company established in 1999 and headquartered in Chicago, Illinois, operates across the United States and Canada. The company primarily focuses on the generation, delivery, and marketing of energy. It maintains a diverse portfolio of power production facilities, utilizing nuclear, fossil fuel, wind, hydroelectric, biomass, and solar technologies. Exelon engages in the sale of electricity to both wholesale and retail clients, while also providing natural gas, renewable energy solutions, and various other energy-related products and services. Beyond generation, the corporation manages the regulated procurement and direct sale of electricity and natural gas to consumers, alongside overseeing the essential transmission and distribution infrastructure for both power and natural gas. To support its extensive operations, Exelon provides a wide array of internal services, including legal counsel, human resources, information technology, financial management, supply chain, accounting, engineering, customer support, infrastructure planning, asset management, system operations, and power acquisition. The company caters to a broad customer base, which includes distribution utilities, municipal entities, cooperatives, financial institutions, and commercial, industrial, governmental, and residential sectors.

Tennessee Valley Authority provides electricity for utility and business customers in the United States. The firm sells power to distributor who then resells power to their customers at retail rates. Its distributor customers consist of municipalities and other local government entities, and customer-owned entities. It also sells power to directly served customers, consisting primarily of federal agencies and customers with large or unusual loads. The firm operates hydroelectric dams, coal-fired power plants, nuclear plants and natural gas-fired power facilities, which generate electricity. The company was founded on May 18, 1933 and is headquartered in Knoxville, TN.

TVE Co., Ltd., a Japanese company headquartered in Amagasaki and founded in 1922, specializes in the design, manufacturing, distribution, and upkeep of a comprehensive array of valves and precision cast metal components. Their extensive product catalog includes various gate valves, such as wedge and parallel slide models; a wide range of safety and relief valves, encompassing open, sealed, electromagnetic, and general-purpose types, alongside specialized valves for pressurizers, vacuum systems, and main steam applications. They also offer globe, Y, and angle valves, as well as numerous check valves like swing, lift, tilting, stop, and bleed designs. Furthermore, their offerings extend to unique specialized valves, including through-conduit, pressure stop, needle, fuel transfer pipe gate, main steam isolation, and safety injection system valves, in addition to flow meters. Beyond valve systems, TVE also produces and supplies diverse steel products, including stainless, heat-resistant, and standard grades. Their products and essential maintenance services are vital to critical industries such as nuclear, thermal, IPP, and in-house power generation, as well as the oil, petrochemical, LNG, and marine vessel sectors. The company underwent a name change from Toa Valve Engineering Inc. to TVE Co., Ltd. in September 2020.

Okano Valve Mfg.Co.Ltd., established in 1926 and headquartered in Kitakyushu, Japan, specializes in manufacturing and supplying industrial valve solutions for high-pressure and high-temperature environments. Serving both domestic and international clients, the company offers a comprehensive product range that includes globe, gate, check, safety, relief, screw-down stop check, drain, lining, NAC, control, and 3-way valves. Beyond its core valve offerings, Okano Valve produces steel castings and provides essential valve accessories such as expanded graphite seal rings, safety valve adapters, and nozzle cleaners. The company also delivers extensive maintenance services, encompassing valve seat and nut seat face refurbishment, care for flange gasket and seal ring contact faces, neck bush and stem bush wear measurement, safety valve servicing, and chemical decontamination, often supported by advanced ampere-voltage-diagnostic (AVD) systems and valve maintenance management support. Furthermore, Okano Valve operates technical training centers. Its products and services are critical to diverse sectors, including thermal and nuclear power generation, chemical processing, marine, steel manufacturing, textile, and a wide array of other industrial applications.

SUFA Technology Industry Co., Ltd. CNNC is a Chinese company with a global footprint, specializing in the research, design, production, and distribution of industrial valves. Its extensive product line features various valve types, including utility, ball, check, shut-off, gate, and those specifically engineered for nuclear applications. Operating under its proprietary H and SUFA brand names, the company supplies these critical components to a wide array of demanding sectors. Key industries served encompass petroleum and gas, oil refining, nuclear power, electric power generation, metallurgy, chemical processing, shipbuilding, papermaking, and the medical field. Established in 1997, SUFA Technology Industry Co., Ltd. CNNC is based in Suzhou, China.

Based in Hefei, China, Anhui Yingliu Electromechanical Co., Ltd. is engaged in the creation, production, and global sale of advanced, precisely engineered steel components. The company's offerings span a variety of steel cast products, including both semi-finished and final goods, alongside specialized investment castings. Anhui Yingliu also provides dedicated products for the nuclear industry, serving key equipment manufacturers and technology innovators. Its components are vital across a broad array of sectors, such as petroleum and natural gas, various forms of electricity generation (including nuclear, coal-fired, hydroelectric, and wind power), mining and construction machinery, and specialized equipment for chemical, medical, refrigeration, and environmental flow control. Additionally, its products support critical transportation infrastructure like railway systems, shipbuilding, and other general transport applications.

Goodwin PLC, founded in 1883 and headquartered in Stoke-on-Trent, United Kingdom, is a global entity providing mechanical and refractory engineering solutions across the UK, Europe, the United States, the Pacific Basin, and other international markets. The company is engaged in the design, production, and distribution of specialized products, including dual plate check, axial nozzle check, and axial piston control and isolation valves, which are crucial for major construction endeavors such as naval vessels, nuclear waste treatment, nuclear power generation, liquefied natural gas (LNG) facilities, as well as the gas, oil, petrochemical, mining, and water industries. Additionally, Goodwin PLC manufactures submersible slurry pumps and advanced radar surveillance systems, catering to defense contractors, civil aviation authorities, and border security organizations. The firm also produces alloy casting and machining components vital for the defense sector, nuclear decommissioning, and the oil and gas industry. Its portfolio further encompasses investment casting powders, injection molding rubbers, and waxes, serving the jewelry casting, tire mold, and aerospace industries. Moreover, the company processes exfoliated vermiculite, used in insulation, brake linings, fire protection products, and technical textiles. Goodwin PLC also supplies consumable refractories specifically for the shell molding casting industry.

Established in Daito, Japan in 1930, Nakakita Seisakusho Co., Ltd. is a key player in the design, manufacturing, and distribution of a wide array of automatic control valves, butterfly valves, and sophisticated remote control systems. Their extensive catalog of control and shut-off valves features self-regulating, auxiliary power-driven, and remotely actuated types, alongside cylinder and safety valves. They also produce pneumatic automatic controllers, pneumatic actuators, and specialized valves for nuclear power applications. The company's butterfly valve range includes manually operated, remote-controlled, and cryogenic variants. Beyond product provision, Nakakita Seisakusho offers installation services for pressure reducing, desuperheating, and other automated control valve equipment. Their system solutions extend to remote valve control for marine cargo and ballast lines, as well as level gauging, and they provide various systems for ship engines, such as fuel oil heating, fresh water cooling, and lubricating oil cooling mechanisms. Additionally, the firm develops automatic control valves tailored for gas turbine power plants. These diverse products are broadly utilized across critical industrial sectors including power generation, steel production, and desalination facilities.