It’s no secret that sustainable and reliable energy sources are increasingly becoming a world-wide focus. This comes as, at the start of the decade, around 2.6 billion people rely on burning polluting fuels to generate power.
One of the crucial players in the evolving global energy landscape is nuclear power. Nuclear is a zero-emission clean energy source as it generates power through fission, the process of splitting uranium atoms to produce energy.
Nuclear power plants use a certain kind of uranium, U-235, which although is around 100 times more common than silver, is relatively rare.
This does not mean it is not a crucial player in the energy space, though. And as the demand for clean energy solutions grows, so does the prominence of companies that spearhead the nuclear sector.
Here, Energy Digital runs through 10 of the world’s leading power-producing corporations that are also innovators, safety pioneers and key players in the push for a greener future.
10. Oklo
Market cap: US$1.1bn
In the words of the company itself, Oklo is “designing and deploying advanced fission power plants to provide clean, reliable, affordable energy”. In a bid to pioneer the nuclear energy space, Oklo is developing next-generation fission reactors to produce abundant energy at a global scale. Oklo’s Aurora can produce 15MW of electrical power — scalable to 50MWe — and operates for 10 years or longer before refuelling.
Oklo has three project sites and is made up of a team with experience from world-class companies across nuclear power, aerospace and tech — including Apple, Tesla and Google, to name a few — to deliver an advanced energy product.
9. Yellow Cake
Market cap: US$1.5bn
A solid form of mixed uranium oxide produced from uranium ore from mining or in-situ leaching, Yellowcake is a concentrated uranium powder obtained from processing uranium ores and is an intermediate step between mining and fuel fabrication. It gives its name to London-quoted company Yellow Cake.
Founded in 2018, Yellow Cake provides investors with an opportunity to realise value from long-term exposure to the uranium spot price in a low-risk, low-cost, liquid and publicly-quoted vehicle.
8. Denison Mines
Market cap: US$1.8bn
Denison Mines Corp. is a Canadian uranium exploration, development and production company founded by Stephen B. Roman. The company is best known for its uranium mining in Blind River and Elliot Lake with its interests focused in the Athabasca Basin region of northern Saskatchewan.
Among its high-grade owned uranium projects is Wheeler River, the largest undeveloped uranium project in the eastern portion of the Athabasca Basin region. Denison Mines is involved in advancing sustainable uranium mining and production, contributing to the nuclear energy supply chain and clean energy initiatives.
7. CGN Mining Company
Market cap: US$2.2bn
An operator and manager of nuclear power generating stations, CGN Mining Company’s main area of business is developing and trading natural uranium resources for use by nuclear enterprises.
It is part of China Uranium Development Company Limited and the state-owned China General Nuclear Power Group, which operates nuclear plants in China and has five new nuclear power stations under construction as well as another two planned. Founded in 1998, CGN Mining is headquartered in Hong Kong.
6. Uranium Energy
Market cap: US$2.4bn
US-based uranium production and exploration company Uranium Energy operates North America's newest uranium mine. It has the most substantial S-K 1300-compliant in-situ recovery (ISR) resource base in the United States and is one of the largest resource and land holders in Canada’s Athabasca Basin.
Uranium Energy’s ISR methods are primarily focused in Texas and Wyoming. It has a clear commitment to sustainability, aiming to provide a reliable uranium supply for nuclear energy, supporting clean and efficient power generation globally.
5. Paladin Energy
Market cap: US$2.5bn
An independent, tier one producer and explorer, Paladin Energy is an Australian uranium company headquartered in Perth, Western Australia. Paladin operates the Langer Heinrich Mine in Namibia and owns deposits in Western Australia.
The company is focused on delivering a reliable uranium supply for the world’s carbon-free future, with 43 million pounds of triuranium octoxide produced via Langer Heinrich’s long-life operations to date, making a significant contribution to the world’s decarbonised economy. Its suite of advanced exploration assets also covers significant projects globally, providing potential for future uranium production.
4. NexGen Energy
Market cap: US$3.7bn
NexGen Energy is a Canadian company focused on optimally developing its Rook I Project – the largest development-stage uranium project in Canada — into the largest, low-cost producing uranium mine globally. As part of this, it incorporates the highest levels of environmental and social governance.
Its work in securing the energy transition is thanks to its portfolio of projects, including the aforementioned Rook I which is host to the Arrow Deposit, South Arrow, Harpoon, Bow, and the Cannon area. Headed up by Founder, CEO and Director Leigh R. Curyer, NexGen is leveraging its substantial exploration portfolio to deliver generational benefits for Canada and the global environment.
3. BWX Technologies
Market cap: US$9.3bn
Headquartered in Lynchburg, Virginia, BWX Technologies is a US supplier of nuclear components and fuel to the US. From its Naval Nuclear Propulsion programme to research test reactors for its national labs, BWXT has a broad commitment to state-of-the-art technologies and innovative solutions.
Some of the products and solutions it manufactures include nuclear reactors for submarines and aircraft carriers, as well as nuclear fuel and nuclear power generation support. It also engages in nuclear waste management and medical radioisotopes production, contributing significantly to both defence and civilian nuclear sectors.
2. Kazatomprom
Market cap: US$11bn
The world’s largest producer and seller of natural uranium, Kazatomprom provides more than 40% of global primary uranium supply from its operations in Kazakhstan. It is Kazakhstan’s national operator for the export and import of uranium and its compounds, nuclear power plant fuel, special equipment and technologies, with its uranium is used for the generation of nuclear power worldwide.
Since 2009, it has underpinned Kazakhstan’s position as the world leader in natural uranium mining. It employs a workforce of more than 20,000 with 36 subsidiaries and affiliated companies.
1. Cameco
Market cap: US$20.3bn
Leading this Top 10 by a country mile in terms of market cap, Cameco is the world’s largest publicly traded uranium company. Headquartered in Saskatchewan, Canada, Cameco’s products aim to provide uranium fuel needed to energise a clean-air world. Cameco has controlling ownership of the world’s largest high-grade reserves and low-cost operations, with ownership interests in Westinghouse Electric Company and Global Laser Enrichment.
Thanks to its scale and offerings, utilities worldwide rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power.
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