Jeffrey Campbell

Jeffrey Campbell from Seaport Research asked if isotope irradiation with an Aurora reactor could be done without interrupting its primary fuel cycle, contrasting it with Russian reactors and Candu. He also sought an update on the proposed natural gas Aurora partnership with Liberty Energy, questioning if Oklo's appetite for it had diminished due to accelerated Aurora construction.

Answer

Jacob DeWitte, CEO of Oklo, stated that for commercial Aurora operations, isotope irradiation would largely aim to minimize interference with power production, though Aurora INL and Pluto reactors offer more flexibility for optimization. Regarding Liberty Energy, DeWitte affirmed the partnership remains a powerful bridge, noting increased industry interest in gas-to-nuclear combos. He acknowledged a near-term focus on on-grid solutions but emphasized the continued value of gas for co-location or behind-the-meter power, with no diminished appetite from Oklo.

Jeffrey Campbell with Seaport Research asked if isotope irradiation with an Aurora reactor could be done without interrupting its fuel cycle, referencing Russian and Candu reactor capabilities. He also sought an update on the proposed natural gas Aurora partnership with Liberty Energy, inquiring if Oklo's appetite for the partnership had diminished given the accelerated Aurora construction.

Answer

CEO Jacob DeWitte explained that commercial Aurora reactors would prioritize power production, aiming to minimize interference from isotope harvesting, though the Aurora INL and Pluto reactors would offer more flexibility for such activities. Regarding the Liberty Energy partnership, Mr. DeWitte affirmed it remains a 'powerful bridge' with no diminished appetite, noting increasing market validation for gas-to-nuclear solutions and the potential for government fuel availability to further accelerate nuclear deployment.

Jeffrey Campbell of Seaport Research Partners asked about the potential for amending DOE policy to facilitate Oklo's spent nuclear fuel recycling efforts and inquired about the partnership with Hexium on its Atlas (AVLIS) enrichment technology.

Answer

Co-Founder, CEO & Director Jacob Dewitte explained that current policy does not prevent recycling, but infrastructure is the key challenge. He highlighted the economic and waste-management advantages of recycling used fuel in fast reactors. Regarding the Atlas technology, he described it as a promising, lower-cost enrichment method that can be tuned for various isotopes, noting that modern laser advancements make it more commercially viable today.

Jeffrey Campbell requested details on the licensing process, hurdles, and timing for the Oklo Fuel Foundry, and asked if this effort was intended to create a scalable blueprint similar to the reactor COLA strategy.

Answer

CEO Jacob Dewitte explained that the fuel foundry follows a different, simpler materials handling regulatory path, with an expected review timeline of 24-36 months. He noted that while lessons learned will be valuable, the regulations for fuel facilities do not have the same inherent repeatability as the Part 52 reactor licenses. The initial foundry is planned to be large-scale to meet demand for a significant period.

Jeffrey Campbell inquired about the licensing process, timeline, and potential for scalability for the planned Oklo Fuel Foundry.

Answer

Co-Founder and CEO Jacob Dewitte explained that the fuel foundry follows a different regulatory path for materials handling, with an expected review timeline of 24-36 months. He noted that while the framework for such facilities lacks the same built-in repeatability as reactor COLAs, lessons learned will be applied to future facilities. CFO Craig Bealmear added that the logistics of one large foundry versus multiple smaller ones is a key consideration.

Asked if Oklo's fuel recycling capability would provide a margin advantage for Atomic Alchemy, and sought clarification on the licensing process for subsequent reactors, including timing and the ability to file multiple applications simultaneously.

Answer

Oklo's fuel recycling will create a significant co-product revenue stream by selling valuable radioisotopes, which enhances margins and reduces overall fuel costs. Regarding licensing, multiple applications can be reviewed simultaneously. Subsequent applications (S-COLAs) referencing the first approved license (R-COLA) are expected to have a much faster review time, with the NRC projecting timelines as short as 7 months, which is a key part of Oklo's scaling strategy.

Jeffrey Campbell from Seaport Research Partners asked if Oklo's low-cost nuclear fuel recycling capability would provide a margin advantage for Atomic Alchemy's radioisotope business. He also sought clarification on the licensing process, asking if subsequent reactor applications would be faster than the initial 24-month timeline and if multiple applications could be filed simultaneously.

Answer

CEO Jake Dewitte confirmed that recycling used fuel creates multiple product streams, including high-value radioisotopes that can be sold as a significant co-product, thereby enhancing revenue and reducing overall fuel cycle costs. CFO Craig Bealmear emphasized this creates huge margin upside. On licensing, Dewitte stated that subsequent applications (S-COLAs) are expected to be significantly faster, referencing an NRC white paper projecting review times as short as seven months. He also confirmed that Oklo plans to have multiple applications in review concurrently to accelerate deployment.

Jeffrey Campbell questioned whether Oklo's fuel recycling capabilities would provide a margin advantage for Atomic Alchemy's radioisotope business. He also sought clarification on the licensing timeline for subsequent Aurora powerhouses and the feasibility of submitting multiple applications simultaneously.

Answer

CEO Jacob Dewitte and CFO Richard Bealmear confirmed that fuel recycling creates significant value by producing high-margin radioisotopes as a co-product, which enhances overall project economics. Dewitte elaborated on the regulatory process, explaining that after the first 'reference' combined license (R-COLA), subsequent licenses (S-COLAs) could have review times as short as 7 months. He also confirmed that multiple applications can be under review simultaneously, accelerating deployment.

Jeffrey Campbell asked about the drivers behind the impressive operating cost reductions, the potential for lithium extraction projects to become a meaningful niche in wastewater treatment, the criteria for hiring new wastewater personnel, and the nature of CO2 retailer tests for the upcoming year.

Answer

David Moon (President and CEO) clarified that operating cost reductions were unrelated to international footprint efforts, stemming from proactive measures taken since last year, especially after Q1 tariffs, without hindering investments in wastewater growth or manufacturing options. He confirmed that the $350,000 lithium extraction project in Argentina is the first of potentially many, building on previous wins in China, suggesting it could be a meaningful niche. For wastewater hires, he looks for individuals with a track record in the space, specifically within one or two of the five target verticals, bringing experience and relationships. He expects the majority of CO2 retailer tests next year to be skid installations at existing CO2 locations.

Jeffrey Campbell asked if Energy Recovery's operating cost reductions were related to its international footprint expansion, the potential for lithium extraction projects to become a significant niche in wastewater treatment, the key attributes sought in new wastewater hires, and whether upcoming CO2 retailer tests would involve skid installations.

Answer

President and CEO David Moon clarified that operating cost reductions were unrelated to international expansion, stemming instead from proactive cost management initiated last year, particularly after Q1 tariffs, without hindering investments in wastewater or tariff-avoiding manufacturing. He confirmed that the $350,000 Argentina lithium extraction project, along with previous projects in China, indicates a growing and meaningful niche in wastewater treatment. For new wastewater hires, David Moon stated the company seeks individuals with a proven track record in the wastewater space and experience/relationships within their five focus verticals. He also confirmed that the majority of next year's CO2 retailer tests would likely be skid installations at existing CO2 locations.

Jeffrey Campbell of Seaport Research Partners asked about the drivers behind the better-than-expected results in China, whether the wastewater footprint expansion met expectations, the timeline for PXG reliability testing to convince users, and the primary motivations behind the trend of industrial water reuse.

Answer

President and CEO David Moon attributed the strong China results to a temporary pause in tariffs and the persistent efforts of the local sales team. He confirmed the wastewater expansion was an expected result of a focused strategy on five key verticals. Regarding the PXG, Moon stated this summer's testing is focused on reliability, with next steps to be determined post-season. CFO Mike Mancini explained that water reuse is driven by a combination of regulatory pressures and underlying water scarcity issues for both industrial and potable applications.

Jeffrey Campbell of Seaport Research Partners asked about maintaining PX manufacturing quality with alternative sourcing, the long-term strategic advantages of an international footprint, potential growth markets for wastewater outside of China, the full-year gross margin outlook, and the potential for upside in the Hillphoenix collaboration.

Answer

Executive Michael Mancini assured that PX quality would be maintained by keeping critical ceramic manufacturing in-house, while assembly could be moved. Executive David Moon highlighted the strategic advantage of an international presence, enabling closer proximity to key customers in regions like the Middle East. Moon also identified India and North America as key growth markets for wastewater. Mancini reaffirmed the company's full-year gross margin guidance. Finally, Moon discussed the multifaceted potential of the Hillphoenix relationship, noting opportunities to expand from retail into industrial applications.

Jeffrey Campbell of Alliance Global Partners asked about the commercial applications validated by the PX's success in lithium extraction, the role of water efficiency in new industrial applications, the specific drivers for guided 2025 gross margin improvement, and the source of new customer interest in the PX G product from outside core geographic markets.

Answer

Executive David Moon identified mining, heavy manufacturing, chemical, and textile manufacturing as potential new verticals for the PX technology, clarifying its use is for cleaning fluid streams with heavy solids. Executive Michael Mancini attributed expected 2025 gross margin improvements to manufacturing transformation efficiencies, such as optimizing kiln stacking and cycle times. David Moon also explained that new PX G interest from Japan and South Africa originated from tradeshows, leading to test sites and initial orders.

Jeffrey Campbell of Seaport Research Partners asked if the PX G's ability to operate without water cooling could allow systems to use a dry cooler instead of an adiabatic cooler. He also inquired about the competitive dynamics between HFO refrigerants and CO2 following a recent EPA SNAP decision.

Answer

President and CEO David Moon confirmed that the PX G's increased cooling capacity can indeed replace the need for an adiabatic cooler in new installations or reduce its usage, saving on both capital and operating costs. Regarding refrigerants, Moon asserted that CO2 remains the 'outright winner' and that OEM partners are moving 'full speed ahead' on CO2 adoption in the U.S., despite the EPA ruling.

Jeffrey Campbell sought clarification on the DUSE contract, specifically whether the capabilities to produce high-enriched uranium (HEU) would be funded by the current appropriation or require additional funding.

Answer

Rex Geveden, President and CEO, clarified that the initial funding tranche is for licensing and preparation for the HEU cascade and centrifuge manufacturing development, not for the production of the material itself. Jeffrey Campbell also asked about Kinectrics' four new electromagnetic isotope separator units, inquiring if the 500-gram ytterbium output belongs entirely to BWX Technologies Medical and if there are noteworthy differences between the first and second-generation units. Rex Geveden stated the 500 grams is Ytterbium-176, a precursor for Lutetium-177, and there's no essential difference between generations, only a 500% capacity increase. He noted that Kinectrics' medical business is not fully integrated but is synergistic with BWXT Medical.

Jeffrey Campbell asked for clarification on the DUSE contract, specifically whether the capabilities to produce high-enriched uranium (HEU) would be covered by the current appropriation or require additional funding. He also inquired about the four new electromagnetic isotope separator units commissioned by Kinectrics, asking if the entire 500-gram Ytterbium output would belong to BWX Technologies Medical and if there were noteworthy differences between the first and second-generation units.

Answer

Rex Geveden, BWX Technologies' President and CEO, clarified that the initial DUSE funding is for licensing and preparation for the HEU cascade and centrifuge manufacturing development, not for the production of the material itself. Regarding the EMIS units, he corrected the output to 500 grams (not kilograms) of Ytterbium-176, stating there are no essential differences between generations, only a 500% increase in capacity. He added that Kinectrics' medical business is supporting BWX Technologies Medical, creating strategic synergies.

Jeffrey Campbell from Seaport Research Partners asked for clarity on the role of the new Chief Nuclear Officer, Kevin McCoy, and questioned the drivers behind the improved margin guidance for Government Operations.

Answer

President, CEO & Director Rex Geveden explained that the Chief Nuclear Officer title is a temporary holding place for Kevin McCoy, who is currently seconded to the Department of Defense to advise on nuclear shipbuilding. SVP & CFO Mike Fitzgerald attributed the higher margin guidance to a favorable contract adjustment, strong work pacing, and timing of material procurements, expressing confidence in the long-term sustainability of plant efficiencies.

Jeffrey Campbell of Seaport Research Partners asked for color on how BWXT won the Strategic Petroleum Reserve (SPR) management contract and requested an update on the actinium-225 medical isotope program, particularly in relation to potential alternatives like lead-212.

Answer

CEO Rex Geveden explained the SPR win was based on BWXT's historical experience and trusted brand in operating high-consequence sites. On the medical front, he confirmed BWXT remains a top producer of actinium-225 and views emerging isotopes like lead-212 as complementary therapies for different conditions rather than direct competitors, highlighting broad market potential.

Jeffrey Campbell of Seaport Research Partners asked how the Hubbard project's data gathering and certification goals differ from the work with Arizona State University (ASU), the duration of the Hubbard deployment, and about the ongoing evolution of the core sorbent technology.

Answer

Chief Commercialization Officer Bryan Barton clarified that the Hubbard project is for long-term operational data and pursuing regulatory certifications for potable water, while the ASU project focuses on independent academic validation and performance testing in a low-humidity climate. Executive Chairman Pat Eilers framed this as a deliberate progression from lab validation to real-world application. CEO Matt Jore and Barton also emphasized that the technology is not static, highlighting ongoing sorbent R&D with partners like GE Vernova to continuously improve performance.

Jeffrey Campbell of Seaport Research Partners asked how the Hubbard project's data gathering and certification goals differ from the work with Arizona State University (ASU). He also inquired about the Hubbard unit's deployment duration and the ongoing evolution of sorbent technology for different climates.

Answer

Chief Commercialization Officer Brian Barton clarified that the Hubbard project is focused on long-term operation to achieve regulatory certifications for potable water (TCEQ, NSF), while the ASU partnership is for independent academic validation and serves as a regional showcase. CEO Matt Joar and Executive Chairman Pat Eilers added that these deployments represent a deliberate progression from lab research to real-world applications, with ASU also researching novel sorbents for low-humidity environments like Phoenix.

Jeffrey Campbell of Seaport Research Partners sought to clarify the distinction between the Hubbard, Texas project and the collaboration with Arizona State University (ASU), focusing on their respective goals for data gathering, certification, and academic validation.

Answer

CCO Bryan Barton clarified the projects are complementary: Hubbard is a real-world deployment to secure regulatory certifications for potable water, while ASU provides independent academic validation of performance and water quality, particularly in low-humidity conditions, and will test novel sorbents. Executive Chairman Pat Eilers framed this as a logical progression from lab research to independent validation to end-market application. CEO Matt Jore added that ASU's work could also help enable development projects in water-stressed Arizona.

Jeffrey Campbell of Seaport Research Partners asked for details on the Janus Electric partnership, specifically regarding its swappable battery approach and its application in both Australia and the U.S. He also requested an update on the existing leasing business and sought to clarify how it differs from the newly proposed 'energy as a service' model.

Answer

CEO Rajshekar DasGupta explained that the Janus partnership supports their swappable battery model for trucks in Australia and California, a model that requires the high-utilization and safety features of Electrovaya's batteries. He clarified that the current leasing program is managed by OEM partners like Toyota, who leverage the battery's high residual value. This differs from the future 'energy as a service' model, which is a more nuanced offering that Electrovaya would be more directly involved in.

Asked about the impact of logistics industry layoffs on the leasing business, the potential scope of a Japanese operation, specific growth drivers in robotics, and battery modifications needed for Energy as a Service.

Answer

The leasing business is growing due to the overall industry's transition from lead-acid. A potential Japan operation would start with sales and service, not manufacturing. Robotics growth is driven by diverse applications like automated cleaning and monitoring. No battery modifications are needed for Energy as a Service, as the required software is already developed.

Inquired about upside/risk to revenue guidance, the customer profile for the new leasing program, and the potential impact of retaliatory tariffs on exports.

Answer

The company sees potential upside to its conservative $60M+ revenue guidance across the business, especially in material handling. A new leasing program is successfully attracting new customer segments, like third-party logistics companies, who are more sensitive to upfront costs. The company is not currently concerned about retaliatory tariffs impacting its Asian exports.

Jeffrey Campbell asked about competitive feedstock concerns, the potential for circular supply chains to lower feedstock costs, and whether the $1.36/pound average price assumption is still valid.

Answer

CEO Dustin Olson stated that PureCycle's differentiated, high-purity product gives it an advantage over mechanical recyclers and provides pricing power. He confirmed that circular partnerships, like the one with Emerald, could lower feedstock costs by diverting material from landfills. Olson also noted that while the $1.36/pound average price is still a comfortable assumption, the company's primary focus is on preserving long-term margin through its feedstock-plus pricing model and product optionality.

Jeffrey Campbell of Seaport Research Partners asked if surface disposal is becoming cost-competitive with traditional disposal and whether it could be applied at McNeil Ranch. He also questioned if M&A in the core business is still a preference given the focus on new industrial water ventures.

Answer

President and CEO Amanda Brock confirmed that the cost of surface discharge is becoming more competitive, though not yet on par with traditional disposal, and that McNeil Ranch is a candidate for this application. On M&A, Brock affirmed that an acquisition in their core business remains a strong focus, but they have been disciplined on valuation. Founder and Executive Chairman Bill Zartler added that finding a complementary fit with the right contracts and assets is paramount, and nothing has met that criteria yet.

Jeffrey Campbell inquired about the business model for the new industrial water recycling venture and whether its geographic scope would be limited to the Permian Basin.

Answer

President and CEO Amanda Brock explained that the initiative leverages Aris's expertise in complex water treatment for industrial wastewater outside of oil and gas. She confirmed it is a multistate endeavor, not limited to Texas or New Mexico, and that the newly acquired team already has a backlog of projects in multiple states with large industrial clients.

Jeffrey Campbell asked for a regulatory update on the disposal of produced water into surface systems in Texas and sought clarity on the financial responsibilities for the 2025 beneficial reuse project scale-up.

Answer

CEO Amanda Brock confirmed that surface discharge is an alternative being explored but requires obtaining appropriate permits. Executive William Zartler added that the high salinity of Delaware Basin water necessitates significant treatment before any surface discharge is possible. Regarding the 2025 project, Amanda Brock assured that Aris's capital commitment will not be material, as costs are shared with partners, similar to the royalty-based model used for the iodine extraction project.

Jeffrey Campbell inquired why iodine emerged as the first commercial target for mineral recovery from produced water. He also asked for a comparison between the company's new MOU with Texas Tech University for agricultural applications and its previous work with Texas A&M and other institutions.

Answer

President and CEO Amanda Brock explained that iodine was expected to be the first mineral targeted for commercial recovery due to the availability of proven technology and existing operational references in other basins. She clarified that this process does not preclude the future extraction of other minerals. Regarding the university partnerships, she positioned the Texas Tech MOU as part of a broader consortium effort, while highlighting the pioneering work with Texas A&M on cotton agriculture, which is now advancing to a larger scale with a Department of Energy grant.

Jeffrey Campbell of Seaport Research Partners asked about the compensation structure for FuelCell in the Diversified Energy JDA, questioning if it would be primarily unit sales or include an enduring cash flow stream. He also sought clarification on the 'net zero power' and 'emissions capture-ready' technology mentioned in the deal's announcement.

Answer

EVP, CFO, and Treasurer Mike Bishop confirmed the partnership includes opportunities for product sales, long-term service revenue, and cash flows from the joint venture itself. President and CEO Jason Few explained that the 'net zero' claim is based on using carbon-negative coal mine methane. He clarified that the company's carbon capture technology could be deployed later to create additional value streams, but the immediate focus is on achieving 'time to revenue'.

Asked about the compensation structure for the Diversified Energy JDA and sought clarification on the 'net zero' and 'emissions capture-ready' technology mentioned in the announcement.

Answer

Compensation from the Diversified partnership will include product sales, long-term service revenue, and cash flows from the joint venture itself. The 'net zero' claim is based on using carbon-negative fuels like coal-mined methane. The 'emissions capture-ready' feature refers to the company's optional carbon capture technology, which can be added to projects later to create additional value streams.

Inquired about progress with utility interconnections, specifically a delayed project in Westchester, and whether these issues are becoming a gating item. Also asked for an update on the CBRE partnership's success in promoting solar.

Answer

Management acknowledged that interconnection delays are a part of the business they manage, but emphasized that these issues are utility- and location-specific, not a widespread problem for their entire Community Solar portfolio. They highlighted successful projects elsewhere and the importance of a robust pipeline. Regarding the CBRE partnership, they noted that CBRE is actively advising clients on ESG, where Altus Power features prominently, representing a significant opportunity.

Jeffrey Campbell of Seaport Research Partners sought clarity on the revised business model, the motivation for the ArcelorMittal offtake agreement, and the technical and capital requirements for the new Nutritional Protein product.

Answer

CEO Jennifer Holmgren explained that under the new model, emitters benefit from decarbonization without capital outlay, while LanzaTech retains significant upside like offtake rights. Regarding ArcelorMittal, she noted their strategic view on converting carbon to products. For the Nutritional Protein, she stated it is not dependent on green hydrogen and converting an existing plant would require minimal capital.

Jeffrey Campbell asked for details on the revised business model, using the Norway project to understand emitter benefits and financing structure. He also questioned the motivation behind ArcelorMittal's new ethanol offtake agreement and inquired about the hydrogen requirements and capital costs for the LanzaTech Nutritional Protein initiative.

Answer

CEO Jennifer Holmgren explained the new model allows LanzaTech to retain project upside, like 50% of offtake in the Norway project, while enabling decarbonization for emitters who do not want to fund the capital project themselves. Regarding the ArcelorMittal agreement, she noted it provides LanzaTech with guaranteed feedstock for its high-value CarbonSmart business. For the protein product, she stated it can use various types of hydrogen (gray, blue, or green) and that converting an existing facility would require minimal capital expense.

Jeffrey Campbell of Seaport Research Partners inquired about commercial interest in LanzaTech's polypropylene efforts beyond IKEA, specifics of the new CarbonSmart fuel licensing, the viability of using non-green hydrogen in projects, and the strategic advantages of the 'CirculAir' joint offering with LanzaJet.

Answer

CEO Jennifer Holmgren confirmed significant interest in polypropylene from the medical and automotive sectors with no exclusivity limitations from the IKEA partnership. She clarified that the first CarbonSmart fuel sales were in China, with European certification still pending. For hydrogen, she stated that blue and green hydrogen are viable for CO2 conversion, unlike gray hydrogen. Finally, she explained that the CirculAir partnership aims to accelerate project development by providing a single, integrated, and more cost-effective offering to customers.

Jeffrey Campbell of Seaport Research Partners inquired about commercial interest in LanzaTech's polypropylene efforts beyond IKEA, specifics of the new CarbonSmart fuel licensing, the feasibility of using non-green hydrogen for CO2 conversion, and the strategic advantages of the 'CirculAir' joint offering with LanzaJet.

Answer

CEO Jennifer Holmgren explained that there is significant interest in polypropylene from the medical and automotive sectors and no exclusivity with IKEA. She stated the first CarbonSmart fuel sales were in the China market, with efforts underway to secure European certification. Holmgren clarified that while gray hydrogen is challenging, both blue and green hydrogen are viable for their CO2 conversion process. Finally, she described the CirculAir partnership as a strategic move to present a single, integrated offering to customers, which accelerates project development and creates cost efficiencies through better integration.

Jeffrey Campbell sought details on Project SECURE, including its ethanol output, potential for standardized sizing, and 2024 revenue contribution. He also asked about LanzaJet's offtake allocation.

Answer

CEO Jennifer Holmgren clarified Project SECURE is a 50,000 tonnes/year ethanol plant and that the company is moving toward standardized units to accelerate deployment. CFO Geoffrey Trukenbrod confirmed SECURE revenue is expected in H2 2024 and is included in guidance. Holmgren added that LanzaJet's output is fully committed under 10-year offtake agreements.

Focused on Project SECURE, asking about its ethanol output, potential for standardized sizing, and whether 2024 revenue is in guidance. Also asked about LanzaJet's SAF allocation.

Answer

Project SECURE is a 50,000-tonne/year ethanol plant, a standard size the company is moving towards to accelerate deployment. Expected 2024 revenue from the project is included in the current guidance. All of LanzaJet's initial production is already sold via 10-year offtake agreements.

Jeffrey Campbell of Alliance Global inquired about the global expansion strategy for the Tembo electric vehicle brand, particularly in Southeast Asia and Australia. He also asked for details on non-crypto blockchain applications for the Caret Decimal solar power infrastructure and the company's strategy to mitigate risks from potential cryptocurrency regulation.

Answer

CEO Kevin Chin confirmed definite interest in expanding Tembo's micro-factory footprint to Thailand and the United Arab Emirates, highlighting Thailand's strong automotive ecosystem. Regarding Caret Decimal, Chin explained the infrastructure is designed for the 'three Cs' of blockchain: Crypto, Content (NFTs, metaverse), and Contracts (smart contracts). He emphasized that the strategy is to build versatile high-performance computing (HPC) facilities, making them viable for multiple applications beyond crypto mining, which is simply the highest and best use for now.