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From Eagle Energy Metals Corp.
U.S. data center electricity demand is projected to grow from 176 terawatt hours to as high as 580 terawatt hours by 2028, with AI-driven consumption outpacing available grid capacity in multiple regions[1]. Spot uranium prices rose 25% in January 2026, surpassing $100 per pound for the first time in two years (before correcting back down to a still-high $89), as institutional buyers accelerated physical accumulation of the fuel[2]. These dynamics are converging around Spring Valley Acquisition Corp. II (OTC: SVIIF), Oklo (NYSE: OKLO), Meta Platforms (NASDAQ: META), NANO Nuclear Energy (NASDAQ: NNE), and Ucore Rare Metals (TSXV: UCU) (OTCQX: UURAF).
Next-generation nuclear designs, including small modular reactors and factory-built microreactors, are gaining traction as scalable baseload technologies capable of meeting always-on AI power requirements[3]. Meanwhile, U.S. domestic uranium concentrate production fell 44% in the third quarter of 2025, to roughly 330,000 pounds of U₃O₈ from just six operating facilities according to the U.S. Energy Information Association (EIA)[4]. With over 95% of utility purchases still sourced from abroad, also according to the EIA[5], the race to secure domestic supply has turned uranium deposits into strategic national assets.
Eagle Energy Metals (NASDAQ: SVIIF), a next-generation nuclear energy company, recently announced[6] that the SEC has declared effective the registration statement for its proposed business combination with Spring Valley Acquisition Corp. II (OTC: SVIIF)[7]. Shareholders will vote on the deal at an Extraordinary General Meeting scheduled for February 23, 2026.
Upon closing, which is subject to the satisfaction or waiver (as applicable) of applicable conditions, the combined company’s stock and warrants will trade on Nasdaq under the ticker symbols NUCL and NUCLW, respectively. The transaction is being led by the same SPAC team that brought NuScale Power (NYSE: SMR) public in 2022.
Eagle Energy Metals holds rights to what it describes as the largest open pit-constrained, measured and indicated uranium deposit in the United States. The Aurora deposit sits on the Oregon-Nevada border with 32.75 million pounds of indicated uranium and 4.98 million pounds inferred, based on over 500 drill holes.
Adjacent to Aurora is the Cordex deposit, which offers significant potential to expand the project’s overall resource inventory as the company digitizes existing drill data.
The company has also recently engaged BBA USA, a consulting firm with over 45 years of energy sector experience, to design a targeted drilling campaign at Aurora in support of a Pre-Feasibility Study[8].
“We’re seeing sustained demand for nuclear power translate into real demand for uranium, particularly for projects located in the U.S.,” said Mark Mukhija, CEO of Eagle Energy Metals. “Advancing Aurora with BBA is about making sure this asset is ready to meet that demand as the market continues to tighten.”
In 2023, U.S. utilities purchased more than 50 million pounds of uranium according to the EIA[9]. Less than 5% came from limited domestic production, with over 95% sourced from abroad, including significant amounts from Russia and Kazakhstan.
President Trump recently signed four executive orders aimed at removing regulatory barriers and quadrupling U.S. nuclear power over the next 25 years, while invoking the Defense Production Act to secure domestic uranium supply[10].
Beyond uranium, Eagle Energy Metals also holds rights to Small Modular Reactor (SMR) technology[11]. By integrating advanced SMR technology with a sizeable uranium asset, the company is building an integrated nuclear platform positioned to help restore American leadership in the global nuclear industry.
In other industry developments:
Oklo (NYSE: OKLO) and Meta Platforms (NASDAQ: META) have announced an agreement to develop a 1.2 GW nuclear power campus in Pike County, Ohio[12]. The facility will supply clean energy for Meta’s regional data centers, including its AI supercluster in New Albany, with Meta prepaying for power and funding project advancement on 206 acres formerly owned by the U.S. Department of Energy.
“Two years ago, Oklo shared its vision to build a new generation of advanced reactors in Ohio. Today, that vision is becoming a reality,” said Jacob DeWitte, CEO of Oklo. “Meta’s funding commitment in support of early procurement and development activity is a major step in moving advanced nuclear forward.”
The company reported that pre-construction and site characterization begin in 2026, with the first phase targeted to come online as early as 2030. The facility plans to expand incrementally to the full 1.2 GW target by 2034, creating thousands of construction and long-term operations jobs.
“Our agreement with Oklo enables the development of 1.2 gigawatts of nuclear energy in Southern Ohio, supporting Meta’s operations in the region, including our AI supercluster in New Albany,” said Urvi Parekh, head of global energy at Meta Platforms. “By investing in baseload nuclear energy, we’re helping build a resilient and sustainable future for our communities.”
Earlier this year, NANO Nuclear Energy (NASDAQ: NNE) signed a memorandum of understanding with Ameresco to explore deploying its advanced modular microreactor technologies on federal and commercial sites across the United States[13]. The collaboration covers siting, development, construction, licensing, and operation of NANO Nuclear’s KRONOS MMR, ZEUS, and LOKI MMR systems.
“This MOU marks another milestone for NANO Nuclear as we continue to build customer demand for our approach to delivering reliable, modular nuclear microreactor energy systems in support of the United States’ energy transition,” said Jay Yu, Founder and Chairman of NANO Nuclear. “Working alongside Ameresco gives us the opportunity to test our advanced, patented microreactor technologies against real-world requirements at scale.”
Ameresco and NANO Nuclear reported that they expect to enter specific agreements under which Ameresco would lead engineering, procurement, and construction for sites using NANO Nuclear’s systems. The companies plan to coordinate on government funding and available incentives.
Ucore Rare Metals (TSXV: UCU) (OTCQX: UURAF) recently gave an update on advancements for its RapidSX rare earth element separation technology and its $22.4 million U.S. Department of War Other Transaction Agreement[14]. Since December 2023, Ucore has completed approximately 5,700 hours of REE processing with tonnes of heavy mixed rare earth oxides at its Kingston, Ontario facility.
“The nearly two years of CDF demonstration work undertaken by Ucore has been done with deliberate coordination with the Louisiana SMC production roll-out pathway,” said Mike Schrider, VP and COO of Ucore. “The result is a technically proven and de-risked commercialization pathway to commence heavy rare earth processing in Louisiana in 2026.”
The company has reportedly produced multiple rare earth element groups including TbDy, Tb, and Dy, demonstrating 2 to 4 times faster throughput over conventional solvent extraction. Full commercial-scale work is underway for the installation of RapidSX Machine #1 in mid-2026.
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