Two nuclear startups' announcements of progress on turning radioactive waste into usable fuel for electricity show the idea is getting its day in the sun.

Why it matters: Oklo and Curio are among the companies touting the concept that U.S. nuclear waste can be a valuable asset and isn't just something to bury.

• President Trump signed an executive order in May requiring the Energy Department to identify sources of uranium and plutonium that could be recycled or processed into reactor fuel.

Driving the news: Oklo — a Sam Altman-backed venture — yesterday announced plans to build a fuel recycling facility in Tennessee as the first phase of an advanced fuel center project totaling up to $1.68 billion.

• The company said the initial investment will be a first-of-its-kind facility to recycle used fuel into material for reactors like Oklo's Aurora "fast" reactor.
• Such reactors use neutrons with high kinetic energy to sustain a nuclear fission chain reaction instead of the slower thermal neutrons used in conventional reactors.

State of play: That news followed Curio's announcement that it received validation from several Energy Department national laboratories for its waste recycling technology.

Zoom in: Oklo said it's also exploring opportunities with the Tennessee Valley Authority — the largest U.S. public power company — to recycle the utility's used fuel.

• It said it would mark the first time a U.S. utility has explored recycling fuel into electricity using modern processes.
• CEO Jacob DeWitte said the aim is to avoid the high costs associated with reprocessing, which the U.S. hasn't done commercially for decades but that France and other nuclear-producing countries employ.

DeWitte said he hopes the Tennessee site can begin producing metal fuel for Aurora by the early 2030s, if not sooner.

• The Energy Department announced last month it would speed testing of 11 advanced reactor projects — including three from Oklo —as part of a pilot program spurred by May's executive orders.
• At Curio, CEO Ed McGinnis said the company plans to conduct an additional "scale-up" process with the national labs before seeking to put the technology on the market within a few years.

Friction point: Some nuclear experts are doubtful about recycling and reprocessing, citing high costs and vulnerability to theft by terrorists.

What we're watching: DeWitte and McGinnis are optimistic they can prove that recycled material can be done more cheaply and can't easily be swiped.

• DeWitte said recycled fuel "is in a strong position to be quite cost-superior to fresh-fuel alternatives."

Full story

The Trump team's move to halt a nearly complete offshore wind project and yank permits for others is worrying interests beyond just that sector.

Why it matters: "[R]evoking wind permits today opens the door to uncertainty for all types of energy projects in the future," the U.S. Chamber of Commerce said in a wider post on permitting.

• But it also credits President Trump with reducing red tape.

👟 Catch up quick: The Interior Department last month halted construction of Ørsted's Revolution Wind project off Rhode Island and Connecticut.

• Trump attorneys have also signaled plans to nix or review permits for at least three other big offshore wind developments.

💬 What they're saying: Dan Brouillette, who was energy secretary in Trump 1.0, said on Fox Business that he's no fan of wind but fears an "unfortunate precedent."

• "Future administrations may use this very same tactic against LNG exporters here in the United States or even other fossil energy producers," he said.
• A TD Cowen note last week similarly stated: "While Trump is currently targeting renewables, watch for any future Dem Admin to be equally aggressive on disfavored fossil projects."

⚔️ Friction point: Jarrod Agen, the top staffer on the White House "energy dominance" council, disputed that the offshore wind actions inject uncertainty into investing in U.S. energy infrastructure more broadly.

• "The certainty is around investing capital into projects that are not reliant on government tax dollars," he said in remarks at the Center for Strategic and International Studies.
• And Taylor Rogers, a White House spokeswoman, said via email that President Biden rushed reviews of offshore wind while placing "arbitrary" restrictions on fossil fuels.

Flashback: Slamming the brakes on a big project already underway isn't exclusive to Trump.

• Biden revoked permits for the Keystone XL oil pipeline after a small share was already built.

What we're watching: See below 👇 for what's next in the Revolution Wind fight.

Ørsted sued the Trump administration yesterday over its decision to halt construction on the company's Revolution Wind project off Rhode Island.

Why it matters: The move — which was followed by a separate lawsuit — sets off a closely watched legal brawl over whether the Trump administration can undo its predecessor's energy-related actions.

• The Biden administration in 2023 approved the project, which would provide power to 350,000 homes in Rhode Island and Connecticut.
• The project is 80% complete, with all offshore foundations installed along with 45 of 65 wind turbines, per Ørsted.

Revolution Wind — a joint venture between Ørsted and a consortium led by Skyborn Renewables, a platform company of BlackRock Inc.-owned Global Infrastructure Partners — said the Interior Department lacked legal authority for the stop-work order.

Full story

Startups and investors looking at the transformer backlog see more than meets the eye.

Why it matters: The electricity boom is causing a major transformer supply crunch, but investors and startups see big opportunities.

The big picture: New power grid transformer orders could take up to three years today, up from a couple months five years ago.

• Most transformers are made by big power gear makers like Hitachi Energy, Schneider Electric and Prolec GE, a JV between GE Vernova and Xignux.
• The grid giants are investing hundreds of millions of dollars in expanding transformer manufacturing in the U.S., but it takes time.

State of play: Companies seeking a way into the market dominated by the slower-moving conglomerates have received plenty of funding.

• Heron Power and DG Matrix, companies building next-gen transformers, have secured capital in recent months.
• General Catalyst this week unveiled a seed investment in Ayr Energy, a company that was founded to address the transformer queue.
• In July, power gear giant Eaton announced a deal to buy next-gen transformer startup Resilient Power Systems.

Yes, but: Hitachi, an incumbent heavyweight, yesterday announced a major new U.S. transformer factory.

The bottom line: Transformer buyers are desperate for new sources, opening up opportunities for startups and dealmakers.

Talk to our sales team about Axios Pro Deals, where this item first appeared.

🪫 Battery startup Natron Energy, which had planned a $1.4 billion factory in North Carolina, announced that it's closing down.

• Why it matters: It had planned to make sodium-ion batteries, an alternative to lithium products, and it's the latest in a growing list of clean tech manufacturing cancellations. Go deeper.

🚗 Canadian PM Mark Carney's government is delaying automakers' EV sales requirements, Bloomberg reports.

🇯🇵 Via Reuters, Japan confirmed pledges to buy $7 billion in U.S. energy per year and explore an offtake deal for the proposed Alaska LNG project, a joint trade statement today showed.

• Reality check: Plans for a huge new Alaskan gas pipeline and LNG terminal face huge hurdles to secure enough investment to proceed.

👀 A wide coalition of business groups — spanning fossil fuels to renewables and all sorts of other industries — is pressing Congress to pass a sweeping, bipartisan permitting plan.

✅ The GOP-led House approved an FY '26 spending bill yesterday that would codify many of Trump's nuclear- and fossil fuel-driven "energy dominance" objectives. Full story.

That's how much Elon Musk stands to earn from a new pay package — if the recently struggling company hits a series of milestones. Go deeper.