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Rendering of a proposed Oklo commercial advanced fission power plant in the U.S.

Courtesy: Oklo Inc.

Nuclear startup Oklo aims to deploy 12 gigawatts of power over the next two decades through a framework agreement with data center operator Switch, the companies announced Wednesday.

Oklo would deploy what amounts to a fleet of small nuclear reactors through 2044, with power generation equivalent to the annual electricity consumption of more than 9 million households in the U.S.

Oklo would develop, build and operate the small nuclear plants. It would sell the electricity to Switch through a number of power purchase agreements for its data centers across the U.S. Oklo and Switch have not signed any individual power purchase agreements yet.

Oklo’s stock rose more than 10% in premarket trading.

The broad agreement signed by Oklo and Switch is a nonbinding framework that sets high level goals to execute against, Oklo CEO Jacob DeWitte told CNBC in an interview. It creates a vehicle to advance large scale, multi-site power development and deployment, DeWitte said.

Oklo is a startup backed by OpenAI CEO Sam Altman that is developing micro nuclear reactors. Altman is Oklo’s chairman, and the company made its market debut in May through a merger with his SPAC, AltC Acquisition Corp. Oklo has a market capitalization of $2.33 billion.

‘Transformative scale’

Switch is a privately held company headquartered in Las Vegas that designs, builds and operates data center campuses in the U.S. CEO Rob Roy said Switch is committed to deploying advanced nuclear power “at a transformative scale for our data centers” through the relationship with Oklo.

Oklo is developing reactors that are much smaller than those in the current U.S. fleet. Its reactors are expected to range in power capacity from 15 megawatts, to 50 megawatts, to 100 megawatts or more. By comparison, the average reactor in the U.S. is currently around 1,000 megawatts.

The reactors that would service Switch would primarily be 50 megawatts, DeWitte said. Oklo would have to build 240 reactors of that size by 2044 to meet the 12 gigawatt deployment goal.

Oklo thinks its microreactors will reduce the costs associated with building new nuclear plants, slash construction timelines, and give power customers more flexible options.

Oklo has not deployed a reactor yet. The company aims to bring its first plant online at Idaho National Laboratory in Idaho Falls in 2027.

People familiar with the matter told Reuters in September that Switch is considering an initial public offering that would value the company at $40 billion. Switch was taken private by DigitalBridge and IFM Investors for $11 billion in December 2022.

Demand for nuclear power is growing in the U.S. as technology companies and other data center developers search for reliable, carbon-free electricity to power artificial intelligence.

Amazon and Alphabet announced investments in small nuclear reactor technology in October. Microsoft is helping to bring the Three Mile Island nuclear power plant back online through a power purchase agreement.

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Hyundai is about to shake things up its new ‘Pleos’ brand: Here’s what we know so far

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Hyundai is about to shake things up its new 'Pleos' brand: Here's what we know so far

In less than two weeks, Hyundai will unveil its “groundbreaking” new Pleos brand. The brand will introduce advanced new software and tech that will be used in upcoming Hyundai, Kia, and Genesis vehicles. We will also get our first look at its new development platform. Here’s what we know about Hyundai Pleos so far.

What is Hyundai’s new Pleos brand?

“What if mobility had its own software?” Hyundai asked on Tuesday after teasing its new software-defined brand. The company promises Pleos will “redefine mobility,” but how exactly?

A few weeks ago, Hyundai announced it was holding a developer conference to capitalize on the auto industry’s shift toward software-defined vehicles (SDVs).

At the event on March 28, Hyundai will debut its new Pleos brand while showcasing its latest tech, including a new development platform, artificial intelligence (AI), and autonomous driving advancements. The new SDV tech will power upcoming Hyundai Motor, Kia, and Genesis models, including EVs.

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Hyundai describes Pleos as a symbol of its commitment to providing smart, sustainable mobility solutions. Designed to connect and integrate data, the brand will open the door for innovation and collaboration.

Hyundai-Pleos-brand
Hyundai IONIQ 9 Calligraphy trim interior (Source: Hyundai)

During the conference, we will also see Hyundai’s new software development kits (SDKs) and APIs for its next-gen infotainment systems for the first time. The event will feature an exhibition showcasing potential partnership opportunities.

Hyundai teases new Pleos software brand (Source: Hyundai Motor Group)

With Kia launching its first electric van, the PV5, Hyundai Motor is quickly advancing new tech and software “set to redefine mobility.” The PV5 will kick off Kia’s Platform Beyond Vehicle (PBV) business, a total mobility solution combining fit-for-purpose EVs with advanced software.

Hyundai claims that “the future of seamless movement is no longer just an idea—it’s becoming reality” as it gears up to unveil its new mobility software brand, Pleos, on March 28.

With a flood of new EVs and tech on the way, Hyundai, Kia, and Genesis are preparing to shake things up in a big way over the next few years. Stay tuned for more on Hyundai’s software brand.

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Xiaomi hits 200,000 EV deliveries in a scorching 119 days and raises 2025 target

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Xiaomi hits 200,000 EV deliveries in a scorching 119 days and raises 2025 target

Young EV automaker Xiaomi Automotive continues to showcase that it is a force to be reckoned with in China. The automotive division of the massive electronics manufacturer Xiaomi Corporation recently hit 200,000 EV deliveries in record time. As such, the automaker has increased its delivery targets for 2025 as its second all-electric model looks to hit the market this summer.

Xiaomi Automobile is a name that refuses to be ignored in China and the global EV scene. The EV-centric business was spun out from smartphone and electronics manufacturer Xiaomi Corporation in 2021 and has been evolving at a staggering pace ever since.

The automaker launched its first model, the SU7, in March 2024 after faster-than-expected development. It quickly secured over 50,000 orders in the first 27 minutes and currently has a delivery wait time of at least 30 weeks.

In 2024, Xiaomi initially targeted the assembly of 60,000, but the SU7’s tremendous demand led the young automaker to bolster production to keep up. Shortly after the SU7 launch, Xiaomi shared that it had built 10,000 EVs in 32 days before bolstering its production lines in China, hoping to double its initial production and targets.

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By mid-November, Xiaomi’s founder shared that the company had reached 100,000 EV builds earlier than expected and could reach 120,000 units before 2025 arrived. When 2024 ended, Xiaomi was reporting 135,000 SU7 deliveries with plans to double that figure in 2025.

Today, Xiaomi reported 200,000 EV deliveries and has once again pushed back its annual goalposts as its sales continue to snowball in China.

Xiaomi deliveries
Source: Xiaomi Automobile / Weibo

Xiaomi raises 2025 target to 350,000 deliveries

Xiaomi touted its latest milestone on Weibo today, noting 200,000 EV deliveries while showcasing the lucky couple who took delivery of their new SU7, seen in the featured image above. What’s most noteworthy about this news is that Xiaomi hit the 200,000 mark in a mere 119 days.

We thought it was fast when the Chinese EV automaker hit 100,000 deliveries in 230 days. Still, momentum continues to increase at Xiaomi HQ, even though the young automaker is only selling one EV model in three variants in addition to a 1,548 horsepower SU7 Ultra (seen above).

As an encore, Xiaomi has already introduced an all-electric SUV called the YU7, which debuted late last year and will compete against the Tesla Model Y in China when it hits the market his summer. With a fresh model on the way and continued demand for its growing lineup, Xiaomi has raised its targeted deliveries for 2025.

With its production facilities now complete in China, Xiaomi previously shared plans to achieve a full annual production capacity of 300,000 units this year. However, Xiaomi now says it is targeting 350,000 deliveries for 2025. Per its Weibo page, its production capacity increase is “progressing smoothly.”

From what we’ve seen from Xiaomi Auto thus far, everything has been smooth sailing. The company’s next milestone should be the official launch of the YU7 SUV, but who knows, it may hit 300,000 deliveries before then.

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NIO and CATL form new partnership to build the world’s largest battery swap network

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NIO and CATL form new partnership to build the world's largest battery swap network

This week, prominent Chinese EV automaker NIO and CATL, the world’s leading battery manufacturer, announced a new strategic partnership to combine and standardize their respective industries technologies and implement the “largest and most advanced battery swap network for passenger vehicles.”

When it comes to advanced battery technologies in China, both NIO and CATL are mainstays in the industry discourse. NIO has established itself as one of the leading innovators in EVs and adjacent technologies and has expanded beyond its native China into new global markets.

Simultaneously, CATL has remained the bonafide leader in battery manufacturing and market share for the better part of the last decade and has shown no signs of ceding to its competitors anytime soon. Beyond EV batteries, CATL has introduced its own network of battery swap stations in China, part of a strategy to eventually replace gas stations altogether.

Similarly, battery swaps remain a massive part of NIO’s EV strategy. Its growing networks in China and Europe, not to mention its customer support, have proven to the world that swaps can serve as a viable alternative to traditional charging methods in which the battery pack stays put.

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That said, NIO and CATL are no strangers to one another. Prior to today’s news, both companies had established several partnerships to expand battery technology and deliver it to more markets. Today, NIO and CATL have confirmed a new strategic partnership focused on battery swap technology to establish the world’s most prominent network. Given each’s current status in that segment, that goal shouldn’t be too hard to achieve.

NIO battery swap network
Source: CATL

CATL signs on to support NIO’s battery swap network

Both companies shared details of their new strategic partnership, which was signed on March 17 in Ningde, Fujian, China. NIO and CATL plan to collaborate and leverage their technological strengths to establish a world-leading battery swap network. Per the release:

 Building on unified battery standards, the two parties will strengthen the sharing of their battery swapping networks, and accelerate the adoption and advancement of battery swapping services. CATL will support NIO in developing the battery swapping network, while its Choco-Swap technical standards and network will be introduced to the subsequent newly developed models of firefly, NIO’s new brand.

CATL and NIO stated they will operate in parallel to offer NIO and other EV drivers a more seamless and efficient battery swap network experience. As for many EV automakers, the overall goal is to make BEV travel more convenient to help sway more consumers into going all-electric.

Yesterday, NIO and CATL competitor BYD introduced a new 1,000-volt EV platform that can recharge a vehicle in five minutes thanks to 1,000 kW rates, thus reaching time parity with a traditional gas station visit. Before that news, battery swaps have remained the much faster recharge method, taking between five and eight minutes to pull in, have a battery swapped out, and pull through back onto one’s travels.

NIO and CATL hope to promote this alternative method further in China by jointly developing and adopting national battery swap network standards, which include universal battery compatibility across various makes and models, not just NIO vehicles.

NIO and CATL plan to “complete a lifestyle loop” that includes battery R&D, swapping services, asset management, reutilization, and material recycling. In addition to spreading further adoption, the overall goal will be to reduce costs for swap station operators and EV owners alike while improving overall efficiency across the industry.

This is excellent news for the EV industry in China and let’s hope it finds success overseas so it can expand to other global markets soon.

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