Here's Why Uranium Energy Corp Stock Soared This Week
Shares in Uranium Energy (NYSEMKT: UEC) rose by a whopping 17.8% in the week up to Friday morning. The move comes in a positive week of newsflow for the nuclear industry, which is good news for a pure-play nuclear stock like Uranium Energy.
Alphabet's Google became the latest technology behemoth to sign up. The cloud services company signed a power purchase agreement (PPA) for electricity powered by nuclear energy following its deal with Kairos Power. The plan is for Kairos to have the first of multiple small modular reactors online by 2030, leading to more deployments later.
It's the latest in a line of technology companies signing PPAs, following Amazon Web Services' (Amazon's cloud services business) deal to buy power from Talen Energy's nuclear power plant in Susquehanna, Pennsylvania, in March. Microsoft also recently announced a 20-year PPA with Constellation Energy to restart the Three Mile Island nuclear power plant.
Source Fool.com
