The winners of the AI boom?! Oklo, Plug Power, Siemens Energy, and dividend gem RE Royalties

RE Royalties: 14% dividend yield

RE Royalties shares currently combine a high dividend yield with upside potential. This is because the more than 100 solar, wind, and hydroelectric power projects financed by the Company are predominantly located in North America. This means that the Company should actually benefit from the energy boom surrounding artificial intelligence and data centers. However, stock market traders have not yet discovered the stock. It is likely only a matter of time before this changes. Until then, patient shareholders will be rewarded with a generous dividend yield of over 10%. Currently, CAD 0.01 per share is distributed each quarter. That amounts to CAD 0.04 per year. The stock is currently trading at CAD 0.27.

But what exactly does RE Royalties do? If you are curious, check out CEO Bernard Tan's conversation with Lyndsay Malchuk from the International Investment Forum (IIF). According to this, RE Royalties has successfully transferred the license financing model from the raw materials industry to the renewable energy sector. RE Royalties exclusively finances commercially proven technologies and avoids experimental concepts. Regional diversification reduces dependence on political subsidy programs. Project developers receive capital without giving up shares. In return, RE Royalties receives a small share of future revenues. Tan emphasized that the income from the projects can be planned for the long term - for example, through 20- to 40-year power purchase agreements - and thus generates stable, annuity-like returns.

https://youtu.be/sKWA0kb1A_s?si=-lYMwJqTH9quOpIQ

Oklo: Partnership with Siemens Energy

One of the high flyers of recent months was clearly Oklo Inc. Within a few months, the share price of the developer of small modular reactors (SMRs) exploded from USD 20 to over USD 170. Even though profit-taking has recently pushed the price down to USD 88, its performance in the current year is an impressive 303%.

Most recently, there have been reports of a collaboration with Siemens Energy. The German company will supply the power conversion system for Oklo's Aurora Powerhouse reactor. Among other things, Siemens will assemble an SST-600 steam turbine, an SGen-100A generator, and the associated auxiliary systems. The early start of engineering, procurement of long-run components, and production preparation are intended to accelerate the project and reduce risks in the supply chain and schedule. Oklo emphasizes that the safety design of the Aurora reactor allows the use of proven, commercially available turbine technology, which reduces time and costs and advances the commercialization of advanced nuclear technology.

The Aurora Powerhouse is planned as a modular reactor with a capacity of around 75 MW. The first plant is scheduled to go into operation in 2027. Oklo is one of the companies selected by the US Department of Energy (DOE) for the Nuclear Reactor Pilot Program and the Advanced Nuclear Fuel Pilot Project. At the same time, the Company is building up an extensive project pipeline, primarily with data center operators. In total, there are over 14 GW in the order books. It should be noted that, due to the development phase, these are predominantly non-binding agreements. Nevertheless, SMR technology is one of the great hopes in the US for getting the energy hunger of AI data centers under control.

Plug Power: Shareholders face significant dilution

In September and October, Plug Power shares were also celebrated as one of the energy high-flyers. However, just as quickly as the share price rose from around EUR 1.20 to around EUR 4, it fell again. Plug shares are now trading at EUR 1.60.

Most recently, a convertible bond caused the share price to fall. On the other hand, the hydrogen specialist can put the net inflow of USD 399 million to good use to offset losses from its operating business and repay older liabilities.

Plug shareholders will apparently have to prepare themselves for further dilution of their holdings. The Company has convened an extraordinary general meeting. The authorized capital for common shares is to be doubled from 1.5 to 3.0 billion shares. The increase was calculated based on expected capital requirements, contractual obligations, employee participation programs, and possible strategic transactions in order to create sufficient leeway without excessive dilution. The articles of association are to be adapted to current changes in Delaware law so that future changes, such as further adjustments to the number of authorized shares, can be decided with a more practical, market-standard voting quorum. The vote at the extraordinary general meeting will help to implement the strategy, fulfill obligations, retain skilled workers, and create long-term value for shareholders.

To distract from the potential further dilution, Plug also pointed out the positive operational development in its press release. August 2025 was a record month for the hydrogen plant in Georgia, with production reaching 324 tons. In addition, a multi-gigawatt electrolyser pipeline is being advanced in Europe, Australia, the Middle East, and North America. Plug has also strengthened its partner ecosystem with customers such as Amazon and Uline and is investing in hydrogen storage, transportation, and refueling infrastructure, including for industrial and data center applications.

The energy hunger of AI is expected to continue to electrify the stock market. Stocks such as Siemens Energy and Oklo have already performed very well. Whether Plug Power will actually be among the winners is at least doubtful. On the other hand, there are many indications that RE Royalties will soon be discovered. And until then, the attractive dividend will sweeten the wait for patient shareholders.