U.S. DOE Approves the Safety Design Strategy for the Oklo Aurora Fuel Fabrication Facility

SANTA CLARA, Calif. – (BUSINESS WIRE)– Oklo Inc. (“Oklo”), a fast fission clean power technology and nuclear fuel recycling company, has announced that the U.S. Department of Energy (DOE) has reviewed and approved the Safety Design Strategy (SDS) for the Aurora Fuel Fabrication Facility at Idaho National Laboratory (INL). The Aurora Fuel Fabrication Facility is being designed to demonstrate the reuse of recovered nuclear material to support Oklo’s planned commercial advanced fission power plant demon­stra­tion at INL.

Oklo was selected for access to the fuel material through a competitive process launched in 2019 by INL. The goal of the solic­i­ta­tion was to accelerate the deployment of commer­cially viable reactors by providing developers with access to the material needed to produce fuel for their reactors. The DOE is supporting INL to produce High-Assay, Low-Enriched Uranium for advanced reactors by recovering uranium through elec­trore­fining treatment on used fuel from the now-decom­mis­sioned Exper­i­mental Breeder Reactor-II.

“The SDS approval is a major step towards a DOE approval of the Aurora Fuel Fabrication Facility as we continue towards our goal of producing fuel for our planned Aurora commercial power plant,” said Jacob DeWitte, co-founder and CEO of Oklo.

The SDS marks the initial stage in a compre­hen­sive DOE approval process prior to the operation of the Aurora Fuel Fabrication Facility. Oklo and Battelle Energy Alliance, operator of INL, are currently working on the next phase, focusing on the Conceptual Safety Design Report (CSDR). The purpose of the CSDR is to summarize the hazard analysis efforts and safety-in-design decisions incor­po­rated into the conceptual design, along with any identified project risks associated with the selected strategies.

“The approval of the SDS is an important step to enable fabrication of fuel for the Aurora advanced fission power plant,” said Dr. Jess Gehin, INL’s associate laboratory director for Nuclear Science and Technology. ​“As the nation’s nuclear energy research laboratory, we are committed to working with private companies like Oklo to develop advanced fission tech­nolo­gies that will provide clean energy to the world.”

With a provisional site, fuel, and the design of the Aurora Fuel Fabrication Facility underway, Oklo is progressing toward its goal of bringing its commercial advanced fission power plant online in the U.S.

About Oklo Inc.: Oklo Inc. is developing fast fission power plants to provide clean, reliable, and affordable energy at scale. Oklo received a site use permit from the U.S. Department of Energy, was awarded fuel material from Idaho National Laboratory, submitted the first advanced fission custom combined license application to the Nuclear Regulatory Commission, and is developing advanced fuel recycling tech­nolo­gies in collab­o­ra­tion with the U.S. Department of Energy and U.S. National Laboratories.

On July 11, 2023, Oklo and AltC Acquisition Corp. (“AltC”) (NYSE: ALCC) announced that they have entered into a definitive business combination agreement that upon closing would result in the combined company to be listed on the New York Stock Exchange under the ticker symbol ​“OKLO.”

About AltC Acquisition Corp.: AltC Acquisition Corp. was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reor­ga­ni­za­tion or similar business combination with one or more businesses.

About Idaho National Laboratory: Battelle Energy Alliance manages INL for the U.S. Department of Energy’s Office of Nuclear Energy. INL is the nation’s center for nuclear energy research and development, and also performs research in each of DOE’s strategic goal areas: energy, national security, science and the environment. For more information, visit www.inl.gov. Follow us on social media: Facebook, Instagram, LinkedIn and X.

Forward-Looking Statements

This commu­ni­ca­tion includes ​“forward-looking statements” within the meaning of the ​“safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as ​“estimate,” ​“goal,” ​“plan,” ​“project,” ​“forecast,” ​“intend,” ​“will,” ​“expect,” ​“anticipate,” ​“believe,” ​“seek,” ​“target,” ​“continue,” ​“could,” ​“may,” ​“might,” ​“possible,” ​“potential,” ​“predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected market opportunity for Oklo, Oklo’s expec­ta­tions regarding the Aurora Fuel Fabrication Facility and the Aurora advanced fission power plant, and the consum­ma­tion of the proposed business combination between Oklo and AltC. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncer­tain­ties and other factors, which may be beyond our control.

These statements are based on various assumptions, whether or not identified in this commu­ni­ca­tion, and on the current expec­ta­tions of Oklo’s management and are not predictions of actual performance. These forward-looking statements are provided for illus­tra­tive purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circum­stances are difficult or impossible to predict and will differ from assumptions. Many actual events and circum­stances are beyond the control of Oklo. These forward-looking statements are subject to known and unknown risks, uncer­tain­ties and assumptions about Oklo that may cause our actual results, levels of activity, performance or achieve­ments to be materially different from any future results, levels of activity, performance or achieve­ments expressed or implied by such forward-looking statements. Such risks and uncer­tain­ties, include risks related to the deployment of Oklo’s powerhouses; the risk that Oklo is pursuing an emerging market, with no commercial project operating, regulatory uncer­tain­ties; the potential need for financing to construct plants, market, financial, political and legal conditions; the inability of the parties to success­fully or timely consummate the proposed business combination, including the risk that the approval of the share­holders of AltC or Oklo is not obtained; the effects of competition; changes in applicable laws or regulations; the outcome of any government and regulatory proceedings, inves­ti­ga­tions and inquiries; each case, under the heading ​“Risk Factors,” and other documents filed, or to be filed, with the Securities and Exchange Commission (“SEC”) by AltC. If any of these risks materialize or Oklo’s assumptions prove incorrect, actual results could differ materially from the results implied by the forward-looking statements relating to Oklo. There may be additional risks that Oklo does not presently know or that Oklo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Oklo’s expec­ta­tions, plans or forecasts of future events and views as of the date of this commu­ni­ca­tion. Oklo anticipates that subsequent events and devel­op­ments will cause Oklo’s assessments to change. However, while Oklo may elect to update these forward-looking statements at some point in the future, Oklo specif­i­cally disclaims any obligation to do so. These forward-looking statements should not be relied upon as repre­senting Oklo’s assessments as of any date subsequent to the date of this commu­ni­ca­tion. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Additional Information About the Business Combination and Where to Find It

The proposed business combination will be submitted to share­holders of AltC for their consid­er­a­tion. AltC has filed a regis­tra­tion statement on Form S‑4 (as amended, and may be further amended from time to time, the ​“Regis­tra­tion Statement”) with the SEC, which includes a preliminary proxy statement/prospectus/consent solic­i­ta­tion statement to be distributed to AltC’s share­holders in connection with AltC’s solic­i­ta­tion for proxies for the vote by AltC’s share­holders in connection with the proposed transaction and other matters described in the Regis­tra­tion Statement, as well as the prospectus relating to the offer of the securities to be issued to Oklo’s share­holders in connection with the completion of the proposed transaction. After the Regis­tra­tion Statement has been declared effective, AltC will mail a definitive proxy statement/prospectus/consent solic­i­ta­tion statement and other relevant documents to its share­holders as of the record date established for voting on the proposed transaction. AltC’s share­holders and other interested persons are advised to read the preliminary proxy statement/prospectus/consent solic­i­ta­tion statement and any amendments thereto and, once available, the definitive proxy statement/prospectus/consent solic­i­ta­tion statement, in connection with AltC’s solic­i­ta­tion of proxies for its special meeting of share­holders to be held to approve, among other things, the proposed transaction, as well as other documents filed with the SEC by AltC in connection with the proposed transaction (the ​“Special Meeting”), as these documents contain and will contain important information about AltC, Oklo and the proposed transaction.

Share­holders may obtain a copy of the preliminary or definitive proxy statement/prospectus/consent solic­i­ta­tion statement, once available, as well as other documents filed by AltC with the SEC, without charge, at the SEC’s website located at www.sec.gov or by directing a written request to AltC Acquisition Corp., 640 Fifth Avenue, 12^th Floor, New York, NY 10019.

Partic­i­pants in the Solicitation

AltC, Oklo and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be partic­i­pants in the solic­i­ta­tion of proxies from AltC’s share­holders in connection with the Special Meeting. Information regarding persons such persons who may, under SEC rules, be deemed partic­i­pants in the solic­i­ta­tion of AltC’s share­holders in connection with the Special Meeting, is set forth in the preliminary proxy statement/prospectus/consent solicitation statement.

Information about the directors and executive officers of Oklo and a description of their direct or indirect interests is set forth in the sections entitled ​“Certain Rela­tion­ships and Related Party Trans­ac­tions – Oklo’s Related Person Trans­ac­tions” and ​“Interests of Certain Persons in the Business Combination” included in the Registration Statement.

Information about the directors and executive officers of AltC, a description of their direct or indirect interests and their beneficial ownership of AltC’s capital stock is set forth in the sections entitled ​“Other Information about AltC – Management, Directors and Executive Officers,” ​“Certain Rela­tion­ships and Related Party Trans­ac­tions – AltC’s Related Person Trans­ac­tions,” ​“Interests of Certain Persons in the Business Combination” and ​“Beneficial Ownership of Securities” included in the Regis­tra­tion Statement. The most recent amendment to the Regis­tra­tion Statement was filed on January 30, 2024, and is available at https://www.sec.gov/Archives/edgar/data/1849056/000110465924007900/tm2324337-10_s4a.htm.

Share­holders, potential investors and other interested persons should read the preliminary proxy statement/prospectus/consent solic­i­ta­tion statement and any amendments thereto carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.

No Offer or Solicitation

This commu­ni­ca­tion does not constitute an offer to sell or the solic­i­ta­tion of an offer to buy any securities, or a solic­i­ta­tion of any vote or approval, nor shall there be any sale of securities in any juris­dic­tion in which such offer, solic­i­ta­tion or sale would be unlawful prior to regis­tra­tion or qual­i­fi­ca­tion under the securities laws of any such juris­dic­tion. This commu­ni­ca­tion is not, and under no circum­stances is to be construed as, a prospectus, an adver­tise­ment or a public offering of the securities described herein in the United States or any other juris­dic­tion. No offer of securities shall be made except by means of a prospectus meeting the require­ments of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRE­SEN­TA­TION TO THE CONTRARY IS A CRIMINAL OFFENSE.