Oklo Inc. · NYSE:OKLO
Oklo — SPAC Merger (July 2023)
58 slides from Oklo's SPAC merger presentation, Jul 20, 2023
Slide 1: Investor Presentation July 2023: Oklo's Aurora powerhouse
Investor Presentation July 2023 Oklo’s Aurora powerhouse 15 MWe liquid metal fast fission power plant site and fuel secured for commercial plant deployment at the Idaho National Laboratory (“INL”) to go public in partnership with Alt C Acquisition Corp. Experimental Breeder Reactor II (“ EBR - II”)
Slide 2: About this presentation
| Alt C Acquisition Corp. 2 About this presentation This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential transaction (the “proposed transaction”) between Oklo Inc . (“Oklo”) and Alt
Slide 3: About this presentation: Participants in the Solicitation
| Alt C Acquisition Corp. 3 About this presentation 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 s
Slide 4: Introduction video
| Alt C Acquisition Corp. 4 Introduction video Click image to view video | Alt C Acquisition Corp.
Slide 5: AltC Acquisition Corp.
| Alt C Acquisition Corp. Sources: Y Combinator website – Startup Directory, Churchill Capital I, II, III, IV and CF Finance Acquisition Corp. public disc losure. Notes: (1) Past performance is not indicative of future results. (2) Represents trust proceeds (net of redemptions) plus incr eme ntal ca
Slide 6: Advancing atomic energy has been a long-standing investment focus of Sam Altman
| Alt C Acquisition Corp. 6 Advancing atomic energy has been a long - standing investment focus of Sam Altman… …and nuclear technology was set as a “hard tech” vertical of interest for AltC at formation Energy Sam Altman June 29 , 2015 ( 1 ) I think a lot about how important cheap, safe, and abundan
Slide 7: Partnership team
| Alt C Acquisition Corp. 7 Partnership team Jacob DeWitte Co - Founder and CEO Co - Founded Oklo in 2013 • 15+ years of experience in nuclear technology • PhD in nuclear engineering, MIT • Prior experiences at GE, Sandia National Labs, Urenco U.S., and the U.S. Naval Nuclear Laboratory Caroline Coc
Slide 8: Agenda
| Alt C Acquisition Corp. Oklo to go public in partnership with AltC 1 6 Power sales: targeting profitable recurring revenue Fuel recycling: embedded potential upside opportunity Compelling anticipated unit economics Simple transaction with an attractive valuation Importance of clean, reliable, and
Slide 9: Oklo to go public in partnership with AltC Acquisition Corp.
| Alt C Acquisition Corp. Note: (1) AltC cash - in - trust was $515,791,749 as of June 30, 2023. For illustrative purposes only. Assumes no AltC shareholders exercise their redemption rights to receive cash from the trust account at closing. 9 Oklo to go public in partnership with AltC Acquisition C
Slide 10: Oklo investment highlights
| Alt C Acquisition Corp. Notes: (1) Department of Energy - Pathway to Commercial Liftoff: Advanced Nuclear report (March 2023). (2) Oklo’s initial focus is on the design and deployment of 15 MWe and 50 MWe plant sizes. Megawatt electric (“MWe”) is defined as one m il lion watts of electric capacity
Slide 11: Our mission
| AltC Acquisition Corp. 11 Our mission is to provide clean, reliable, and affordable energy on a global scale We are executing our mission through the design and deployment of next generation fast reactor technology We believe we have an embedded opportunity to enhance our mission with advanced fue
Slide 12: How we intend to deliver value to the world
| AltC Acquisition Corp. 12 | Alt C Acquisition Corp. ✓ Power the energy needs of artificial intelligence Accelerate energy transition and reliability Enhance energy security and access Revitalize domestic nuclear fuel manufacturing ✓ ✓ ✓ How we intend to deliver value to the world: Our mission is t
Slide 13: Oklo origin story: stagnation in the U.S. nuclear industry
| AltC Acquisition Corp. Oklo was founded a decade ago to address stagnation in the U.S. nuclear industry Oklo origin story | AltC Acquisition Corp. 13 U.S. operable nuclear power capacity ( GWe ) (1) 0 50 100 1970 1980 1990 2000 2010 2020 2.8 4.1 1990 2022 U.S. nuclear capacity stagnant for over 30
Slide 14: Purpose-built to solve legacy nuclear deployment and fuel challenges
| AltC Acquisition Corp. Notes: (1) Targeted plant costs and construction timeline reflects expected run - rate operations after first deployment is achiev ed, and relies upon current assumptions of timing and costs, which may change through the regulatory process. (2) Department of Energy (5 Fast F
Slide 15: Deep nuclear engineering and regulatory expertise with experienced team
| Alt C Acquisition Corp. 15 Deep and differentiated “hard tech,” nuclear engineering, and regulatory expertise …with a highly experienced team Founder - led organization with deep technical expertise and a highly experienced team x Oklo's team comes from Fortune 500 and global companies, as well as
Slide 16: Oklo LCOE compared with other energy sources
| Alt C Acquisition Corp. Notes: (1) For illustrative purposes only. The assumptions used to determine the LCOE estimates for advanced nuclear, renewables with battery storage, and natural gas with carbon capture are not currently availa bl e. Accordingly, the respective LCOE figures presented herei
Slide 17: Owner-operator business model targeting profitable recurring revenue
| Alt C Acquisition Corp. 17 Pursuing an owner - operator business model targeting profitable recurring revenue Expected to generate double - digit unlevered cash - on - cash returns with upside from investment tax credits , project finance , and fuel recycling Illustrative unit economics Illustrati
Slide 18: Regulatory strategy aimed to accelerate time to market
| Alt C Acquisition Corp. Note: (1) Regulatory process subject to change. Status of regulatory process is based on management's estimates only which ma y b e incorrect. (2) U.S. NRC website: Design Certification – NuScale US600; second design approval application announced through company press rele
Slide 19: Valuation versus advanced nuclear peers
| Alt C Acquisition Corp. $1.5 $1.7 $2.0 $2.6 $0.85 $1.8 $3.4 $3.8 $3.1 $3.7 Sources: X - energy, NuScale, and NetPower information is per public disclosure by the respective companies. Market data is per FactSet as of July 7, 2023. Notes: (1) Targeted plant costs and construction timeline reflects
Slide 20: Simple proposed transaction structure
| Alt C Acquisition Corp. 20 Simple proposed transaction structure Alignment of long - term interests between public investors, AltC’s sponsor, and existing Oklo shareholders Alignment of long - term interests Fulsome transaction review x Oklo shareholders to roll 100% of existing equity ‒ No cash t
Slide 21: Oklo is at an inflection point
| Alt C Acquisition Corp. 21 Oklo is at an exciting inflection point Going public now is intended to enable Oklo to accelerate its business plan and develop its project backlog Expected benefits of going public Illustrative development framework (1)(2) The transaction with AltC is expected to provid
Slide 22: Agenda
| Alt C Acquisition Corp. Oklo to go public in partnership with AltC 1 6 Power sales: targeting profitable recurring revenue Fuel recycling: embedded potential upside opportunity Compelling anticipated unit economics Importance of clean, reliable, and abundant energy 2 3 4 5 Agenda Simple transactio
Slide 23: Clean, reliable, and abundant energy is critical to our future
| Alt C Acquisition Corp. 23 Clean, reliable, and abundant energy is critical to our future Daily Life Emerging U.S. grid reliability issues as demand grows and severe weather events strain aging infrastructure Global electricity demand to triple by 2050 as electrification and living standards grow
Slide 24: Nuclear is a reliable clean energy solution deployable at scale today
| Alt C Acquisition Corp. 24 Nuclear is a reliable clean energy solution deployable at scale today Emission - free Firm Deployable at Scale Today Nuclear energy advantages ✓ ✓ ✓ x Lowest lifecycle emissions of any major generating energy source x Highest capacity utilization of any major generating
Slide 25: Nuclear capacity would need to increase 3x for net-zero grid
| Alt C Acquisition Corp. Source: Department of Energy (Pathway to Commercial Liftoff: Advanced Nuclear report - March 2023). Notes: (1) Firm power is generating capacity that is intended to be always available. Clean, firm power options include nucle ar, renewables paired with long duration energy
Slide 26: Policymakers recognize importance of U.S. leadership in nuclear technology
| Alt C Acquisition Corp. 26 Policymakers recognize the importance of U.S. leadership in nuclear technology Bipartisan action has delivered meaningful funding and support via the Inflation Reduction Act In August 2022, Congress passed the Inflation Reduction Act , representing a meaningful increase
Slide 27: Agenda
| Alt C Acquisition Corp. Oklo to go public in partnership with AltC 1 6 Power sales: targeting profitable recurring revenue Fuel recycling: embedded potential upside opportunity Compelling anticipated unit economics Importance of clean, reliable, and abundant energy 2 3 4 5 Agenda Simple transactio
Slide 28: Oklo's key strengths
| AltC Acquisition Corp. Notes: (1) Targeted plant costs and construction timeline reflects expected run - rate operations after first deployment is achiev ed, and relies on current assumptions of timing and costs, which may change through the regulatory process. (2) Idaho Nationa l L aboratory (“IN
Slide 29: Oklo was inspired by the Experimental Breeder Reactor II
| Alt C Acquisition Corp. 29 Oklo was inspired by the Experimental Breeder Reactor II Experimental Breeder Reactor II Argonne National Laboratory (1964 – 1994) • Fast reactor demonstration plant operated by the U.S. government • Produced about 20 MWe of electric power and operated for 30 years Opera
Slide 30: Simplified, modern design approach to enable streamlined deployment
| Alt C Acquisition Corp. Notes: (1) Oklo’s initial focus is on the design and deployment of 15 MWe and 50 MWe plant sizes. (2) Targeted plant costs and construction tim el ine reflects expected run - rate operations after first deployment is achieved, and relies upon current assumptions of timing a
Slide 31: Aurora powerhouse (15 MWe) design
| Alt C Acquisition Corp. Notes: (1) Inclusive of the Emergency Planning Zone, which for the Aurora reactor is expected to be bounded within the powerh ous e building structure. 31 Simplified, modern design approach to enable streamlined deployment Aurora powerhouse design is intended to reduce plan
Slide 32: Owner-operator model enabled by reduced product complexity and cost
| Alt C Acquisition Corp. Source: Department of Energy - Pathway to Commercial Liftoff: Advanced Nuclear report (March 2023), Center for Advanced Nuclear Energy Systems. Notes: (1) Targeted plant costs and construction timeline reflects expected run - rate operations after first deployment is achiev
Slide 33: Attractive business model expected to generate recurring revenue
| Alt C Acquisition Corp. Notes: (1) The unit economics described herein, including any potential margin upside, is forward - looking information and should not be relied upon as necessarily being indicative of future results. Actual results may differ materially. (2) Reflects mark et capitalization
Slide 34: Winning value proposition intended to accelerate customer adoption
| Alt C Acquisition Corp. 34 Winning value proposition intended to accelerate customer adoption Strong customer interest with over 700 MWe under non - binding indications of interest Potential customers Oklo target markets What customers want □ To buy power, not own/operate plants □ Low capex soluti
Slide 35: Advancing three projects towards deployment
| Alt C Acquisition Corp. 35 Advancing three exciting projects towards deployment Site and initial fuel load secured for 15 MWe plant at the Idaho National Laboratory. Opportunity to deploy two 15 MWe plants in Southern Ohio Idaho National Laboratory Aurora powerhouse (15 MWe) #1 Oklo signs an MOU w
Slide 36: Intensive regulatory work underway to support first deployment
| Alt C Acquisition Corp. 36 Intensive regulatory work underway to support first deployment Oklo has one of the longest continuous regulatory engagements of any advanced, non - light - water reactor company First ever advanced reactor Combined License Application (“COLA ”) submitted x NRC engagement
Slide 37: Agenda
| Alt C Acquisition Corp. Oklo to go public in partnership with AltC 1 6 Power sales: targeting profitable recurring revenue Fuel recycling: embedded potential upside opportunity Compelling anticipated unit economics Importance of clean, reliable, and abundant energy 2 3 4 5 Agenda Simple transactio
Slide 38: Fuel recycling upside opportunity
| AltC Acquisition Corp. Notes: (1) U.S. Energy Information Administration (Uranium Marketing Annual Report – 2022). (2) Department of Energy (5 Fast Fac ts about Spent Nuclear Fuel). 38 Fuel recycling Upside opportunity Oklo Large spent fuel stockpiles Spent fuel potential Oklo design advantage Uni
Slide 39: U.S. nuclear power plants heavily reliant on imported nuclear fuel
| AltC Acquisition Corp. U.S. nuclear power plants are heavily reliant on imported nuclear fuel Nuclear fuel imports | AltC Acquisition Corp. 39 Source of uranium for U.S. nuclear power plants (Uranium oxide, million pounds) (1) Notes: (1) U.S. Energy Information Administration (Nuclear explained –
Slide 40: Fuel recycling could provide margin uplift and new revenue streams
| Alt C Acquisition Corp. 40 Fuel recycling could provide potential future margin uplift and new revenue streams Potential opportunity to build and operate facilities that could supply recycled fuel to Aurora powerhouses as well as third - par ty customers Spent fuel recycling is a significant poten
Slide 41: Opportunity to lead the industry in fuel recycling
| Alt C Acquisition Corp. 41 Oklo has the potential opportunity to lead the industry in fuel recycling Oklo selected by the Department of Energy for four cost - share awards to potentially commercialize recycling technologies Oklo’s recycling technology development projects Technology Commercializat
Slide 42: Agenda
| Alt C Acquisition Corp. Oklo to go public in partnership with AltC 1 6 Power sales: targeting profitable recurring revenue Fuel recycling: embedded potential upside opportunity Compelling anticipated unit economics Importance of clean, reliable, and abundant energy 2 3 4 5 Agenda Simple transactio
Slide 43: Compelling anticipated unit economics with potential upside
| Alt C Acquisition Corp. Note: (1) Assumes all regulatory approvals have been obtained on the expected timelines. The regulatory process, including ne ces sary NRC approvals and licensing, is a lengthy, complex process and projected timelines could vary materially from the actual ti me necessary to
Slide 44: Illustrative unit economics: Aurora powerhouse (15 MWe)
| Alt C Acquisition Corp. 44 Illustrative unit economics: Aurora powerhouse (15 MWe) Oklo believes that expected cumulative plant cash flow equals more than 2.5x expected cumulative capital costs Notes: (1) Key assumptions based on expected NOAK (nth of a kind) plant. (2) Assumes all regulatory appr
Slide 45: Illustrative unit economics: Aurora powerhouse (50 MWe)
| Alt C Acquisition Corp. 45 Illustrative unit economics: Aurora powerhouse (50 MWe) Oklo believes that expected cumulative plant cash flow equals more than 5.0x expected cumulative capital costs Notes: (1) Key assumptions based on expected NOAK (nth of a kind) plant. (2) Assumes all regulatory appr
Slide 46: Unit economics inputs: FOAK and NOAK
| Alt C Acquisition Corp. Inputs FOAK NOAK Plant Capital Cost ($mm) Approx. $34.0 Approx. $24.0 Fuel Capital Expenditures Initial Fuel Load (kg) 5,000 4,750 Initial Fuel Cost ($mm) Approx. $35.0 Approx. $33.0 Refueling Load (kg) 2,500 2,375 Refueling Cost ($mm) (3) Approx. $53.0 Approx. $50.0 Operat
Slide 47: Additional financial information
| Alt C Acquisition Corp. 47 Additional financial information Assumption Commentary General and Administrative Expenses • Before first deployment : Approximately $19.5 million in 2024 scaling to approximately $34.5 million by 2027 • Long - term assumption : Approximately 20% of power revenue Manufac
Slide 48: Agenda
| Alt C Acquisition Corp. Oklo to go public in partnership with AltC 1 6 Power sales: targeting profitable recurring revenue Fuel recycling: embedded potential upside opportunity Compelling anticipated unit economics Importance of clean, reliable, and abundant energy 2 3 4 5 Agenda Simple transactio
Slide 49: Simple transaction structure with alignment of long-term interests
| Alt C Acquisition Corp. Notes: (1) Excluding earnout shares and adjustments for permitted financings. 49 Simple transaction structure with alignment of long - term interests between public investors, AltC’s sponsor, and existing Oklo shareholders • Oklo shareholders will receive 85.0 million share
Slide 50: Illustrative transaction overview and pro forma
| Alt C Acquisition Corp. Notes: (1) AltC cash - in - trust was $515,791,749 as of June 30, 2023. For illustrative purposes only. (2) Assumes no AltC shareholders exercise their redemption rights to receive cash from the trust account at closing. (3) Proposed transaction pre - m oney equity value, s
Slide 51: Why invest
| AltC Acquisition Corp. 51 Strong policy support driven by critical need for nuclear energy Simplified, modern design approach applied to demonstrated technology Attractive business model targeting profitable recurring revenue Winning value proposition intended to accelerate customer adoption Site
Slide 52: Supporting Materials
| Alt C Acquisition Corp. 52 Why Oklo is a compelling investment Supporting Materials
Slide 53: Oklo track record of development success
| Alt C Acquisition Corp. 53 Oklo is building upon a strong track record of development success 2013 Oklo founded 2014 Oklo raises seed round from 2015 Oklo raises second seed round from led by Sam Altman and a Series A round led by & 2016 Oklo begins formal pre - application process with NRC 2017 O
Slide 54: Comparison of advanced nuclear and energy peers
| Alt C Acquisition Corp. Design (1) • Aurora Powerhouse • Liquid metal - cooled fast reactor • Xe - 100 SMR • High Temperature Gas Reactor (“HTGR”) • VOYGR SMR • Light Water Reactor (“LWR”) • Allam - Fetvedt Cycle (“AFC”) • Supercritical Carbon Dioxide (“sCO 2 ”) Power Fuel (2) • HALEU • TRU • TRIS
Slide 55: Risk Factors
| Alt C Acquisition Corp. 55 Risk Factors 1. Our business plan requires substantial investment . If there are significant redemptions in connection with the proposed Business Combination, we may need to make significant adjustments to our business plan or seek additional capital . Depending on our a
Slide 56: Risk Factors
| Alt C Acquisition Corp. 56 Risk Factors 22. Our business plan involves contracting with the government and government - affiliated entities, and any changes or delays to contracting procedures, rules and regulations could lengthen our timeframes to construct and operate our plants, which could mat
Slide 57: Risk Factors
| Alt C Acquisition Corp. 57 Risk Factors 46. We must obtain regulatory approvals for the use of various materials in our powerhouse designs . This includes long lead time irradiation testing and analysis, which may require redesign or use of alternative suppliers if results are unsatisfactory . 47.
Slide 58: Digital rendering for illustrative purposes only
| Alt C Acquisition Corp. Digital rendering for illustrative purposes only