Oklo Inc. · NYSE:OKLO
Oklo — AltC Acquisition — SPAC Merger (February 2024)
86 slides from Oklo's SPAC merger presentation, Feb 2, 2024
Slide 1: Alt C Acquisition Corp.
1 | Alt C Acquisition Corp.
Slide 2: Introduction Video
2 Introduction Video
Slide 3: Safe harbor statement
Safe harbor statement 3 The webcast will be available for replay at oklo.com/investor , where you will also find a copy of this investor presentation. Please note that this morning's webcast contains forward looking statements regarding future events and the future performance of Oklo and AltC. Thes
Slide 4: Disclaimer
Disclaimer This presentation (this “presentation”) is being delivered to you by Oklo Inc. (“Oklo”) and AltC Acquisition Corp. (“AltC”) to assist interested parties in making their own evaluation with respect to a proposed business combination between Oklo and AltC and related transactions (the “prop
Slide 5: Speakers
Brian Gitt Head of Business Development Ed Petit de Mange Director of Fuel Recycling Scott Auerbach Director of Power Engineering Jacob DeWitte Co - Founder and CEO Craig Bealmear Chief Financial Officer Caroline Cochran Co - Founder and COO Michael Klein Co - Founder and Chairman of AltC Acquisitio
Slide 6: Agenda
Opening Remarks Michael Klein, Co - Founder and Chairman of AltC Acquisition Corp. Introduction to Oklo Jake DeWitte, Co - Founder & CEO The Aurora Powerhouse Jake DeWitte, Co - Founder & CEO Regulatory Path & Progress Caroline Cochran, Co - Founder & COO Q&A Br ea k Market & Customer Development Br
Slide 7: Opening Remarks
7 MICHAEL KLEIN Co - Founder and Chairman of AltC Acquisition Corp. Opening Remarks
Slide 8: AltC Acquisition Corp.
8 AltC Acquisition Corp. Over $300 million (1) of cash in trust Listed in July 2021 Our Mission Taking “early stage” to the next stage to deliver value to AltC shareholders x Leverage our unique access to innovative companies to source a compelling “hard tech” opportunity x Partner with a target com
Slide 9: AltC Acquisition Corp. and Oklo
9 AltC Acquisition Corp. NYSE: ALCC x Oklo went through Y Combinator in 2014 and Sam Altman has been Chairman since 2015 x Transaction enabled by Sam Altman’s unique understanding of Oklo and validation of its technology through nearly a decade of engagement x AltC and Oklo have been working togethe
Slide 10: Oklo represents an information rich investment thesis
10 AltC Acquisition Corp. NYSE: ALCC x Demand signals received from data center, industrial, defense, traditional energy, and residential customers x Oklo has robust customer interest with over 700 MWe under non - binding indications of interest x Intensive regulatory work underway to support first
Slide 11: Transaction structure and governance highlights
11 x All net transaction proceeds to be invested in Oklo x AltC’s sponsor to subject 100% of its retained shares to performance vesting x Staggered 3 - year lock - up for shares owned by Oklo’s founders and AltC’s sponsor x Board to consist of proven business leaders and value creators in the public
Slide 12: Introduction to Oklo
1 2 Introduction to Oklo JACOB DEWITTE Co - Founder and Chief Executive Officer
Slide 13: Our mission is to provide clean, reliable, and affordable energy
13 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 fuel recycling technology to
Slide 14: Uranium energy density compared with other sources
ission has a uni ue m etitiv e a . · . vanta e com are ith other ener _ . sources A Ii etime o · 0 · 1 · al l o · e n e - r . . i n a uranium
Slide 15: Lifecycle material use by energy source
Coal Biomass Combined cycle gas Solar PV Hyd r o Fusion Wind Geothermal Fission 275K kg/GWh 0K 137.5K 412.5K 550K Conc r ete/cement Steel Glass Copper Silver Uranium Fossil fuels (5) L i f e c yc le m a t e ria l u s e (1) ( 2 ) ( 3 )( 4 ) Sources: (1) https: //w ww .energy.gov/sites/prod/files/2017
Slide 16: Lifecycle material use
( 2 ) ( 3 )( 4 ) L i f e c yc le m a t e ria l u s e (1) 1 6 Sources: (1) https: //w ww .energy.gov/sites/prod/files/2017/03/f34/qtr - 2015 - chapter10.pdf Table 10.4 (2) https://whatisnuclear.com/energy - density.html (3) https: //w ww .eia.gov/tools/faqs/faq.php?id=667&t=2 (4) https://energyeducat
Slide 17: Lifecycle material use
( 2 ) ( 3 )( 4 ) L i f e c yc le m a t e ria l u s e (1) 1 6 Sources: (1) https: //w ww .energy.gov/sites/prod/files/2017/03/f34/qtr - 2015 - chapter10.pdf Table 10.4 (2) https://whatisnuclear.com/energy - density.html (3) https: //w ww .eia.gov/tools/faqs/faq.php?id=667&t=2 (4) https://energyeducat
Slide 18: Keys to Oklo's deployment
✓ Power sales model ✓ Technology ✓ Size Keys to Oklo’s deployment 1 8 18
Slide 19: Recent announcements
Now, recaps on some exciting recent announcements 19
Slide 20: DOE approves Safety Design Strategy for fuel fabrication facility
Oklo was selected for access to the fuel material through a competitive process launched in 2019 by INL. The SDS marks the initial stage in a comprehensive DOE approval process prior to the operation of the Aurora Fuel Fabrication Facility. U.S. DOE Approves the Safety Design Strategy for the Oklo A
Slide 21: Land procurement
2 2 Oklo announced a land rights agreement 1 with Southern Ohio Diversification Initiative (SODI), that provides for an option to purchase land for the two planned powerhouses Notes: (1) Option and Right of First Refusal to Purchase Real Estate between Oklo and SODI Land procurement 22
Slide 22: The Aurora Powerhouse
2 3 The Aurora Powerhouse JACOB DEWITTE Co - Founder and Chief Executive Officer
Slide 23: What is the Aurora?
What is the Aurora? 24
Slide 24: The Aurora
The Aurora Next generation fission power Small fast reactor Based on demonstrated technology Designed to be inherently safe Simple, modern, streamlined design 25
Slide 25: Liquid metal technology
Small, pre - fabricated, non - pressurized components Designed to use readily available materials and components from existing supply chains Inherent and passive safety characteristics, coupled with technology maturity, is designed to allow Oklo’s technology to break the light water reactor (LWR) pa
Slide 26: How it works
Core Contains metallic fuel and reflectors Naturally self - stabilizing and self - controlling Intermediate heat exchangers Heat is transferred to external cooling loop to produce steam for power generation Reactor vessel cooling system Air naturally cools reactor 27 How it works
Slide 27: How it works: coolant circulation
Core Coolant heats up as it removes heat from fuel Hot coolant rises 28 Intermediate heat exchangers Coolant cools down as it transfers heat through intermediate heat exchangers Cold coolant sinks How it works
Slide 28: How it works: air cooling
Air heats up as it rises along vessel Cold air flows down outside vessel Reactor vessel cooling system Air naturally cools reactor vessel and removes excess heat 29 How it works
Slide 29: How it works: power conversion
Reactor module Power conversion system Steam generators How it works 30
Slide 30: Well demonstrated technology
31 Fast reactors have over 400 reactor - years of operating experience (1) Oklo specifically uses data from the Experimental Breeder Reactor II (EBR - II) EBR - II produced about 20 megawatts electric (MWe) and operated for 30 years Well demonstrated technology EBR - II proved: Inherent safety perfo
Slide 31: Aurora powerhouse design
32 Estimated construction time Estimated plant design life <1 year <$70 million 40+ years Estimated fuel & construction costs (2) <2 acres of land required (3) Reduced plant complexity, cost, and construction time 15 MWe Scalable to 50 MWe (1) Notes: (1) Oklo’s initial focus is on the design and dep
Slide 32: Regulatory Path & Progress
3 3 Regulatory Path & Progress CAROLINE COCHRAN Co - Founder and Chief Operating Officer
Slide 33: Historical regulatory path for new nuclear plants
34 Historically, the regulatory path for new nuclear plants has been long and has led to high costs in design, construction, and operation. • Old reactor technologies (generally water - cooled reactors) are burdened with immense and relatively inflexible precedent in regulatory guidance. • New react
Slide 34: Regulatory process
35 Design Construction permit Operations license Prior to 1989, in the “Part 50” process, Construction Permits were only granted separately from Operations Licenses. (1) This created risk of constructing something that would not be granted an operations license in a timely manner or at all. There we
Slide 35: Regulatory process: design certification
36 Because most nuclear technology designers are developers only, they may seek NRC approval of the design which they can sell to utilities. For example, NuScale (1) and AP1000 (2) sought NRC design certifications. The duration of design certification reviews has ranged between 6 - 10 years. (3) Des
Slide 36: Regulatory process: combined license
37 The Combined License Process was developed, which allowed for simultaneous licensing of construction and operation . However, it was not fully utilized as one step because developers did the design step first and utilities did the construction and operations steps second. For instance, the AP1000
Slide 37: Oklo intends to build, own and operate
38 Oklo intends to build, own and operate, not just sell a design to utilities. Oklo is the first company to have piloted (in 2018) and then submitted (in 2020) a custom combined license application (COLA) for design, construction, and operations all together. The custom COLA is not only expected to
Slide 38: Regulatory and permitting process
39 Future COLAs can be filed as “subsequent COLAs” (S - COLAs) to the initial “reference COLA" (R - COLA) Sites D esi g n Construction permit Operations license Nuclear fuel Oklo granted Site Use Department of Energy (DOE) ✓ Permit at INL (1) by the Fuel allocation provided by DOE DOE approved Safet
Slide 39: Longest continuous regulatory engagement among non-water-cooled reactor companies
40 Oklo has one of the longest continuous regulatory engagements of any non - water - cooled reactor company First ever advanced reactor COLA submitted ✓ NRC engagement initiated in 2016 ✓ COLA submitted on March 11, 2020 - the day WHO declared COVID - 19 a pandemic ✓ Deep engagement with the NRC st
Slide 40: Q&A
4 1 Q&A Jake DeWitte | Caroline Cochran
Slide 41: Break
Break 42 15 minutes
Slide 42: Fuel recycling services, megawatt-hours and joules
F uel recycl i ng services M e g a w a t t - ho urs and joules Str e a m li n i ng d ep l o y m ent 43
Slide 43: Market & Customer Development
4 4 Market & Customer Development BRIAN GITT Head of Business Development
Slide 44: Data Center Alley - Northern Virginia
45 ~70% of global internet traffic runs through Northern Virginia (1) 30 million sq ft and more than ~3,400 MW market size (2) 0.2% availability rate (2) Data Center Alley - Northern, Virginia Notes: (1) Source: https://rga.lis.virginia.gov/Published/2019/RD109/PDF (2) Source: https:// www.nmrk.com/
Slide 45: Tripling power use by 2030
46 Source: Boston Consulting Group, The Impact of GenAI on Electricity: How GenAI is Fueling the Data Center Boom in the U.S. Tripling power use by 2030
Slide 46: Market opportunities
47 Data centers consumed 50% more electricity in 2023 than 2020, with power use projected to grow 3x by 2030 $481 billion in commitments for new US industrial & manufacturing facilities since 2021 200 US manufacturing facilities announced in 2023 Energy users hungry for clean, reliable, affordable p
Slide 47: Case study: PJM
48 Serves 65 million people in 13 Mid - Atlantic & Midwest states Power demand is growing — data center hubs increasing as high as 7% annually Tough climate policies forcing fossil - fuel plant retirement faster than they're being replaced 21% of PJM’s current installed capacity is at risk of retire
Slide 48: Limited options
Historically, there were 3 main options to provide power: 1. Build more transmission lines 2. Build more generation 3. Go to a new location with available power 49 Today’s solution needs to be timely, clean, reliable, and low - cost Limited options
Slide 49: Why potential customers like Oklo
Energy off - take through power purchase agreements Streamlined 1 - step licensing process (versus 2 - steps) Simplifies buying reliable, clean power for energy users Oklo target markets Data ce n t ers D e f e n se Factories Industrial Off - g r i d / rural Utilitie s ض ض ض ض ض ض Active dialogues w
Slide 50: Supply Chain & Deployment
5 1 Supply Chain & Deployment SCOTT AUERBACH Director of Power Engineering
Slide 51: Designed to leverage well-established supply chains
Non - pressurized vessels Avoids expensive forging costs Non - exotic materials Increases availability of raw manufacturing materials Inherent safety features Results in less safety - related equipment Focus on commercial off the shelf Reduces development costs and increases reliability 52 Designed
Slide 52: Potential supply chain partnerships
Because the Aurora is designed to be scalable and inherently safe, Oklo can partner with major supplier s like Siemens Energy to scale the power generation system to: • Leverage an established industrial steam turbines product line; • Utilize a mature product with extensive operating experience; and
Slide 53: Supply chain benefits multiply at scale
Scaled deployment of the same equipment across Oklo’s planned powerhouses is expected to lead to potential efficiencies: • Allows the purchase of large quantities, enabling volume discounts • Spare parts intended to be shared across all planned powerhouses, reducing maintenance downtime • Anticipate
Slide 54: Recycling
5 5 Recycling ED PETIT DE MANGE Director of Fuel Recycling
Slide 55: Recycling fuel using proven technology
56 Recycling fuel using proven technology Oklo is investing in developing commercial - scale recycling of existing used nuclear fuel waste in order to potentially save 80% on fuel costs, in addition to creating large possible revenue streams. But this is not just for the future, it is already a prov
Slide 56: Resource recovery
Resource recovery 57 Notes: Source for used fuel constituents: https://info.ornl.gov/sites/publications/Files/Pub37993.pdf
Slide 57: Resource recovery
Resource recovery 58 Notes: Source for used fuel constituents: https://info.ornl.gov/sites/publications/Files/Pub37993.pdf
Slide 58: Resource recovery
Resource recovery In 500,000 kg of used fuel: 43,000 kg of U/TRU fuel Selected commercial radioisotopes: Transuranics: 59 Notes: Source for used fuel constituents: https://info.ornl.gov/sites/publications/Files/Pub37993.pdf 290 kg 358 kg Np - 237 A m - 241 Fission products: 175 kg 538 kg Sr - 90 Cs
Slide 59: Closing the fuel cycle
Produce power in reactor Cast U/TRU into new fuel Partition heavy metals via e l ect r oche mist r y Receive used fuel Disassemble Closing the fuel cycle Excess u r an i um Radioisotopes 90,000 MT of used fuel in storage in the 60 Notes: (1) https:// www.energy.gov/ne/articles/5 - fast - facts - abo
Slide 60: Potential revenues and savings from recycling
61 Potential revenues and savings from recycling Np - 237 A m - 241 ~$280,000/kg - $660,000/kg ~$150,000/kg - $1,500,000/kg With U/TRU we can potentially reduce our fuel costs by over 80% Opportunities to charge fees for recycling services Radioisotopes also have commercial value Transuranics: Fissi
Slide 61: Asset Returns & Deal Economics
6 2 Asset Returns & Deal Economics CRAIG BEALMEAR Chief Financial Officer
Slide 62: Owner-operator business model enables attractive financial attributes
63 Recurring cash flow from long duration contracts Capital efficient powerhouse deployment Attractive asset returns with embedded upside Strong balance sheet to enable growth Low - cost op e r a t i n g ethos Targeted financial attributes Owner - operator business model enables attractive financial
Slide 63: Illustrative cash flow sensitivity
Illustrative cash flow sensitivity (1)(2) Notes: (1) For illustrative purposes only. Actual results may differ materially. Cash flow figures rounded to the nearest $5 million. (2) Excludes corporate, general, and administrative costs. 64 $ millions Number of 15 MWe units deployed 5 10 15 20 25 $40 $
Slide 64: Illustrative cash flow sensitivity
Illustrative cash flow sensitivity (1)(2) Notes: (1) For illustrative purposes only. Actual results may differ materially. Cash flow figures rounded to the nearest $5 million. (2) Excludes corporate, general, and administrative costs. 65 $ millions Number of 15 MWe units deployed 5 10 15 20 25 Numbe
Slide 65: Illustrative cash flow sensitivity
Illustrative cash flow sensitivity (1)(2) Notes: (1) For illustrative purposes only. Actual results may differ materially. Cash flow figures rounded to the nearest $5 million. (2) Excludes corporate, general, and administrative costs. 66 $ millions Number of 15 MWe units deployed 5 10 15 20 25 Numbe
Slide 66: Targeting recurring revenue model
Targeting recurring revenue model • Creating a platform designed to grow revenue and cash flow as we scale the deployment of our powerhouses • The potential for growth only improves as our deployment mix of 15 MWe and 50 MWe powerhouses changes • Each powerhouse expected to be underpinned by custome
Slide 67: Illustrative unit economics
Illustrative unit economics Targeting strong asset based returns Unit economics do not include potential benefits from investment tax credits, project finance, or fuel recycling • Investment costs are expected at lower scale vs. traditional nuclear 6 8 68 Notes: (1) Assumes all regulatory approvals
Slide 68: Illustrative unit economics
Illustrative unit economics Unit economics do not include potential benefits from investment tax credits, project finance, or fuel recycling Targeting strong asset based returns • Investment costs are expected at lower scale vs. traditional nuclear • Costs expected to improve as execution capability
Slide 69: Illustrative unit economics
Illustrative unit economics Unit economics do not include potential benefits from investment tax credits, project finance, or fuel recycling Targeting strong asset based returns • Investment costs are expected at lower scale vs. traditional nuclear • Costs expected to improve as execution capability
Slide 70: Illustrative unit economics
Illustrative unit economics Unit economics do not include potential benefits from investment tax credits, project finance, or fuel recycling Targeting strong asset based returns • Investment costs are expected at lower scale vs. traditional nuclear • Costs expected to improve as execution capability
Slide 71: Illustrative unit economics
• Investment costs are expected at lower scale vs. traditional nuclear • Costs expected to improve as execution capability advances • Moving from 15 MWe to 50 MWe powerhouses intended to drive scale economies • Creates a platform designed to produce strong returns • Recycling, investment tax credits
Slide 72: Oklo LCOE range
7 3 Notes: (1) Upper limit LCOE based on FOAK single unit plant without investment tax credit (“ITC") benefit. Lower limit LCOE based on NOAK single unit plant with ITC benefit. (2) Estimates for Oklo LCOE range assume: (i) All regulatory approvals have been obtained on expected timelines; (ii) a ru
Slide 73: LCOE comparison
7 4 Notes: (1) Upper limit LCOE based on FOAK single unit plant without investment tax credit (“ITC") benefit. Lower limit LCOE based on NOAK single unit plant with ITC benefit. (2) For illustrative purposes only. The assumptions used to determine the LCOE estimates for advanced nuclear, renewables
Slide 74: Low-cost operating ethos
75 Efficiently managing operating expenses for maximum effectiveness ~$10.5 million of G&A in 2023 (adjusted cost) Focused Head Count Strategy Head count growth aligned with our operational needs Strategic Partnerships Leveraging partnerships to advance asset plans without significant internal resou
Slide 75: Proposed transaction overview
• Pre - money equity value of $850 million Proposed transaction overview Transaction highlights Estimated transaction sources and uses Sources $ Millions AltC cash and investments held in trust (1)(2) 301.4 Total Sources $301.4 Uses $ Millions Cash to balance sheet (3) 259.4 Transaction expenses (4)
Slide 76: Proposed transaction overview
• Pre - money equity value of $850 million • All net transaction proceeds to go directly to Oklo’s balance sheet to accelerate its business delivery Proposed transaction overview Transaction highlights Estimated transaction sources and uses Sources AltC cash and investments held in trust (1)(2) $ Mi
Slide 77: Proposed transaction overview
• Pre - money equity value of $850 million • All net transaction proceeds to go directly to Oklo’s balance sheet to accelerate its business delivery • 100% of existing Oklo shares roll into shares of the post - closing company Proposed transaction overview Transaction highlights Estimated transactio
Slide 78: Proposed transaction overview
• Pre - money equity value of $850 million • All net transaction proceeds to go directly to Oklo’s balance sheet to accelerate its business delivery • 100% of existing Oklo shares roll into shares of the post - closing company • AltC’s sponsor will subject 100% of retained shares to performance vest
Slide 79: Proposed transaction overview notes
80 Notes: (1) Assumes a trust account balance of $303.6 million as of December 29, 2023 (but reduced to account for payment of excise tax, which tax of approximately $2.2 million will be paid post - closing of the business combination resulting in $301.4 of cash otherwise available). (2) Assumes no
Slide 80: Targeted financial attributes
81 Recurring cash flow from long duration contracts Capital efficient powerhouse deployment Attractive asset returns with embedded upside Strong balance sheet to enable growth Low - cost op e r a t i n g ethos Oklo is seeking 20 to 40 year customer power purchase agreements <$70 million (1) estimate
Slide 81: Q&A
8 2 Q&A Jake DeWitte | Caroline Cochran Craig Bealmear | Nicholas Johnson
Slide 82: Why Oklo
8 3 Why Oklo SAM ALTMAN Chairman of Oklo and Co - Founder and CEO of AltC Acquisition Corp.
Slide 83: Closing Remarks
8 4 Closing Remarks JACOB DEWITTE Co - Founder and Chief Executive Officer
Slide 84: Closing remarks
Strong product market fit Clear regulatory pathway Massive market interest Scalable supply chains Clear path on fuel supply Valued with upside to come Closing remarks 8 5 85
Slide 85: Risk Factors
Risk Factors 86 Unless the context otherwise requires, the terms “we,” “us,” “our” and similar designations refer to Oklo Inc. 1. Our business plan requires substantial investment. If there are significant redemptions in connection with the proposed business combination, we may need to make signific
Slide 86: Risk Factors
87 Risk Factors Unless the context otherwise requires, the terms “we,” “us,” “our” and similar designations refer to Oklo Inc. 1. Our business plan requires substantial investment. If there are significant redemptions in connection with the proposed business combination, we may need to make signific