Oklo Inc. · NYSE:OKLO
Oklo — SPAC Merger (July 2023)
47 slides from Oklo's SPAC merger presentation, Jul 11, 2023
Slide 1: Oklo's Aurora powerhouse Investor Presentation July 2023
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
| 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: Partnership team
| Alt C Acquisition Corp. 5 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 US Naval Nuclear Laboratory Caroline Cochr
Slide 6: 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. 6 Oklo to go public in partnership with AltC Acquisition C
Slide 7: Simple proposed transaction structure with an attractive entry valuation
| 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) Pre - money equity value per X - energy press release on Jun
Slide 8: Alt C 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 9: Advancing atomic energy has been a long-standing investment focus of Sam Altman
| Alt C Acquisition Corp. 9 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 10: Notes: (1) Department of Energy - Pathway to Commercial Liftoff: Advanced Nuclear report (March
| 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 is to provide clean, reliable, affordable energy on a global scale
| AltC Acquisition Corp. 11 Our mission is to provide clean, reliable, 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 re
Slide 12: Oklo was founded a decade ago to address 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. 12 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 13: 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 14: How we intend to deliver value to the world
| AltC Acquisition Corp. 14 | 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 15: Clean, reliable, and abundant energy is critical to our future
| Alt C Acquisition Corp. 15 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 16: Nuclear is a reliable clean energy solution deployable at scale today
| Alt C Acquisition Corp. 16 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 17: Nuclear capacity would need to increase 3x for the U.S. to achieve a net-zero energy 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 18: Policymakers recognize the importance of U.S. leadership in nuclear technology
| Alt C Acquisition Corp. 18 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 19: Oklo's value proposition and progress to first deployment
| 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 20: Oklo was inspired by the Experimental Breeder Reactor II
| Alt C Acquisition Corp. 20 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 21: 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 22: 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 23: Attractive business model expected to generate compelling 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 24: 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 25: Winning value proposition intended to accelerate customer adoption
| Alt C Acquisition Corp. 25 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 26: Advancing three exciting projects towards deployment
| Alt C Acquisition Corp. 26 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 wi
Slide 27: Intensive regulatory work underway to support first deployment
| Alt C Acquisition Corp. 27 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 28: 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). 28 Fuel recycling Upside opportunity Oklo Large spent fuel stockpiles Spent fuel potential Oklo design advantage Uni
Slide 29: U.S. nuclear power plants are 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. 29 Source of uranium for U.S. nuclear power plants (Uranium oxide, million pounds) (1) Notes: (1) U.S. Energy Information Administration (Nuclear explained –
Slide 30: Fuel recycling could provide potential future margin uplift and new revenue streams
| Alt C Acquisition Corp. 30 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 31: Oklo has the potential opportunity to lead the industry in fuel recycling
| Alt C Acquisition Corp. 31 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 32: Deep and differentiated hard tech, nuclear engineering, and regulatory expertise
| Alt C Acquisition Corp. 32 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 33: Why invest
| AltC Acquisition Corp. 33 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 34: Supporting material: Oklo history
| Alt C Acquisition Corp. Oklo history 1 Transaction information Oklo financial information 2 3 Supporting material Digital rendering for illustrative purposes only
Slide 35: Oklo is building upon a strong track record of development success
| Alt C Acquisition Corp. 35 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 36: Supporting material: Transaction information
| Alt C Acquisition Corp. Oklo history 1 Transaction information Oklo financial information 2 3 Supporting material Digital rendering for illustrative purposes only
Slide 37: Illustrative unit economics: Aurora powerhouse (15 MWe)
| Alt C Acquisition Corp. 37 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 38: Illustrative unit economics: Aurora powerhouse (50 MWe)
| Alt C Acquisition Corp. 38 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 39: Unit economics inputs: FOAK and NOAK
| Alt C Acquisition Corp. Inputs FOAK NOAK Plant Capital Cost ($mm) Approx. $34.0 Approx. $24.0 Fuel Capital Expenditures Initial Fuel Load (kg) 5,000 4,750 Initial Fuel Capex ($mm) Approx. $35.0 Approx. $33.0 Refueling Load (kg) 2,500 2,375 Refuel Capex ($mm) (2) Approx. $53.0 Approx. $50.0 Operati
Slide 40: Additional financial information
| Alt C Acquisition Corp. 40 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 41: Supporting material: Oklo financial information
| Alt C Acquisition Corp. Oklo history 1 Transaction information Oklo financial information 2 3 Supporting material Digital rendering for illustrative purposes only
Slide 42: Sources and uses
| Alt C Acquisition Corp. Sources $ millions % AltC cash-in-trust 516 38% Existing Oklo shareholders 850 62% Total sources 1,366 100% Uses $ millions % Cash to balance sheet 478 35% Existing Oklo shareholders 850 62% Illutrative fees and expenses 38 3% Total uses 1,366 100% Notes: (1) AltC cash - in
Slide 43: Simple transaction structure with alignment of long-term interests
| Alt C Acquisition Corp. Notes: (1) Excluding earnout shares and adjustments for permitted financings. 43 Simple transaction structure with alignment of long - term interests between public investors, the AltC sponsors, and existing Oklo shareholders • Oklo shareholders will receive 85.0 million sh
Slide 44: Risk Factors
| Alt C Acquisition Corp. 44 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 45: Risk Factors
| Alt C Acquisition Corp. 45 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 46: Risk Factors
| Alt C Acquisition Corp. 46 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 47: Digital rendering for illustrative purposes only
| Alt C Acquisition Corp. Digital rendering for illustrative purposes only