Oklo Inc. · NYSE:OKLO
Oklo — SPAC Merger (July 2023)
58 slides from Oklo's SPAC merger presentation, July 2023
Slide 1: 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”) Experimental Breeder Reactor II (“EBR-II”) The inspiration for the Aurora powerhouse to go public in partnership with AltC Acquisition
Slide 2: About this presentation
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 AltC Acquisition Corp. (“AltC”)
Slide 3: About this presentation
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 shareholders in connection wit
Slide 4: Introduction video
Introduction video Click image to view video 4 | AltC Acquisition Corp.
Slide 5: AltC Acquisition Corp.
AltC Acquisition Corp. Founded to provide public investors access to a compelling “hard tech” opportunity Sam Altman AltC Acquisition Corp. Churchill Capital CEO and Co-Founder, OpenAI Sponsoring leading companies with a track record Former President, Y Combinator $500,000,000 of completing unique g
Slide 6: Advancing atomic energy has been a long-standing investment focus of Sam Altman
“ Advancing atomic energy has been a long-standing Energy investment focus of Sam Altman… Sam Altman June 29, 2015(1) …and nuclear technology was set as a “hard tech” vertical of interest for AltC at formation I think a lot about how important cheap, safe, and abundant energy is to our future. A lot
Slide 7: Partnership team
Partnership team AltC Acquisition Corp. Sam Altman Michael Klein Jacob DeWitte Caroline Cochran Co-Founder, CEO, and Director Co-Founder and Chairman Co-Founder and CEO Co-Founder and COO Initial lead investor in Oklo and Co-Founded Oklo in 2013 Co-Founded Oklo in 2013 Chairman since 2015 CHURCHILL
Slide 8: Agenda
Agenda 1 2 3 4 5 6 Oklo to go public Importance of Power sales: Fuel recycling: Compelling Simple transaction in partnership clean, reliable, and targeting profitable embedded potential anticipated unit with an attractive with AltC abundant energy recurring revenue upside opportunity economics valua
Slide 9: Oklo to go public in partnership with AltC Acquisition Corp.
Oklo to go public in partnership with AltC Acquisition Corp. AltC (NYSE: ALCC) proposes to combine with Oklo at an $850 million pre-money equity value with net transaction proceeds to be 1 invested in growth initiatives to accelerate the business plan and fund the first deployment of the Aurora powe
Slide 10: Compelling investment opportunity aligned with AltC's hard tech focus
Compelling investment opportunity aligned with AltC’s “hard tech” focus • Emission-free baseload energy deployable at scale today Policy support driven by the critical • Bipartisan U.S. government support evidenced by the Inflation Reduction Act (“IRA”) need for nuclear energy • Nuclear capacity wou
Slide 11: Our mission is to provide clean, reliable, and affordable energy on a global scale
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 co
Slide 12: How we intend to deliver value to the world
How we intend to deliver value to the world: ✓ Power the energy needs of artificial intelligence ✓ Accelerate energy transition and reliability Our mission is to provide clean, reliable, affordable ✓ Enhance energy security and access energy on a global scale ✓ Revitalize domestic nuclear fuel manuf
Slide 13: Oklo was founded a decade ago to address stagnation in the U.S. nuclear industry
Oklo origin story Oklo was founded a decade ago to address Industry challenges observed by Oklo founders stagnation in the U.S. nuclear industry Lack of innovation and activity U.S. operable nuclear power capacity (GWe)(1) Project models disconnected from changing 100 customer needs U.S. nuclear cap
Slide 14: Oklo business model
Oklo business model Purpose-built to solve legacy nuclear deployment and fuel challenges Power sales Fuel recycling Base business Upside opportunity Demonstrated technology, inherent safety, and recycled fuel Spent fuel recycling is done in other capabilities countries but not in the U.S. Stra
Slide 15: Founder-led organization with deep technical expertise and a highly experienced team
Founder-led organization with deep technical expertise and a highly experienced team Deep and differentiated “hard tech,” nuclear engineering, and regulatory expertise Founder-led organization… …with a highly experienced team Oklo's team comes from Fortune Jacob DeWitte Caroline Cochran 500 and gl
Slide 16: Oklo expects to deliver emission-free energy at a highly competitive cost
Oklo expects to deliver emission-free energy at a highly competitive cost Levelized cost of energy (“LCOE”) estimated to be below other advanced nuclear approaches and other potential clean, firm energy resources Oklo’s simplified approach Estimated LCOE of clean, firm energy resources ($ / MWh)(1)(
Slide 17: Pursuing an owner-operator business model targeting profitable recurring revenue
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 Illustrative cash flow sensitivity(4)(5) $ millio
Slide 18: Regulatory strategy aimed to accelerate time to market and scalability
Regulatory strategy aimed to accelerate time to market and scalability Oklo is pursuing a Combined License Application (“COLA”) – intensive regulatory work underway to support first deployment in 2026/27 Oklo’s regulatory philosophy Oklo is pursuing a Combined License Application High engagement (
Slide 19: Attractive entry valuation with upside potential
Attractive entry valuation with upside potential Transaction values Oklo at a pre-money equity value of $850 million, which is roughly half the value of comparable clean energy go public transactions Value drivers Oklo’s $850 million valuation relative to comparable clean energy go public transactio
Slide 20: Simple proposed transaction structure
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 Oklo shareholders to roll 100% of existing equity • Transaction enabled by Sam Altman’s unique
Slide 21: Oklo is at an exciting inflection point
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) Today First deployment Target 2026/27 The transaction with AltC is expected t
Slide 22: Agenda
Agenda 1 2 3 4 5 6 Oklo to go public Importance of Power sales: Fuel recycling: Compelling Simple transaction in partnership clean, reliable, and targeting profitable embedded potential anticipated unit with an attractive with AltC abundant energy recurring revenue upside opportunity economics valua
Slide 23: Clean, reliable, and abundant energy is critical to our future
Clean, reliable, and abundant energy is critical to our future The problem: The world is simultaneously growing its energy consumption while trying to reverse climate change Innovation in artificial intelligence is driving unprecedented computing 10 – 50x power and data storage needs Energy intensit
Slide 24: Nuclear is a reliable clean energy solution deployable at scale today
Nuclear is a reliable clean energy solution deployable at scale today Nuclear energy advantages How other energy solutions compare Lowest lifecycle emissions of any major Natural gas with carbon capture ✓ generating energy source Emission-free ✗ Natural gas provides firm, baseload energy but it is
Slide 25: Nuclear capacity would need to increase 3x for the U.S. to achieve a net-zero energy grid
Nuclear capacity would need to increase 3x for the U.S. to achieve a net-zero energy grid Nuclear has the potential to replace fossil fuels with clean baseload power and solve the variability issues with current renewable technology, at scale Up to 770 GW of new clean baseload power Nuclear could pr
Slide 26: Policymakers recognize the importance of U.S. leadership in nuclear technology
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 in government support for adva
Slide 27: Agenda
Agenda 1 2 3 4 5 6 Oklo to go public Importance of Power sales: Fuel recycling: Compelling Simple transaction in partnership clean, reliable, and targeting profitable embedded potential anticipated unit with an attractive with AltC abundant energy recurring revenue upside opportunity economics valua
Slide 28: Power sales
Oklo Power sales Base business Demonstrated Modern design Attractive Winning value Progressing first technology approach business model proposition deployment Oklo was inspired by the Strategically focused on Owner-operator model Compelling offering that is First Aurora powerhouse Experimental Breed
Slide 29: Oklo was inspired by the Experimental Breeder Reactor II
Oklo was inspired by the Experimental Breeder Reactor II Experimental Breeder Why EBR-II inspired Oklo Reactor II Argonne National Laboratory (1964 – 1994) EBR-II demonstrated at scale the benefits of fast reactors that • Fast reactor demonstration plant supported design simplification operated by t
Slide 30: Simplified, modern design approach to enable streamlined deployment (1 of 2)
Simplified, modern design approach to enable streamlined deployment Page 1 of 2 Aurora powerhouse design is intended to reduce plant complexity, cost, and construction time Aurora powerhouse Strategically small Liquid metal fast reactor technology for electricity and heat production • 15 MWe initial
Slide 31: Simplified, modern design approach to enable streamlined deployment (2 of 2)
Simplified, modern design approach to enable streamlined deployment Page 2 of 2 Aurora powerhouse design is intended to reduce plant complexity, cost, and construction time Aurora powerhouse (15 MWe) Expected design driven cost efficiencies 1 <2 acre of land required(1) 1• Minimal site improvements
Slide 32: Owner-operator model enabled by reduced product complexity and cost
Owner-operator model enabled by reduced product complexity and cost Oklo intends to build, own, and operate Aurora powerhouses – reactor design enables cost, land, material, and construction time advantages 15 MWe plant capacity Competing approaches (Technology is potentially scalable to 50 MWe) 300
Slide 33: Attractive business model expected to generate compelling recurring revenue
Attractive business model expected to generate compelling recurring revenue Oklo is pursuing a widely-used revenue model in the global power markets with the sale of electricity under long-term contracts Shareholder opportunity Revenue model proven across markets Country Focus Market Value(2) Larg
Slide 34: Winning value proposition intended to accelerate customer adoption
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 To buy power, not own/operate plants ✓ ✓ Low capex solutions that meet environmental and operational goa
Slide 35: Advancing three exciting projects towards deployment
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 Southern Ohio Diversification Initiative #1 #2-3 Aurora powerhouse (15 MWe) Tw
Slide 36: Intensive regulatory work underway to support first deployment
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 Intensive work underway in preparation License Application (“COLA”) submitted for the nex
Slide 37: Agenda
Agenda 1 2 3 4 5 6 Oklo to go public Importance of Power sales: Fuel recycling: Compelling Simple transaction in partnership clean, reliable, and targeting profitable embedded potential anticipated unit with an attractive with AltC abundant energy recurring revenue upside opportunity economics valua
Slide 38: Fuel recycling
Oklo Fuel recycling Upside opportunity Fuel supply Large spent Spent fuel Oklo design Unique upside constraints fuel stockpiles potential advantage opportunity The U.S. currently relies on The U.S. has large and Spent fuel retains its energy Fast reactors can use either Oklo is developing fuel impor
Slide 39: U.S. nuclear power plants are heavily reliant on imported nuclear fuel
Nuclear fuel imports U.S. nuclear power plants are heavily reliant Evolving geopolitical concerns on imported nuclear fuel Source of uranium for U.S. nuclear power plants In 2022, 95%(2) of uranium for U.S. nuclear (Uranium oxide, million pounds)(1) plants was foreign-sourced 80 In 2022, 33%(2) of f
Slide 40: Fuel recycling could provide potential future margin uplift and new revenue streams
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-party customers How fuel recycling works Spent fuel recycling is a significant potential co
Slide 41: Oklo has the potential opportunity to lead the industry in fuel recycling
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 ARPA – E ARPA – E ARPA – E Commercialization
Slide 42: Agenda
Agenda 1 2 3 4 5 6 Oklo to go public Importance of Power sales: Fuel recycling: Compelling Simple transaction in partnership clean, reliable, and targeting profitable embedded potential anticipated unit with an attractive with AltC abundant energy recurring revenue upside opportunity economics valua
Slide 43: Compelling anticipated unit economics with potential upside
Compelling anticipated unit economics with potential upside Illustrative unit economics: 15 MWe Aurora powerhouse(1) Cumulative 40-year unit economics ($ millions) Years of operation to payback 6 initial plant and fuel cost Unlevered annual cash-on-cash 75% 2.5x 17% $508 return(2) • Initial plant co
Slide 44: Illustrative unit economics: Aurora powerhouse (15 MWe)
Illustrative unit economics: Aurora powerhouse (15 MWe) Oklo believes that expected cumulative plant cash flow equals more than 2.5x expected cumulative capital costs Key Assumptions(1)(2) Aurora powerhouse (15 MWe)(2) • 40-year plant design life Illustrative Annual Deployments • Plant capital expen
Slide 45: Illustrative unit economics: Aurora powerhouse (50 MWe)
Illustrative unit economics: Aurora powerhouse (50 MWe) Oklo believes that expected cumulative plant cash flow equals more than 5.0x expected cumulative capital costs Key Assumptions(1)(2) Aurora powerhouse (50 MWe)(2) • 40-year plant design life Illustrative Annual Deployments • Plant capital expen
Slide 46: Illustrative FOAK to NOAK unit economics overview
Illustrative FOAK to NOAK unit economics overview Aurora powerhouse (15 MWe)(1)(2) Aurora powerhouse (50 MWe)(1)(2) Inputs FOAK NOAK Inputs FOAK NOAK Plant Capital Cost ($mm) Approx. $34.0 Approx. $24.0 Plant Capital Cost ($mm) Approx. $86.0 Approx. $61.0 Fuel Capital Expenditures Fuel Capital Expen
Slide 47: Additional financial information
Additional financial information Assumption Commentary • Before first deployment: Approximately $19.5 million in 2024 scaling to approximately $34.5 million by 2027 General and Administrative Expenses • Long-term assumption: Approximately 20% of power revenue • Reflects the required spend by Oklo to
Slide 48: Agenda
Agenda 1 2 3 4 5 6 Oklo to go public Importance of Power sales: Fuel recycling: Compelling Simple transaction in partnership clean, reliable, and targeting profitable embedded potential anticipated unit with an attractive with AltC abundant energy recurring revenue upside opportunity economics valua
Slide 49: Proposed transaction structure
Proposed transaction structure Simple transaction structure with alignment of long-term interests between public investors, AltC’s sponsor, and existing Oklo shareholders Transaction structure priorities Public investor benefits • Oklo shareholders will receive 85.0 million shares(1) in the combined
Slide 50: Proposed transaction overview
Proposed transaction overview Transaction values Oklo at a pre-money equity value of $850 million, which is roughly half the value of comparable clean energy go public transactions Estimated transaction sources and uses Pro forma ownership Shares % Sources $ millions % Assumes $10 per share (million
Slide 51: Why invest
Why invest 1 Strong policy support driven by critical need for nuclear energy 2 Simplified, modern design approach applied to demonstrated technology Our mission is to provide 3 Attractive business model targeting profitable recurring revenue clean, reliable, affordable energy on a global scale 4 Wi
Slide 52: Supporting Materials
Why Oklo is a compelling investment Supporting Materials 52 | AltC Acquisition Corp.
Slide 53: Oklo is building upon a strong track record of development success
Oklo is building upon a strong track record of development success Deep technical background, strong partnerships, and intensive regulatory engagement 2015 Oklo raises second seed round from 2019 DOE issues Oklo a Site Use Permit at Idaho 2021 led by Sam Altman National Laboratory and 2017 Idaho Nat
Slide 54: Oklo vs. comparable clean energy companies that have pursued go public transactions
Oklo vs. comparable clean energy companies that have pursued go public transactions (7) (8) (9) • Aurora Powerhouse • Xe-100 SMR • VOYGR SMR • Allam-Fetvedt Cycle (“AFC”) Design(1) • Liquid metal-cooled fast reactor • High Temperature Gas Reactor (“HTGR”) • Light Water Reactor (“LWR”) • Supercritica
Slide 55: Risk Factors
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 available capital resources, we
Slide 56: Risk Factors
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 materially and adversely affect ou
Slide 57: Risk Factors
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. We may require certain materia
Slide 58: | AltC Acquisition Corp.
| AltC Acquisition Corp. Digital rendering for illustrative purposes only