Oklo Inc. · NYSE:OKLO
Oklo — SPAC Merger (February 2024)
86 slides from Oklo's SPAC merger presentation, Feb 2, 2024
Slide 1: AltC Acquisition Corp.
1 | AltC Acquisition Corp.
Slide 2: Introduction Video
Introduction Video 2
Slide 3: Safe harbor statement
Safe harbor statement 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. These f
Slide 4: Forward-looking statements
Forward-looking statements 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 rela
Slide 5: Speakers
Speakers Michael Klein Brian Gitt Co-Founder and Chairman Head of Business Development of AltC Acquisition Corp. Jacob DeWitte Scott Auerbach Co-Founder and CEO Director of Power Engineering Caroline Cochran Ed Petit de Mange Co-Founder and COO Director of Fuel Recycling Sam Altman Craig Bealmear Ch
Slide 6: Agenda
Agenda Opening Remarks Supply Chain & Deployment Michael Klein, Co-Founder and Chairman Scott Auerbach, Director of Power Engineering of AltC Acquisition Corp. Recycling Introduction to Oklo Ed Petit de Mange, Director of Fuel Recycling Jake DeWitte, Co-Founder & CEO Asset Returns & Deal Economics T
Slide 7: Opening Remarks
Opening Remarks MICHAEL KLEIN Co-Founder and Chairman of AltC Acquisition Corp. 7
Slide 8: AltC Acquisition Corp. (NYSE: ALCC)
AltC Acquisition Corp. (NYSE: ALCC) Sam Altman AltC Acquisition Corp. Churchill Capital CEO and Co-Founder, OpenAI Over $300 million(1) of cash in trust Sponsoring leading companies with a track record Former President, Y Combinator of completing unique go public transactions Listed in July 2021 Ope
Slide 9: Oklo represents a compelling "hard tech" opportunity
Oklo represents a compelling “hard tech” opportunity AltC Acquisition Corp. Policy support driven by the critical need for nuclear energy NYSE: ALCC Simplified, modern design applied to demonstrated technology ü Oklo went through Y Combinator in Attractive business model targeting recurring cash flo
Slide 10: Oklo is at an exciting inflection point
Oklo is at an exciting inflection point AltC Acquisition Corp. Oklo represents an “information rich” investment thesis NYSE: ALCC ü Owner-operator model pursuing customer-backed deployment of many small-scale, low-cost plants which intends to mitigate single project risk ü Expected 15 MWe constructi
Slide 11: Simple proposed transaction structure
Simple proposed transaction structure ü All net transaction proceeds to be invested in Oklo ü AltC’s sponsor to subject 100% of its retained shares to performance vesting ü Staggered 3-year lock-up for shares owned by Oklo’s founders and AltC’s sponsor Alignment of long-term interest ü Board to cons
Slide 12: Introduction to Oklo
Introduction to Oklo JACOB DEWITTE Co-Founder and Chief Executive Officer 12
Slide 13: 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 14: A lifetime of energy in a golf ball of uranium
Gission has awunique titive advantage co h other energy sourc A lifetime of energy ina ie golf ball of uranium
Slide 15: Lifecycle material use
Lifecycle material use (1) (2) (3)(4) Concrete/cement Steel Glass Copper Silver Uranium Fossil fuels Coal Biomass Combined cycle gas Solar PV Hydro (5) Fusion Wind Geothermal Fission 0K 137.5K 275K 412.5K 550K kg/GWh Sources: (1)https://www.energy.gov/sites/prod/files/2017/03/f34/qtr-2015-chapter10.
Slide 16: Lifecycle material use
Lifecycle material use (1) (2) (3)(4) Sources: (1)https://www.energy.gov/sites/prod/files/2017/03/f34/qtr-2015-chapter10.pdf Table 10.4 (2) https://whatisnuclear.com/energy-density.html (3)https://www.eia.gov/tools/faqs/faq.php?id=667&t=2 (4) https://energyeducation.ca/encyclopedia/Energy_density (5
Slide 17: Lifecycle material use
Lifecycle material use (1) (2) (3)(4) Sources: (1)https://www.energy.gov/sites/prod/files/2017/03/f34/qtr-2015-chapter10.pdf Table 10.4 (2) https://whatisnuclear.com/energy-density.html (3)https://www.eia.gov/tools/faqs/faq.php?id=667&t=2 (4) https://energyeducation.ca/encyclopedia/Energy_density (5
Slide 18: Keys to Oklo's deployment
Keys to Oklo’s deployment ✓ Power sales model ✓ Technology ✓ Size 18
Slide 19: Now, recaps on some exciting recent announcements
Now, recaps on some exciting recent announcements 19
Slide 20: U.S. DOE Approves the Safety Design Strategy for the Oklo Aurora Fuel Fabrication Facility
U.S. DOE Approves the Safety Design Strategy for the Oklo Aurora 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 Au
Slide 21: Land procurement
Land procurement Oklo announced a land rights agreement with 1 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 22
Slide 22: The Aurora Powerhouse
The Aurora Powerhouse JACOB DEWITTE Co-Founder and Chief Executive Officer 23
Slide 23: What is the Aurora?
What is the Aurora? 24
Slide 24: The Aurora
Small fast reactor Based on demonstrated technology The Aurora Designed to be inherently safe Next generation fission power Simple, modern, streamlined design 25
Slide 25: Liquid metal technology
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 wa
Slide 26: How it works
How it works Intermediate heat exchangers Heat is transferred to external cooling loop to produce steam for power generation Reactor vessel cooling system Air naturally cools reactor Core Contains metallic fuel and reflectors Naturally self-stabilizing and self-controlling 27
Slide 27: How it works
How it works Intermediate heat exchangers Coolant cools down as it Hot coolant rises transfers heat through intermediate heat exchangers Cold coolant sinks Core Coolant heats up as it removes heat from fuel 28
Slide 28: How it works
How it works Cold air flows down outside vessel Reactor vessel cooling system Air naturally cools reactor vessel and removes excess heat Air heats up as it rises along vessel 29
Slide 29: How it works
How it works Power conversion system Steam generators Reactor module 30
Slide 30: Well demonstrated technology
Well demonstrated technology 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 EBR-II proved: Inherent safety performance(2) F
Slide 31: Aurora powerhouse design
Aurora powerhouse design Reduced plant complexity, cost, and construction time 15 MWe <1 year <$70 million 40+ years Scalable to Estimated Estimated fuel & Estimated plant 50 MWe(1) construction time construction costs(2) design life <2 acres of land required(3) Notes: (1) Oklo’s initial focus is on
Slide 32: Regulatory Path & Progress
Regulatory Path & Progress CAROLINE COCHRAN Co-Founder and Chief Operating Officer 33
Slide 33: Solving historical regulatory challenges
Solving historical regulatory challenges 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
Slide 34: Regulatory process
Regulatory process Prior to 1989, in the “Part 50” process, Construction Design Permits were only granted separately from Operations Licenses.(1) This created risk of constructing something Construction permit that would not be granted an operations license in a timely manner or at all. Operations l
Slide 35: Regulatory process
Regulatory process Because most nuclear technology designers are Design developers only, they may seek NRC approval of the design which they can sell to utilities. Construction permit For example, NuScale(1) and AP1000(2) sought NRC Operations license design certifications. The duration of design ce
Slide 36: Regulatory process
Regulatory process The Combined License Process was developed, which Design allowed for simultaneous licensing of construction and operation. Construction permit However, it was not fully utilized as one step because developers did the design step first and utilities did the Operations license const
Slide 37: Regulatory process
Regulatory process Oklo intends to build, own and operate, not just sell a design to utilities. Design Oklo is the first company to have piloted (in 2018) and then submitted (in 2020) a custom combined license Construction permit application (COLA) for design, construction, and operations all togeth
Slide 38: Regulatory and permitting process
Regulatory and permitting process INL plant Other plants Oklo granted Site Use Permit at INL(1) by the Sites ✓ Department of Energy (DOE) Other sites Design Future COLAs can be Previous filed as “subsequent Construction permit ✓ application COLAs” (S-COLAs) to experience the initial “reference COLA"
Slide 39: Regulatory overview and next steps
Regulatory overview and next steps Oklo has one of the longest continuous regulatory engagements of any non-water-cooled reactor company Intensive work underway in preparation for First ever advanced reactor COLA submitted the next application filing ✓ NRC engagement initiated in 2016 ✓ Substantiall
Slide 40: Q&A
Q&A Jake DeWitte | Caroline Cochran 41
Slide 41: Break
Break 15 minutes 42
Slide 42: Megawatt-hours and joules / Fuel recycling services / Streamlining deployment
Megawatt-hours Fuel recycling and joules services Streamlining deployment 43
Slide 43: Market & Customer Development
Market & Customer Development BRIAN GITT Head of Business Development 44
Slide 44: Data Center Alley - Northern Virginia
Data Center Alley - Northern, Virginia ~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) Notes: (1) Source: https://rga.lis.virginia.gov/Published/2019/RD109/PDF (2) Source: https://www.nmrk.com/storage
Slide 45: Tripling power use by 2030
Tripling power use by 2030 Source: Boston Consulting Group, The Impact of GenAI on Electricity: How GenAI is Fueling the Data Center Boom in the U.S. 46
Slide 46: Market opportunities
Market opportunities Oklo target markets ✓ ✓ Data centers Defense 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 Factories Industrial & manufacturing facilities since 2021 200 US manufact
Slide 47: Case study: PJM
Case study: PJM Serves 65 million people in 13 Mid-Atlantic & Midwest (1) 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 ris
Slide 48: Limited options
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 Today’s solution needs to be timely, clean, reliable, and low-cost 49
Slide 49: Why potential customers like Oklo
Why potential customers like Oklo Oklo target markets ✓ ✓ Data Energy off-take through power purchase Defense centers agreements ✓ Streamlined 1-step licensing process ✓ (versus 2-steps) Factories Industrial Simplifies buying reliable, clean power for energy users ✓ ✓ Off-grid/ Utilities rural ✓ Act
Slide 50: Supply Chain & Deployment
Supply Chain & Deployment SCOTT AUERBACH Director of Power Engineering 51
Slide 51: Designed to leverage well-established supply chains
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 developmen
Slide 52: Potential supply chain partnerships
Potential supply chain partnerships Because the Aurora is designed to be scalable and inherently safe, Oklo can partner with major suppliers like Siemens Energy to scale the power generation system to: • Leverage an established industrial steam turbines product line; • Utilize a mature product with
Slide 53: Supply chain benefits multiply at scale
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, re
Slide 54: Recycling
Recycling ED PETIT DE MANGE Director of Fuel Recycling 55
Slide 55: Recycling fuel using proven technology
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 proven te
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: 290 kg Np-237 358 kg Am-241 Fission products: 175 kg Sr-90 538 kg Cs-137 365,000 kg of excess uranium 59 Notes: Source for used fuel constituents: https://info.ornl.gov/sites/public
Slide 59: Closing the fuel cycle
Closing the fuel cycle Disassemble Partition heavy Receive metals via used fuel electrochemistry 90,000 MT of used fuel in storage in the United States (1) Produce power Cast U/TRU in reactor into new fuel Radioisotopes Excess uranium 60 Notes: (1) https://www.energy.gov/ne/articles/5-fast-facts-abo
Slide 60: Potential revenues and savings from recycling
Potential revenues and savings from recycling 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: Np-237 ~$280,000/kg-$660,000/kg Am-241 ~$150,000/kg-$1,500,000/kg Fission products:
Slide 61: Asset Returns & Deal Economics
Asset Returns & Deal Economics CRAIG BEALMEAR Chief Financial Officer 62
Slide 62: Owner-operator business model enables attractive financial attributes
Owner-operator business model enables attractive financial attributes Targeted financial attributes Recurring cash Capital efficient Attractive asset Low-cost Strong balance flow from long powerhouse returns with operating sheet to enable duration contracts deployment embedded upside ethos growth 63
Slide 63: Targeting recurring revenue model
Targeting recurring revenue model Illustrative cash flow sensitivity(1)(2) • Creating a platform designed to grow Number of 15 MWe units deployed revenue and cash flow as we scale $ millions 5 10 15 20 25 the deployment of our powerhouses $40 $80 $125 $165 $210 Notes: (1) For illustrative purposes o
Slide 64: Targeting recurring revenue model
Targeting recurring revenue model Illustrative cash flow sensitivity(1)(2) • Creating a platform designed to grow Number of 15 MWe units deployed revenue and cash flow as we scale $ millions 5 10 15 20 25 the deployment of our powerhouses Number of 50 MWe units deployed 0 $40 $80 $125 $165 $210 • Th
Slide 65: Targeting recurring revenue model
Targeting recurring revenue model Illustrative cash flow sensitivity(1)(2) • Creating a platform designed to grow Number of 15 MWe units deployed revenue and cash flow as we scale $ millions 5 10 15 20 25 the deployment of our powerhouses Number of 50 MWe units deployed 0 $40 $80 $125 $165 $210 • Th
Slide 66: Targeting recurring revenue model
Targeting recurring revenue model Illustrative cash flow sensitivity(1)(2) • Creating a platform designed to grow Number of 15 MWe units deployed revenue and cash flow as we scale $ millions 5 10 15 20 25 the deployment of our powerhouses Number of 50 MWe units deployed 0 $40 $80 $125 $165 $210 • Th
Slide 67: Targeting strong asset based returns
Targeting strong asset based returns Illustrative unit economics • Investment costs are expected at lower scale vs. traditional nuclear Unit economics do not include potential benefits from investment tax credits, project finance, or fuel recycling Notes: (1) Assumes all regulatory approvals have be
Slide 68: Targeting strong asset based returns
Targeting strong asset based returns Illustrative unit economics • Investment costs are expected at lower scale vs. traditional nuclear • Costs expected to improve as execution capability advances Unit economics do not include potential benefits from investment tax credits, project finance, or fuel
Slide 69: Targeting strong asset based returns
Targeting strong asset based returns 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 Unit economics do not incl
Slide 70: Targeting strong asset based returns
Targeting strong asset based returns 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 desig
Slide 71: Targeting strong asset based returns
Targeting strong asset based returns 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 desig
Slide 72: Oklo positioned to deliver emission-free energy at highly competitive cost
Oklo positioned to deliver emission-free energy at highly competitive cost Oklo’s estimated Leveled Cost of Electricity (LCOE) $ / MWh(1) • Strategically small • Modern design approach • Targeting streamlined deployment • Investment tax credits • Economies of scale • Business model targeting large a
Slide 73: Oklo positioned to deliver emission-free energy at highly competitive cost
Oklo positioned to deliver emission-free energy at highly competitive cost Estimated LCOE of clean, firm energy resources ($/MWh)(1)(2) Nuclear is a reliable clean energy solution Other clean, firm energy options are not ✓ ✗ deployable at scale today deployable at scale today Notes: (1) Upper limit
Slide 74: Low-cost operating ethos
Low-cost operating ethos 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 sign
Slide 75: Proposed transaction overview
Proposed transaction overview Transaction highlights Estimated transaction sources and uses • Pre-money equity value of $850 million 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) 42.0
Slide 76: Proposed transaction overview
Proposed transaction overview Transaction highlights Estimated transaction sources and uses • Pre-money equity value of $850 million Sources $ Millions AltC cash and investments held in trust(1)(2) 301.4 • All net transaction proceeds to go directly to Oklo’s balance sheet to accelerate its business
Slide 77: Proposed transaction overview
Proposed transaction overview Transaction highlights Estimated transaction sources and uses • Pre-money equity value of $850 million Sources $ Millions AltC cash and investments held in trust(1)(2) 301.4 • All net transaction proceeds to go directly to Oklo’s balance sheet to accelerate its business
Slide 78: Proposed transaction overview
Proposed transaction overview Transaction highlights Estimated transaction sources and uses • Pre-money equity value of $850 million Sources $ Millions AltC cash and investments held in trust(1)(2) 301.4 • All net transaction proceeds to go directly to Oklo’s balance sheet to accelerate its business
Slide 79: Proposed transaction overview
Proposed transaction overview Transaction highlights Estimated transaction sources and uses • Pre-money equity value of $850 million Sources $ Millions AltC cash and investments held in trust(1)(2) 301.4 • All net transaction proceeds to go directly to Oklo’s balance sheet to accelerate its business
Slide 80: Owner-operator business model enables attractive financial attributes
Owner-operator business model enables attractive financial attributes Targeted financial attributes Recurring cash Capital efficient Attractive asset Low-cost Strong balance flow from long powerhouse returns with operating sheet to enable duration contracts deployment embedded upside ethos growth Pr
Slide 81: Q&A
Q&A Jake DeWitte | Caroline Cochran Craig Bealmear | Nicholas Johnson 82
Slide 82: Why Oklo
Why Oklo SAM ALTMAN Chairman of Oklo and Co-Founder and CEO of AltC Acquisition Corp. 83
Slide 83: Closing Remarks
Closing Remarks JACOB DEWITTE Co-Founder and Chief Executive Officer 84
Slide 84: Closing remarks
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 85
Slide 85: Risk Factors
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 significant
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