SANTA CLARA, Calif.--(BUSINESS WIRE)--Aug. 13, 2024-- Oklo Inc. (NYSE: OKLO) (“Oklo”), a fast fission clean power technology and nuclear fuel recycling company, today announced a key strategic development in its supply chain management by signing a Preferred Supplier Agreement with Siemens Energyfor the power conversion system of the Aurora powerhouse. This agreement underscores Oklo’s ambitions to bring cost-efficient advanced fission technology to market. Building on a previously signed Memorandum of Understanding, this binding agreement marks a crucial step in Oklo's vision to enhance production scalability, cost efficiency, and rapid deployment to meet growing customer demand.

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The Oklo team in discussion with Siemens Energy on the industrial steam turbine at Siemens Energy's Houston office (Image: Oklo)

Siemens Energy is a supplier of steam turbine and generator technology - rotating equipment that is part of the conventional island in small and large nuclear generation plants. Siemens Energy will supply the power conversion and supporting systems, fostering efficiencies through economies of scale. Standardizing equipment across Oklo’s powerhouses is expected to result in cost savings in manufacturing, construction, operations, and maintenance. Utilizing shared spare parts across deployment is expected to reduce maintenance downtime, enhance reliability, and improve overall performance.

“We prioritize cost in our engineering process to fully leverage the advantages of fast fission technology,” said Jacob DeWitte, Oklo’s co-founder and CEO. “Our technology is based on proven designs, allowing us to utilize small, pre-fabricated, and non-pressurized components made from readily available materials and existing supply chains, further reducing costs and complexity.” Oklo’s fast fission technology utilizes liquid metal as a coolant. Liquid metal’s high boiling point allows the reactor to operate at high temperatures without being pressurized. This design enables the use of commonly available alloys, benefiting from existing large-scale supply chains already producing nearly identical parts.

With robust customer engagement exceeding 1,300 megawatts in non-binding letters of intent, this partnership underscores Oklo’s market traction and strategic focus on commercialization. “We are committed to delivering advanced fission clean energy solutions that are both innovative and economically viable,” said Alex Renner, Chief Product Officer at Oklo.

About Oklo Inc.: Oklo Inc. is developing fast fission power plants to provide clean, reliable, and affordable energy at scale. Oklo received a site use permit from the U.S. Department of Energy, was awarded fuel material from Idaho National Laboratory, submitted the first advanced fission custom combined license application to the Nuclear Regulatory Commission, and is developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.

Forward-Looking Statements

This press release includes statements that express Oklo’s opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the timing, goals and benefits of the partnership, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.

As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo’s future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the deployment of Oklo’s powerhouses; the risk that Oklo is pursuing an emerging market, with no commercial project operating, regulatory uncertainties; the potential need for financing to construct plants; market, financial, political and legal conditions; the effects of competition; changes in applicable laws or regulations; the risk that the agreement with Siemens Energy fails to produce the expected benefits; and the outcome of any government and regulatory proceedings and investigations and inquiries.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release and in any document incorporated by reference are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Source: Oklo Inc.

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Media and Investor Contact for Oklo:
Bonita Chester, Head of Communications and Media at media@oklo.com andinvestors@oklo.com

Source: Oklo Inc.