Oklo Finalizes Agreement with the Department of Energy to Advance to the Next Phase of Siting

Rhea-AI Summary

Oklo Inc. (NYSE: OKLO) has finalized a Memorandum of Agreement (MOA) with the U.S. Department of Energy (DOE) Idaho Operations Office, marking a significant step towards deploying the first commercial advanced fission power plant in the U.S. The MOA grants Oklo access to conduct site investigations at its preferred location in Idaho, focusing on geotechnical assessments, environmental surveys, and infrastructure planning.

As the only advanced fission company with a DOE site use permit, substantial regulatory progress, and a secured fuel supply, Oklo is well-positioned for this next phase. The agreement builds on Oklo's collaboration with the DOE, which began in 2019 with a site use permit and fuel award. CEO Jacob DeWitte emphasized that this MOA reflects the company's commitment to timely deployment and operational readiness while managing costs and maintaining project schedules.

Positive

• Oklo secured a Memorandum of Agreement with the DOE for site investigations in Idaho
• The company is positioned as the only advanced fission firm with a DOE site use permit
• Oklo has substantial regulatory progress and a secured fuel supply
• The agreement supports timely deployment and operational readiness

Negative

• None.

Insights

Nuclear Energy Analyst

This MOA marks a significant milestone for Oklo, positioning them at the forefront of advanced nuclear technology deployment in the U.S. The agreement allows for critical site investigations, which are essential precursors to construction and operation. This progress demonstrates Oklo's commitment to commercialization and their strong relationship with the DOE.

The company's unique position with a DOE site use permit, regulatory progress and secured fuel supply sets them apart in the advanced fission sector. This could potentially accelerate their timeline for deploying the first commercial advanced fission power plant in the country, giving them a competitive edge.

For investors, this development signals Oklo's progress towards realizing its business model. However, it's important to note that the nuclear industry faces significant regulatory hurdles and long development timelines. While this MOA is a positive step, it's just one part of a complex and lengthy process towards full commercialization.

Environmental Policy Expert

The MOA between Oklo and the DOE represents a important step in advancing clean energy technologies. By focusing on geotechnical assessments and environmental surveys, Oklo is demonstrating a commitment to responsible site development. This aligns well with increasing governmental and public interest in low-carbon energy solutions.

However, investors should be aware that nuclear projects often face scrutiny and potential opposition on environmental grounds. The success of Oklo's project will depend not only on technical and regulatory progress but also on public acceptance and environmental impact assessments.

The company's focus on fast fission and nuclear fuel recycling could be particularly attractive from an environmental perspective, as it addresses concerns about nuclear waste. If Oklo can successfully demonstrate the viability and safety of these technologies, it could significantly influence the future of nuclear energy policy and investment in the U.S.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Oklo Inc. (NYSE: OKLO) (“Oklo”), a fast fission clean power technology and nuclear fuel recycling company, today announced the finalization of a Memorandum of Agreement (MOA) with the U.S. Department of Energy (DOE) Idaho Operations Office. This MOA grants Oklo access to conduct site investigations at its preferred site in Idaho, marking a key step toward the next phase of site preparation and construction.

Landscape view of Oklo's preferred site in Idaho (Image: Idaho National Laboratory)

As the only advanced fission company with a DOE site use permit, along with substantial regulatory progress and a secured fuel supply, Oklo is uniquely positioned to deploy the first commercial advanced fission power plant in the U.S. The site investigations enabled by this MOA will focus on geotechnical assessments, environmental surveys, and infrastructure planning.

“Our partnership with the DOE has been instrumental. Beginning with the site use permit and fuel award in 2019,” said Jacob DeWitte, Co-Founder and CEO of Oklo. “Signing this MOA reflects our commitment to timely deployment and operational readiness while also helping to manage costs and maintain our project schedule.”

The MOA builds on Oklo’s longstanding collaboration with the DOE and reinforces its commitment to efficiently moving toward its commercialization plans. By addressing critical site preparation tasks early, Oklo is working towards a streamlined transition to construction and aims to keep the project on track for timely completion.

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 MOA and the project thereunder, 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 MOA 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240925465865/en/

Media Contact:

Bonita Chester, Head of Communications and Media at media@oklo.com

Investor Contact:

Sam Doane, Director of Investor Relations at investors@oklo.com

Source: Oklo Inc.

FAQ

What is the significance of Oklo's recent agreement with the Department of Energy?

The agreement allows Oklo to conduct site investigations at its preferred location in Idaho, marking a important step towards deploying the first commercial advanced fission power plant in the U.S.

What specific activities will Oklo conduct under the new Memorandum of Agreement?

Oklo will conduct geotechnical assessments, environmental surveys, and infrastructure planning at its preferred site in Idaho.

How does this agreement impact Oklo's (NYSE: OKLO) project timeline?

The agreement aims to streamline the transition to construction and keep the project on track for timely completion by addressing critical site preparation tasks early.

When did Oklo's collaboration with the Department of Energy begin?

Oklo's collaboration with the DOE began in 2019 with a site use permit and fuel award.