Oklo Signs MOU with Atomic Alchemy to Collaborate on Isotope Production

Rhea-AI Summary

Oklo has signed an MOU with Atomic Alchemy to collaborate on isotope production, aiming to increase industrial and medical isotopes for various applications such as cancer treatment, diagnostic imaging, and clean energy technologies. This partnership will help establish a reliable domestic supply, meet current and anticipated demand, and address gaps in the supply chains.

Positive

• Oklo's partnership with Atomic Alchemy will enable the production of vital isotopes for various applications such as cancer treatment, clean energy technologies, and diagnostic imaging.

• Oklo's strong balance sheet with over $300 million in cash and robust funding position following the recent business combination with AltC Acquisition Corp. allows the company to execute on customer interest in its Aurora powerhouse offering and explore new business opportunities in fuel recycling and radioisotopes production.

• The strategic partnership with Atomic Alchemy reflects Oklo's commitment to driving the nuclear industry forward and meeting the growing demands for isotopes domestically and globally.

Negative

• While the partnership aims to address the shortage of isotopes and tritium, there may be challenges in scaling up production and reducing dependence on foreign suppliers.

• Despite the positive outlook, there could be potential risks associated with the construction and operation of a scalable, vertically integrated radioisotope production facility by Atomic Alchemy.

• Oklo and Atomic Alchemy are forming a strategic partnership to produce radioisotopes from Oklo’s recycling process and through fast reactor production of isotopes.
• The partnership will aim to increase the production of industrial and medical isotopes vital for cancer treatment, diagnostic imaging, and clean energy technologies.
• This U.S.-based partnership would help establish a reliable domestic supply, help meet the current and anticipated demand for isotopes, and aim to address gaps in the supply chains.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Oklo Inc. (NYSE: OKLO) (“Oklo” or the “Company”), a fast fission clean power technology and nuclear fuel recycling company, is forming a strategic partnership with Atomic Alchemy Inc. (“Atomic Alchemy”) to produce isotopes. This partnership will aim to combine Oklo’s work to build and operate fast reactors and fuel recycling expertise with Atomic Alchemy’s expertise in isotope production to meet increasing demands for isotopes. Isotopes are vital for many promising medical, energy, industry, and science applications.

Oklo Inc. (Image: Gensler)

Oklo is uniquely positioned to drive the nuclear industry forward, including complementary applications like radioisotopes, given its strong balance sheet with over $300 million of cash on hand following its recently completed business combination with AltC Acquisition Corp. Oklo will utilize its robust funding position to execute on the strong customer interest in its Aurora powerhouse offering to meet the rapidly expanding electric power needs of the artificial intelligence, data center, energy, defense, and industrial markets, among others. The successful deployment of Aurora powerhouses to customer sites not only provides Oklo with consistent, recurring revenue but also enables exciting new business opportunities in fuel recycling and radioisotopes production, which is supported by the partnership with Atomic Alchemy.

“Industrial and medical isotopes are indispensable to many sectors of the economy, from treating diseases like cancer to fueling clean energy technologies like radioisotope thermoelectric generators, fission power plants, and even fusion research. The domestic and global demands for these crucial elements are growing at an accelerated pace,” said Jacob DeWitte, co-founder and CEO of Oklo. “Our partnership with Atomic Alchemy will enable us to diversify our product offerings with radioisotopes produced from our fuel recycling process,” added DeWitte.

Sam Altman, Chairman of Oklo, added, “This partnership is an example of some of the promising aspects of Oklo's recycling plans, with large potential benefits to a number of industries.”

“The world is facing a shortage of vital isotopes. We are witnessing many promising cancer therapies stuck in clinical trials, unable to secure sufficient quantities of isotopes in a timely manner. I’m proud to be partnering with Oklo to help expand our domestic supplies of isotopes and tritium,” said Founder and CEO of Atomic Alchemy, Thomas Eiden. Atomic Alchemy is advancing its mission through the construction of a scalable, fully vertically integrated radioisotope production facility.

The strategic partnership between Oklo and Atomic Alchemy can help address the gaps in our domestic supplies of isotopes and tritium, helping reduce dependence on foreign suppliers.

As a new public company, the Oklo founders and management team are excited to build long-term value for the benefit of all our shareholders, new and existing, via execution of our core mission and advancement of unique partnerships like Atomic Alchemy. Oklo’s robust capital resources, differentiated owner-operator model, and accelerating customer demand position the company stronger than ever to deliver clean, reliable, affordable energy on a global scale through the design and deployment of next-generation fast reactor technology.

Oklo is honored to have the support and long-term commitment from proven industry leaders with deep operational, technical, and financial expertise, as well as strong networks across important end-markets to Oklo, including Sam Altman, our venture capital early backers, Michael Klein and Churchill Capital, as well as our newly appointed board of directors.

About Oklo Inc.: Oklo 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 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/20240513678894/en/

Media and Investor Contact for Oklo:

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

Source: Oklo Inc.

FAQ

What is the partnership between Oklo and Atomic Alchemy about?

Oklo and Atomic Alchemy have signed an MOU to collaborate on isotope production to meet the increasing demand for industrial and medical isotopes for various applications.

What are some of the applications of the isotopes produced through the partnership?

The isotopes produced by Oklo and Atomic Alchemy will be used for cancer treatment, clean energy technologies, and diagnostic imaging.

How does Oklo's strong balance sheet benefit the partnership with Atomic Alchemy?

Oklo's strong balance sheet and funding position allow the company to execute on customer interest, explore new business opportunities, and drive the nuclear industry forward with the partnership.

What challenges might the partnership face in increasing isotope production?

While the partnership aims to address the shortage of isotopes, there may be challenges in scaling up production and reducing dependence on foreign suppliers.