October 15, 2024 08:02 AM Eastern Daylight Time
SANTA CLARA, Calif.–(BUSINESS WIRE)–Oklo Inc. (NYSE: OKLO) (“Oklo”), an advanced fission power technology and nuclear fuel recycling company, today announced that the U.S. Department of Energy (DOE) has approved the Conceptual Safety Design Report (CSDR) for the Aurora Fuel Fabrication Facility at Idaho National Laboratory (INL). This approval is a key milestone as Oklo advances toward its goal of utilizing recovered nuclear material to fuel its first commercial Aurora powerhouse.
The Aurora Fuel Fabrication Facility is expected to fabricate fuel for Oklo’s Aurora power plant to be sited at INL. The facility will use high assay low enriched uranium that has been recovered from used Experimental Breeder Reactor-II fuel. “We are proud of our collaboration with INL and DOE as we move closer to turning on our first commercial plant that uses this recovered nuclear fuel in just a few years,” said Jacob DeWitte, co-founder and CEO of Oklo. Oklo is uniquely positioned with a secured fuel supply, site use permit, significant regulatory traction, and supply chain development to support the first deployment of its Aurora powerhouse.
“The approval of the CSDR is a critical step toward fabricating fuel for Oklo’s first commercial deployment,” said Dr. Jess Gehin, INL’s associate laboratory director for Nuclear Science and Technology. “As the nation’s nuclear energy research laboratory, we are committed to partnering with companies like Oklo to advance fission technologies and deliver clean energy solutions.”
The CSDR approval is part of the DOE’s comprehensive review process, with the next steps including the Preliminary Documented Safety Analysis before construction and the Documented Safety Analysis after construction and commissioning.
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 benefits of the CSDR approval, 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; 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.
About Idaho National Laboratory
Battelle Energy Alliance manages INL for the U.S. Department of Energy’s Office of Nuclear Energy. INL is the nation’s center for nuclear energy research and development, celebrating 75 years of scientific innovations in 2024. The laboratory performs research in each of DOE’s strategic goal areas: energy, national security, science and the environment. For more information, visit www.inl.gov. Follow us on social media: Facebook, Instagram, LinkedIn and X.
Contacts
Media and Investor Contact for Oklo:
Bonita Chester, Head of Communications and Media at [email protected]
Investor Contact:
Sam Doane, Director of Investor Relations at [email protected]