Oklo Signs LOI to Supply 50 Megawatts of Power to Diamondback Energy
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Oklo and
signed a non-binding letter of intent (the “LOI”) to collaborate on a 20-year Power Purchase Agreement.Diamondback Energy -
Diamondback aims to use Oklo’s Aurora powerhouses to power its operations in the
Permian Basin .
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Oklo's Aurora powerhouse (Image: Gensler)
The LOI signed by Diamondback outlines its intent to enter into a 20-year PPA with Oklo. The proposed agreement focuses on engaging Oklo’s Aurora powerhouses to supply reliable and emission-free electricity to Diamondback’s operations in the
The LOI outlines options to renew and extend the potential PPA for an additional 20-year term. Oklo’s powerhouse designs are intended to be able to operate for 40 years, and because of Oklo’s design-build-own-operate business model, potential customers like Diamondback are expected to be able to purchase power without complex ownership issues or other capital requirements.
“By developing and providing a low-cost, high-reliability, and emission-free energy source, Oklo is poised to help meet the growing energy requirements of operators like Diamondback,” added DeWitte. The collaboration between Oklo and Diamondback represents a significant step towards emissions reductions and supporting national energy security by providing reliable access to electricity to power domestic energy operations.
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This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “goal,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the partnership between Oklo and Diamondback, including Diamondback’s intent to enter into a 20-year PPA; the expected market opportunity for Oklo and the consummation of the proposed business combination between Oklo and AltC (the “proposed business combination”). These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control.
These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Oklo’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Oklo. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about Oklo that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties, include 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 inability of the parties to successfully or timely consummate the proposed business combination, including the risk that the approval of the shareholders of AltC or Oklo is not obtained; the effects of competition; changes in applicable laws or regulations; the outcome of any government and regulatory proceedings, investigations and inquiries; each case, under the heading “Risk Factors,” and other documents filed, or to be filed, with the
Additional Information About the Business Combination and Where to Find It
The proposed business combination will be submitted to shareholders of AltC for their consideration. AltC has filed a registration statement on Form S-4 (as amended, and may be further amended from time to time, the “Registration Statement”) with the
Shareholders may obtain a copy of the preliminary or definitive proxy statement/prospectus/consent solicitation statement, once available, as well as other documents filed by AltC with the
Participants in the Solicitation
AltC, Oklo and certain of their respective directors, executive officers and other members of management and employees may, under
Information about the directors and executive officers of Oklo and a description of their direct or indirect interests is set forth in the sections entitled “Certain Relationships and Related Party Transactions – Oklo’s Related Person Transactions” and “Interests of Certain Persons in the Business Combination” included in the Registration Statement.
Information about the directors and executive officers of AltC, a description of their direct or indirect interests and their beneficial ownership of AltC’s capital stock is set forth in the sections entitled “Other Information about AltC – Management, Directors and Executive Officers,” “Certain Relationships and Related Party Transactions – AltC’s Related Person Transactions,” “Interests of Certain Persons in the Business Combination” and “Beneficial Ownership of Securities” included in the Registration Statement. The most recent amendment to the Registration Statement was filed on
Shareholders, potential investors and other interested persons should read the preliminary proxy statement/prospectus/consent solicitation statement and any amendments thereto carefully before making any voting or investment decisions. You may obtain free copies of these documents from the sources indicated above.
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