SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov. 21, 2024-- Oklo Inc. (NYSE: OKLO), an advanced nuclear technology company, announced today that Atomic Alchemy Inc. (Atomic Alchemy), which Oklo has proposed to acquire through an all-stock transaction, has signed a Memorandum of Understanding (MOU) with Zeno Power Systems, Inc. (Zeno Power), a leading developer of commercial Radioisotope Power Systems (RPSs). Zeno Power’s innovative power systems convert heat from radioisotopes into a reliable and consistent supply of clean energy for commercial and government customers in critical environments across space and terrestrial markets.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241121517388/en/

Atomic Alchemy's Radioisotope Production Facility (Image: Hillside Architecture)

This MOU marks a key step in Atomic Alchemy’s strategy to provide to the growing radioisotope market and expand its impact on critical missions, including space exploration and national defense. The MOU also represents an important milestone in furthering Atomic Alchemy’s efforts to supply radioisotopes for non-medical applications and its goal to expand its presence in key markets such as defense and energy. Atomic Alchemy and Zeno Power expect to explore opportunities that build upon Atomic Alchemy’s expertise in radioisotope production and recovery.

Through this collaboration, Atomic Alchemy expects to supply Zeno Power with strontium-90 (Sr-90), americium-241 (Am-241), and other radioisotopes needed to power RPSs like Radioisotope Thermoelectric Generators, or “nuclear batteries.” These systems are designed for remote and off-grid environments, such as space and undersea applications. These radioisotopes can be produced as coproducts from Oklo’s recycling processes.

Zeno Power’s novel design enables broad commercial use of RPSs in space and terrestrially. In late 2023, Zeno Power demonstrated its first Sr-90 heat source at Pacific Northwest National Laboratory. To date, Zeno Power has secured over $65 million in contracts with National Aeronautics and Space Administration (NASA), the U.S. Navy, and the U.S. Space Force, enabling reliable clean power solutions for missions ranging from seabed exploration to lunar operations.

“This collaboration highlights the powerful synergies between Oklo, Atomic Alchemy, and Zeno Power in advancing nuclear technologies for the world’s most demanding missions,” said Thomas Eiden, Founder and CEO of Atomic Alchemy. “We are proud to support Zeno Power’s efforts by ensuring a dependable supply of critical radioisotopes.”

“We are thrilled to be working with Atomic Alchemy and Oklo to advance our fuel supply chain efforts and recover radioisotopes that otherwise would be waste,” said Harsh S. Desai, Chief Commercialization Officer at Zeno Power. “This partnership aims to expand access to critical isotopes, accelerating our work to meet the growing demand for reliable, persistent energy solutions from the ocean floor to the lunar surface.”

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 U.S. Nuclear Regulatory Commission, and is developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.

About Atomic Alchemy Inc.: Atomic Alchemy Inc. is pioneering a resilient U.S.-based radioisotope supply chain to meet essential demands across healthcare, industry, research, and defense. With its proprietary Versatile Isotope Production Reactor (VIPR®) technology, Atomic Alchemy is building the first scalable production facility to provide a reliable, sustainable source of high-value radioisotopes. Using a vertically integrated model and fuel recycling, in partnership with Oklo, Atomic Alchemy is transforming isotope production to address global shortages, support critical applications, and strengthen national security.

About Zeno Power Systems, Inc. : Zeno Power is a leading developer of commercial radioisotope power systems (RPSs). The company, founded in 2018, has offices in Washington, D.C., and Seattle, WA. Zeno is currently executing on contracts with NASA and the U.S. Department of Defense, and is on track to deliver its initial RPSs to customers by 2026. Zeno Power is backed by a world-class portfolio of investors including Tribe Capital, 1517 Fund, AIN Ventures, Balerion Space Ventures, and DCVC.

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 proposed acquisition, 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; the risk that an agreement with Atomic Alchemy and the proposed acquisition thereof do not materialize or fail to produce the expected benefits; the risk that the MOU does not materialize or fails to produce the expected benefits; 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241121517388/en/

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

Investor Contact:
Sam Doane, Director of Investor Relations atinvestors@oklo.com

Media Contact for Zeno Power:
Ben Zimmermann, Marketing and Communications at c-bzimmermann@zenopower.com

Source: Oklo Inc.