PIKETON,
Ohio, Aug. 28, 2023 /PRNewswire/ -- Oklo Inc.
("Oklo") and Centrus Energy Corp. ("Centrus") (NYSE American: LEU)
today announced a new Memorandum of Understanding ("MOU") between
the two companies to support the deployment of Oklo's advanced
fission powerhouses and advanced nuclear fuel production in
Southern Ohio, making the region a
critical hub for the future of the U.S. nuclear industry. Oklo and
Centrus have been partners since 2021 when the companies signed a
Letter of Intent to cooperate in the development of a High-Assay,
Low-Enriched Uranium ("HALEU") fuel facility. With this new MOU,
Oklo and Centrus plan to enter into a broad range of collaboration
programs supporting the development and operation of Oklo's Aurora
powerhouses including supply of HALEU produced by Centrus at its
Piketon, Ohio, facility. Centrus
also intends to buy clean, reliable, and affordable energy from
Oklo's planned Ohio plants to
power its HALEU Production Facility.
The parties intend to enter into one or more definitive
agreements relating to the following collaborative activities
addressed in the MOU:
- Oklo would purchase HALEU from the production facility Centrus
is planning to build in Piketon,
Ohio, the only such facility licensed by the U.S. Nuclear
Regulatory Commission to produce HALEU.
- Centrus would purchase electricity from the Aurora powerhouses
that Oklo is planning to build in Piketon. These two power plants are designed
to power thousands of homes and businesses in addition to the HALEU
production facility; similarly, the HALEU production plant is
designed to be scaled up to support hundreds of reactors.
- Centrus would manufacture components for Oklo's Aurora
powerhouse at Centrus' advanced manufacturing facility in
Oak Ridge, Tennessee, as well as
manufacturing capacity at the American Centrifuge Plant in
Piketon, Ohio, where HALEU
production will take place.
- Centrus and Oklo would work together to establish and license
the capabilities necessary to deconvert HALEU from uranium
hexafluoride to uranium metal and fabricate fuel assemblies for
Oklo's Aurora powerhouses.
Oklo is playing a leading role in catalyzing the
commercialization of advanced nuclear technologies. The company has
secured a site use permit from the Department of Energy ("DOE") and
a fuel award from Idaho National Laboratory for its first
commercial power plant deployment in Idaho. Oklo has a partnership with Southern
Ohio Diversification Initiative at the DOE Piketon Site for its
second and third commercial plants.
"Our wide-ranging landmark partnership with Centrus is expected
to span fuel production, manufacturing, and power off-take,
exemplifying the early market interest in our scalable power plants
and differentiated business model, involving selling power, not
power plants. This important collaboration is expected to
facilitate several elements of our strategy to meet the growing
demand for our powerhouses that stems from our pipeline of customer
engagements across various industries," said Dr. Jacob DeWitte, Co-founder and CEO of Oklo.
"We see tremendous potential in a strategic partnership between
Centrus and Oklo to advance the next generation of carbon-free
nuclear energy," said Centrus President and CEO Daniel B. Poneman. "It has always been clear
that establishing a domestic HALEU supply chain requires a
public-private partnership. We are excited to see strong support
from industry leaders like Oklo as well as growing bipartisan
support in Congress and the
Administration for robust investment in domestic uranium
enrichment."
"I am excited about the powerful enabling effect between Oklo
and Centrus in providing abundant, inexpensive energy with advanced
fission. This partnership will represent an important step in
lowering the cost of energy by establishing a critical domestic
fuel supply infrastructure," said Sam
Altman, CEO of AltC Acquisition Corp. ("AltC") and Chairman
of Oklo. Oklo recently announced a definitive business combination
agreement with AltC. Upon closing of the business combination, the
combined company will operate as Oklo and is expected to be listed
on the New York Stock Exchange under the ticker "OKLO."
At the American Centrifuge Plant in Piketon, Ohio, Centrus has constructed the
first U.S. HALEU production facility licensed by the U.S. Nuclear
Regulatory Commission and expects to begin production of HALEU by
the end of 2023 as part of the company's contract with the DOE.
With sufficient funding and offtake commitments, Centrus could
expand the facility to meet the full range of commercial and
national security requirements for enriched uranium, including the
production of Low-Enriched Uranium as well as HALEU.
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
NRC, and is developing advanced fuel recycling technologies in
collaboration with the U.S. Department of Energy and U.S. national
laboratories.
On July 11, 2023, Oklo
and AltC Acquisition Corp. ("AltC") (NYSE: ALCC) announced
that they have entered into a definitive business combination
agreement that upon closing would result in the combined company to
be listed on the New York Stock Exchange under the ticker symbol
"OKLO."
About Centrus Energy:
Centrus Energy is a trusted supplier of nuclear fuel and
services for the nuclear power industry. Centrus provides value to
its utility customers through the reliability and diversity of its
supply sources – helping them meet the growing need for clean,
affordable, carbon-free electricity. Since 1998, the Company has
provided its utility customers with more than 1,750 reactor years
of fuel, which is equivalent to 7 billion tons of coal. With
world-class technical and engineering capabilities, Centrus is also
advancing the next generation of centrifuge technologies so that
America can restore its domestic uranium enrichment capability in
the future. Find out more at www.centrusenergy.com.
Forward Looking Statements:
This news release contains "forward-looking statements"
within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended, and the Private Securities Litigation Reform Act
of 1995. In this context, forward-looking statements mean
statements related to future events, which may impact our expected
future business and financial performance, and often contain words
such as "expects", "anticipates", "intends", "plans", "believes",
"will", "should", "could", "would" or "may" and other words of
similar meaning. These forward-looking statements include, but are
not limited to, statements regarding expectations for the
collaborative programs memorialized in the Memorandum of
Understanding announced herein, including with respect to the
supply of HALEU to Oklo and any of the other components of the
collaboration, statements regarding the consummation of any
definitive agreement between Oklo and Centrus, including with
respect to Centrus' purchase of electricity from Oklo, the
deployment and capabilities of Oklo's powerhouses in southern
Ohio, statements regarding Oklo's
expected market opportunity and pricing for the electricity
generated by its powerhouses and the consummation of the proposed
business combination between Oklo and AltC. 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.
For Centrus Energy Corp., particular risks and uncertainties
that could cause Centrus' actual future results to differ
materially from those expressed in the forward-looking statements
relating to Centrus include but are not limited to the following
which are, and will be, exacerbated by the COVID-19 pandemic and
subsequent variants, and any worsening of the global business and
economic environment as a result; risks related to the success of
each of the collaboration programs announced herein; risks that
Oklo is unable or unwilling to proceed with the collaboration
programs announced herein; the risk that Oklo and Centrus do not
ever enter into any definitive agreements relating to the
collaboration programs announced herein; risks related to whether
or when government funding or demand for HALEU for government or
commercial uses will materialize; risks related to (i) Centrus'
ability to perform and absorb costs under Centrus' agreement with
the DOE to deploy and operate a cascade of centrifuges to
demonstrate production of HALEU for advanced reactors (the "HALEU
Operations Contract"), (ii) Centrus' ability to obtain contracts
and funding to be able to continue operations and (iii) Centrus'
ability to obtain and/or perform under other agreements; risks
related to uncertainty regarding Centrus' ability to commercially
deploy a competitive enrichment technology; risks related to the
fact that Centrus faces significant competition from major
producers who may be less cost sensitive or are wholly or partially
government owned; risks related to the impact of government
regulation and policies including by the DOE and the U.S. Nuclear
Regulatory Commission; and other risks and uncertainties discussed
in this news release and Centrus' filings with the SEC. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which apply only as of the date of this news release.
These factors may not constitute all factors that could cause
actual results to differ from those discussed in any
forward-looking statement. Accordingly, forward-looking statements
should not be relied upon as a predictor of actual results. Readers
are urged to carefully review and consider the various disclosures
made in this news release and in Centrus' other filings with the
SEC, including its Annual report on Form 10-K for the year ended
December 31, 2022, and its other
filings with the SEC that attempt to advise interested parties of
the risks and factors that may affect its business. Centrus does
not undertake to update its forward-looking statements to reflect
events or circumstances that may arise after the date of this news
release, except as required by law.
For Oklo, particular risks and uncertainties that could cause
Oklo's actual future results to differ materially from those
expressed in the forward-looking statements relating to Oklo
include but are not limited to, risks related to the deployment of
Oklo's powerhouses, including those that affect the success of each
of the collaboration programs announced herein; the risks that
Centrus is the future is unable or unwilling to proceed with the
collaboration programs announced herein; the risk that Oklo and
Centrus do not ever enter into any definitive agreements relating
to the purchase and sale of electricity or for any of the other
activities noted in the release; 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 SEC by AltC,
including the registration statement on Form S-4 that AltC intends
to file. If any of these risks materialize or Oklo's assumptions
prove incorrect, actual results could differ materially from the
results implied by the forward-looking statements relating to Oklo.
There may be additional risks that Oklo does not presently know or
that Oklo currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Oklo's expectations, plans or forecasts of future events
and views as of the date of this communication. Oklo anticipate
that subsequent events and developments will cause Oklo's
assessments to change. However, while Oklo may elect to update
these forward- looking statements at some point in the future, Oklo
specifically disclaim any obligation to do so. These
forward-looking statements should not be relied upon as
representing Oklo's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Additional Information About the Oklo and AltC Business
Combination and Where to Find It
The proposed business combination will be submitted to
shareholders of AltC for their consideration. AltC intends to file
a registration statement on Form S-4 (the "Registration Statement")
with the SEC, which will include preliminary and definitive proxy
statements to be distributed to AltC's shareholders in connection
with AltC's solicitation for proxies for the vote by AltC's
shareholders in connection with the proposed business combination
and other matters to be described in the Registration Statement, as
well as the prospectus relating to the offer of the securities to
be issued to Oklo's shareholders in connection with the completion
of the proposed business combination. After the Registration
Statement has been filed and declared effective, AltC will mail a
definitive proxy statement/prospectus/consent solicitation
statement and other relevant documents to its shareholders as of
the record date established for voting on the proposed business
combination. AltC's shareholders and other interested persons are
advised to read, once available, the preliminary proxy
statement/prospectus/consent solicitation statement and any
amendments thereto and, once available, the definitive proxy
statement/prospectus/consent solicitation statement, in connection
with AltC's solicitation of proxies for its special meeting of
shareholders to be held to approve, among other things, the
proposed business combination, as well as other documents filed
with the SEC by AltC in connection with the proposed business
combination, as these documents will contain important information
about AltC, Oklo and the proposed business combination.
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 SEC,
without charge, at the SEC's website located at www.sec.gov or by
directing a written request to AltC Acquisition Corp., 640 Fifth
Avenue, 12th Floor, New York, NY
10019.
Participants in the Solicitation
AltC, Oklo and certain of their respective directors, executive
officers and other members of management and employees may, under
SEC rules, be deemed to be participants in the solicitation of
proxies from AltC's shareholders in connection with the proposed
business combination. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of
AltC's shareholders in connection with the proposed business
combination will be set forth in AltC's proxy
statement/prospectus/consent solicitation statement when it is
filed with the SEC. You can find more information about AltC's
directors and executive officers in AltC's final prospectus filed
with the SEC on July 7, 2021 and in
the Annual Reports filed by AltC with the SEC on Form 10-K.
Additional information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests will be included in the proxy
statement/prospectus/consent solicitation statement when it becomes
available. Shareholders, potential investors and other interested
persons should read the proxy statement/prospectus/consent
solicitation statement carefully when it becomes available before
making any voting or investment decisions. You may obtain free
copies of these documents from the sources indicated above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This communication is
not, and under no circumstances is to be construed as, a
prospectus, an advertisement or a public offering of the securities
described herein in the United
States or any other jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as
amended, or exemptions therefrom. INVESTMENT IN ANY SECURITIES
DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY OTHER
REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED
THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE
INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS
A CRIMINAL OFFENSE.
Media Contact for Oklo:
Bonita Chester, Director of
Communications and Media at media@oklo.com
Investor Contact for Oklo:
Caldwell Bailey / Eduardo Royes,
ICR Inc., OkloIR@icrinc.com
Centrus Contacts:
Investors: Dan Leistikow at
LeistikowD@centrusenergy.com
Media: Lindsey Geisler at
GeislerLR@centrusenergy.com
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SOURCE Centrus Energy Corp.