DOE Approves Conceptual Safety Design Report for Oklo's Aurora Fuel Plant

SANTA CLARA, Calif., October 15, 2024–(BUSINESS WIRE)–Oklo Inc. (NYSE: OKLO) (“Oklo”), an advanced nuclear fission 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 the Idaho National Laboratory (INL). This approval is an important milestone as Oklo moves closer to its goal of using recovered nuclear material to power its first commercial Aurora power plant.

The Aurora Fuel Fabrication Facility is expected to produce fuel for Oklo's Aurora power plant at INL. The facility will use high-analytics, low-enriched uranium recovered from used Experimental Breeder Reactor-II fuel. “We are proud of our collaboration with INL and DOE as we move ever closer to commissioning our first commercial facility using this recovered nuclear fuel in just a few years,” said Jacob DeWitte, co-founder and CEO of Oklo. Oklo is uniquely positioned to support the initial deployment of its Aurora power plant with an assured fuel supply, site use permit, significant regulatory access and supply chain development.

“The approval of the CSDR is a critical step towards producing fuel for Oklo’s first commercial use,” said Dr. Jess Gehin, deputy laboratory director for nuclear science and technology at INL. “As the country’s nuclear energy research laboratory, we are committed to working with companies like Oklo to advance fission technologies and provide clean energy solutions.”

The CSDR approval is part of the DOE's comprehensive review process. Next steps include the preliminary documented safety analysis before construction and the documented safety analysis after construction and commissioning.

About Oklo Inc.: Oklo Inc. develops 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, received a fuel material award from Idaho National Laboratory, submitted the first custom combined license application for advanced nuclear fission 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 contains 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”, “intend”, “may”, “could”, “plan”, “possible”, “potential” “predict,” “project,” “should,” “would,” or 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 such a statement is not Forward-looking statements include all matters that are not historical facts. They appear in several places in this press release and include statements regarding our intentions, beliefs or current expectations, including, among other things, the benefits of the CSDR approval, results of operations, financial condition , liquidity, prospects, growth, strategies, etc., 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 Insecurities.

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Due to a number of known and unknown risks and uncertainties, Oklo's actual results or performance may differ materially from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo's future results and could cause those results or other results to differ materially from those expressed or implied by the forward-looking statements: risks associated with the use of Oklo's power plants; the risk that Oklo targets an emerging market where there is no commercial project underway, regulatory uncertainties; the potential financing needs for the construction of facilities, market, financial, political and legal conditions; the impact of competition; changes in applicable laws or regulations; and the outcome of all governmental and regulatory proceedings, inquiries and investigations.

The above list of factors is not exhaustive. You should carefully consider the foregoing factors as well as the other risks and uncertainties of other documents Oklo files from time to time with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release and in any documents incorporated by reference are based on current expectations and beliefs regarding future developments and their potential impact on Oklo. There can be no guarantee that future developments affecting Oklo will be those anticipated by Oklo. 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 required by applicable securities laws.

About Idaho National Laboratory

The 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 and will celebrate 75 years of scientific innovation in 2024. The laboratory conducts research in each of DOE's strategic target 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.

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