PRESS RELEASE2 MIN READ
- Oklo and Diamondback Energy signed a non-binding letter of intent (the “LOI”) to collaborate on a 20-year Power Purchase Agreement.
- Diamondback aims to use Oklo’s Aurora powerhouses to power its operations in the Permian Basin.
SANTA CLARA, Calif.--(BUSINESS WIRE)-- Oklo Inc. (“Oklo”), a fast fission clean power technology and nuclear fuel recycling company, announces an agreement with Diamondback Energy Inc. (“Diamondback”) (NASDAQ: FANG), the largest independent producer headquartered in the shale-oil region to collaborate on a long-term Power Purchase Agreement (“PPA”).
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 Permian Basin. According to the terms of the LOI, Oklo intends to license, build, and operate powerhouses capable of generating 50 MW of electric power to Diamondback E&P LLC, a wholly owned subsidiary of Diamondback near Midland, Texas.
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.
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 Nuclear Regulatory Commission, 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 AltC Acquisition Corp.: AltC was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.