July 17, 2024
July 17, 2024
07/17/2024
SANTA CLARA, Calif.--(BUSINESS WIRE)-- Oklo Inc. (NYSE: OKLO) (“Oklo”), a fast fission clean power technology and nuclear fuel recycling company, announced the successful completion of the first end-to-end demonstration of the key stages of its advanced fuel recycling process, in collaboration with Argonne National Laboratory and Idaho National Laboratory. This achievement marks a significant step forward in Oklo’s efforts to scale up its fuel recycling capabilities and deploy a commercial-scale recycling facility to increase advanced reactor fuel supplies, and enhance fuel cost effectiveness.
Engineers in Argonne’s Chemical and Fuel Cycle Technologies division (Image: Argonne National Laboratory)
Supported by a $5 million cost-share award from the U.S. Department of Energy’s Advanced Research Projects Agency-Energy (ARPA-E) under the Optimizing Nuclear Waste and Advanced Reactor Disposal Systems Program (the “ONWARDS Program”), this project aims to facilitate the deployment of a commercial-scale advanced fuel recycling facility. “We know that recycling is an important path to reduce high-level waste, and advance nuclear energy with safe and sustainable domestic fuel stocks,” said ARPA-E Director Evelyn N. Wang. “Through ARPA-E’s ONWARDS Program, Oklo is working to achieve these goals. This milestone marks an important step forward in the team’s progress as they work towards economically viable nuclear fuel recycling.” Oklo’s fuel recycling technology is engineered to extract over 90% of the remaining potential energy from used fuel, which is expected to be utilized in Oklo powerhouses to generate clean energy. It incorporates unique proliferation-resistant features, including maintaining the consolidation of transuranic materials.
The introduction of commercial fuel recycling operations is also expected to save up to 80% on Oklo’s fuel costs, driving long-term value through enhanced fuel efficiency, alternative fuel source creation, and reduction in high-level waste requiring permanent disposal. “We recognize the inherent opportunity to enhance our mission through fuel recycling, converting used fuel into clean energy,” said Jacob DeWitte, co-founder and CEO of Oklo. “Oklo’s use of fast fission technology positions us well to realize these fuel recycling benefits. The success of this project brings us closer to bringing a commercial-scale domestic fuel recycling facility online, crucial for strengthening our business model and advancing economic viability.”
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 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 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 goal of the ONWARDS Program, the use of Oklo’s fuel recycling technology, the results of the introduction of commercial fuel recycling operations, 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; 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.
Media and Investor Contact for Oklo:
Bonita Chester, Head of Communications and Media at media@oklo.com and investors@oklo.com
Source: Oklo Inc.
