A financial update and business overview for Oko, highlighting advancements in the nuclear energy sector and the company's strategic positioning amid growing investor and customer interest in clean, reliable power.

Oklo leverages scalable designs, proven technology, and a build-own-operate model to pioneer advanced nuclear energy. With regulatory milestones achieved, fuel development partnerships, and a robust customer pipeline, Oklo is poised for rapid deployment and long-term growth in the nuclear sector, driving innovation in metal fuel and fast reactor technology.

Achieved key regulatory approvals, expanded international collaborations, and secured DOE program awards, positioning for accelerated construction and operation of advanced nuclear reactors, bolstering national energy security, and driving innovation in fuel production and technology.

The Department of Energy (DOE) has introduced a streamlined authorization process for pioneering nuclear plants, allowing concurrent construction and safety reviews. This complements traditional NRC licensing, aiming to reduce idle time without compromising safety. By leveraging DOE's extensive experience, the framework aims to unlock industrial capacity, enhance national energy security, and establish a scalable pathway for advanced reactors. Parallel engagement with the NRC ensures coordinated progress, reducing timeline risks and improving capital efficiency for investors and customers.

The dialogue highlights the advancement of nuclear powerhouse construction at Idaho National Laboratory under DOE's Reactor Pilot Program, concurrent with NRC licensing efforts for future deployments. It underscores procurement achievements, Atomic Alchemy's role in isotope production, and a strategic fuel supply approach to mitigate risks and ensure scalability.

Discusses Oklo's flexible fuel strategy amidst changing market dynamics, highlighting partnerships with current and future technology providers, utilization of government reserves, and exploration of plutonium blending to accelerate time to market and reduce capital investments.

The dialogue highlights the development of a privately funded recycling facility in Tennessee, aiming to convert used fuel into new fuel for advanced reactors. It discusses federal support through the Nuclear Refuel Act and the Advanced Nuclear Fuel Line Pilot Program, emphasizing the creation of a durable domestic foundation for advanced nuclear power and a vertically integrated ecosystem for recycling, fabrication, and deployment.

Announces strategic partnerships with European companies for fast reactor and fuel fabrication technologies, secures $2 billion investment for domestic fuel manufacturing, reports $36.3 million Q3 operating loss, and completes $540 million fundraising, positioning as a leader in scalable zero-carbon power solutions.

Clarifies the impact of DOE authorization on NRC COLA submission for Il plant, confirming no COLA required under DOE pathway.

The dialogue discusses a transformative shift in nuclear plant licensing and construction processes, facilitated by the Department of Energy (DOE), which allows for concurrent building and licensing, significantly reducing regulatory risk and accelerating project timelines. This new approach, enabled by recent legislation and executive orders, leverages DOE's historical expertise in nuclear oversight, enabling more efficient plant development and eventual commercial operation. The conversation also touches on strategic customer partnerships and the evolution of power purchase agreements (PPAs) to better align with the unique characteristics of nuclear projects, emphasizing a patient, mutually beneficial relationship-building strategy.

Discussion revolves around DOE's potential involvement in AI data center development, highlighting the executive order's impact on enabling structures for resource needs. Also addressed is the timeline for commercial operations at INL, with a focus on milestones leading up to full activation in early January, under the DOE pathway.

Discussed significant progress in reactor pilot programs, including the Aurora and Atomic Alchemy Pilot prototype production reactor, set for operation in 2026, and the Pluto reactor's development for fast neutron radiation capabilities. Highlighted advancements in fuel fabrication, emphasizing DOE's role in expediting authorization and construction processes, and the strategic partnership with the NRC to streamline licensing for advanced reactors, aiming for accelerated milestones and operational efficiencies.

The dialogue delves into the technical advantages of plutonium as a fuel source in nuclear reactors, highlighting its superior performance compared to uranium. It explains the conversion process of blending plutonium with uranium to create metallic fuel, emphasizing its efficiency and the potential to accelerate deployment schedules for fuel recycling facilities.

Discussion highlights DOE's Fuel Pilot Program converting nuclear waste from a costly disposal burden into a valuable resource for advanced reactors, potentially revolutionizing energy production and reducing environmental liabilities.

The dialogue highlights the importance of rapidly building more nuclear reactors to scale up fuel enrichment and recycling, catalyzing the growth of the commercial fuel supply chain. It emphasizes the role of fast reactors and plutonium in enhancing fuel flexibility and the impact of policy moves in enabling quicker deployment of nuclear power.

The dialogue discusses the unique design and purpose of the Pluto test reactor, emphasizing its role in fast neutron and I radiation testing. It clarifies that the reactor, unlike Aurora, will use plutonium and hints at a 75 MW size, aiming to provide insights for future reactor designs.

The dialogue explores the strategic importance of developing fast neutron radiation capabilities through the Pluto program, which includes fuel fabrication, plutonium handling, and testing. This initiative aims to enhance nuclear fuel efficiency, support isotope production, and offer advanced radiation services, ultimately contributing to economic performance improvements and technological advancements in the nuclear sector.

Speakers discuss the expected similarity between the number of components and their dollar value in CapEx recon, mentioning ongoing refinement of cost estimates with procurement activities, aiming to share more details by 2026.

The company updates on its 14 GW backlog, predominantly from data center and hyperscaler customers, with potential for growth. Active discussions on PPA conversions, including prepayment for power or fuel. Progress on Atomic Alchemy's fuel recycling project, with potential revenue from lab scale facility in the first half of next year.

Discussion revolves around using existing facilities for near-term isotope production and recovery, highlighting the advantages of tailored reactors like the Viper for enhanced performance, including fast neutron isotope production and silicon radiation. The focus is on US-based capabilities, the economic benefits of simpler reactor designs, and the strategic importance of diversifying isotope production methods beyond thermal neutron reactors.

Discusses strategies for integrating isotope irradiation with reactor operations, emphasizing flexibility in scheduling to avoid power production disruptions, highlighting the potential for optimized asset management in specialized reactors.

Discusses the ongoing value of natural gas partnerships, like with Liberty Energy, for bridging energy needs in the face of market constraints and long-term planning challenges. Highlights the preference for grid-connected solutions and the strategic use of gas to enable power at facilities, emphasizing its evolving role in commercial energy strategies.

Discussion highlights the potential impact of increased government fuel availability on expediting nuclear plant construction, suggesting this could pave the way for earlier nuclear energy adoption. The conversation acknowledges the market's ongoing process of understanding these implications, recognizing the significance of this fresh perspective in the energy sector.

The dialogue discusses the level of prepayments needed for securing long lead time items in the nuclear supply chain, noting that prepayments are in the 10% range. It highlights the importance of capital availability, enabled by successful capital raises, to facilitate such prepayments for better pricing on assets.

The dialogue discusses potential economic opportunities and licensing pathways for facilities authorized by the Department of Energy (DOE), focusing on the transition from DOE authorization to commercial operation or NRC licensing. It highlights the Aurora facility's potential shift to commercial energy production, the Atomic Alchemy plant's role in DOE missions, and the Pluto reactor's future. The conversation also touches on the flexibility of DOE-authorized facilities to support DOE needs while opening doors for commercial possibilities, emphasizing collaboration between DOE and NRC for efficient and complementary work.

Discussions revolve around the potential to fully operationalize a 75 MW power facility, emphasizing confidence in securing diverse fuel supplies, including plutonium, to meet energy demands. Regulatory implications and proliferation concerns regarding the use of plutonium in fuel mixes are addressed, highlighting historical challenges and recommended pathways for safe and efficient integration.

Discussion focuses on transitioning from dilution disposal to utilizing plutonium in fast reactors, leveraging existing infrastructure and partnerships with national labs. The regulatory framework, including NRC oversight, is seen as manageable, supporting the expansion of reactor and fuel pilot programs to address fuel shortages.

The dialogue discusses the benefits of using plutonium in reactors to generate power and solve fuel shortages while disposing of it effectively. It emphasizes the importance of state-of-the-art safeguards and security measures in managing the material. The conversation also addresses concerns about incentivizing other countries to destroy plutonium, arguing that it could be a positive outcome. The discussion concludes with the idea of leading the world by adopting policies that prevent the separation of pure plutonium, instead producing a uranium-transuranic mix.

The CEO and COO of Olo discuss the impact of recent executive orders on the regulatory landscape for nuclear energy, emphasizing the acceleration of regulatory processes through collaboration with the Department of Energy and National Labs. They highlight the benefits of bridge fuels, particularly plutonium, in speeding up reactor construction and expanding the uranium fuel supply chain. Olo's participation in pilot programs is noted as a strategic move to streamline the regulatory approval process, aiming for quicker deployment of reactors. The dialogue concludes with excitement over the alignment of policy changes with Olo's capabilities, positioning the company to capitalize on emerging opportunities in nuclear energy.