The start-up chaired by the head of OpenAI (ChatGPT), which is working on the development of nuclear fusion reactors, is to go public, with a valuation of $850 million.
Oklo: The young nuclear fusion and fuel recycling company headed by Sam Altman, creator of ChatGPT
Involved in several cutting-edge sectors, Sam Altman invested in Oklo, the name of this young company, in 2015, and also became its president. The 30-year-old made a name for himself in November with the launch of ChatGPT, a generative artificial intelligence interface that provides detailed answers to questions formulated in everyday language.
Oklo plans to build small modular reactors (SMRs) capable of generating electricity using nuclear fusion, a different process from the fission currently used in conventional power plants. Based on the fusion of hydrogen atoms to form helium, this technology, which is expected to produce more energy in equal quantities than any other controllable source, is still under development.
Oklo also wants to offer a nuclear fuel recycling service. The young company still has no site of its own, and in January 2022 was denied a license to build an SMR in Idaho by the Nuclear Regulatory Agency (NRC). The NRC rejected this application, citing a lack of information on the risks of accidents and the responses planned in such cases.
Oklo, towards clean energy: Merger with AltC Acquisition to create the first fusion reactor
In concrete terms, Oklo will merge with AltC Acquisition, a vehicle already listed on the New York Stock Exchange whose sole purpose is to enable a company to go public more easily (also known as a SPAC), with lighter regulatory constraints. The start-up plans to raise $500 million in the process, which will be used to build Oklo’s first fusion reactor, Aurora, according to a press release issued on Tuesday.
The Santa Clara, California-based group is aiming for commissioning in 2026 or 2027. “The two most important ingredients for a bright future are abundant intelligence and abundant energy,” commented Sam Altman, quoted in the release. “I’ve long been interested in the potential of nuclear power to create clean, reliable and affordable energy on a large scale,” he added.
