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AltC Acquisition Corp (NYSE:ALCC) shares are trading higher Tuesday after climbing more than 22% on Monday. Here’s a look at what’s going on.
What To Know: AltC Acquisition Corp announced this week that its merger partner Oklo signed a Letter Of Intent (LOI) with Diamondback Energy Inc (NASDAQ:FANG) to collaborate on a 20-year power purchase agreement.
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. Under the terms of the LOI Oklo intends to license, build and operate powerhouses capable of generating 50 MW of electric power to a subsidiary of Diamondback.
Oklo’s powerhouse designs are intended to be able to operate for 40 years. The LOI includes options to renew and extend the potential power purchase agreement for an additional 20-year term.
“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,” said Jacob DeWitte, co-founder and CEO of Oklo.
Oklo and AltC Acquisition Corp entered into a definitive business combination agreement in July 2023. Upon closing, the combined company will be listed on the New York Stock Exchange and trade under the ticker symbol “OKLO.”
Related Link: Sam Altman’s Under-The-Radar SPAC Fuses AI Expertise With Nuclear Energy: Here Are The Others Involved
ALCC Price Action: AltC Acquisition Corp shares closed Monday up 22.5%. The stock was up another 2.8% Tuesday morning at $16.50, according to Benzinga Pro.
Photo: 3844328 from Pixabay.
