AltC Acquisition Corp. (NYSE:ALCC) shares are trading higher Monday after Oklo announced an agreement with Diamondback Energy Inc. (NYSE:FANG) to collaborate on a long-term power purchase agreement.
The Details:
The letter of agreement (LOI) signed by the companies outlines a 20-year power purchase agreement between Oklo and Diamondback. 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 also includes options to renew and extend the potential power purchase agreement for an additional 20-year term.
On July 11, 2023, Oklo and AltC Acquisition Corp. announced that they have entered into a definitive business combination agreement that upon closing would result ...