- Craig Bealmear brings over 30 years of leadership experience at
publicly traded energy companies. Craig is expected to fulfill a
crucial role to enable Oklo's growth and lead Oklo's financial
strategy.
- As CFO, Bealmear will oversee all corporate financial
functions, spearheading initiatives to identify and access capital
markets, fostering and managing key relationships with investors,
and formulating and executing Oklo’s long-term financial and growth
strategy.
- Bealmear’s international business background in corporate
finance and strategy will support the commercialization of Oklo’s
advanced fission power plants on a global scale.
Oklo Inc. (“Oklo” or the “Company”), an advanced fission
technology and nuclear fuel recycling company, has appointed R
Craig Bealmear as Chief Financial Officer. Bealmear brings
extensive experience from the renewable and downstream energy
sectors. With over thirty years of experience in financial and
commercial leadership, particularly in public company settings,
Bealmear will play a pivotal role in Oklo’s continued growth and
lead the Company’s financial strategy. In his role as CFO, Bealmear
will hold a critical position overseeing all corporate financial
functions. This includes spearheading initiatives to identify and
access capital markets, fostering and managing key investor
relationships, and formulating the Company’s long-term financial
strategy.
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Oklo appoints R Craig Bealmear as Chief
Financial Officer (Image: R Craig Bealmear)
“We are excited to welcome Craig to the Oklo team. Craig’s
extensive international experience in corporate finance, commercial
operations and strategy will be instrumental in supporting Oklo’s
mission to provide clean, reliable, and affordable energy on a
global scale,” said Jacob DeWitte, Oklo’s co-founder and CEO.
“Having previously served as a public company CFO, Craig brings
valuable insights into investor relations and other crucial aspects
of scaling businesses and enhancing shareholder value.”
During Bealmear’s 28-year career at BP, he had a variety of
significant responsibilities that culminated in his role as CFO for
its North America downstream division, in which Bealmear was
responsible for financial reporting, control, and compliance for
its three U.S. refineries, midstream operations and 7,500 retail
sites across the continent. His experience in developing and
implementing deal structures, including joint ventures with private
equity firms, positions Oklo to explore strategic opportunities for
growth and expansion. In his most recent role as a member of
Renewable Energy Group (NASDAQ: REGI) (REG)’s senior leadership
team, Bealmear led all financial activities, including accounting,
financial planning, tax, compliance, internal audit, treasury, and
investor relations. Bealmear played a crucial role in several
important strategic initiatives to REG, including its inaugural
$550 million green bond offering and the sale of the company to
Chevron for $3.15 billion in 2022.
“I am thrilled to accept the role of CFO at Oklo and be a part
of the tremendous team that is being assembled to transform how
fission technologies come to market and meet the urgent need for
affordable, reliable, clean energy,” said Craig Bealmear, Oklo’s
CFO. With Bealmear's exceptional qualifications and unwavering
dedication to driving sustainable energy solutions, Oklo is
confident in its ability to achieve new milestones as a public
company and revolutionize the energy landscape.
Bealmear holds an MBA degree in Finance from The Wharton School:
University of Pennsylvania and an undergraduate degree in Business
Administration from Bellarmine University (Louisville, KY). He
serves on the board of the Bellarmine University Rubel School of
Business Executive Committee and is on the President’s Counsel at
the Chicago Museum of Science and Industry (MSI).
On July 11, 2023, Oklo and AltC Acquisition Corp., a special
purpose acquisition company, announced a definitive business
combination agreement. This valued Oklo at $850 million and is
expected to deliver up to $500 million in gross proceeds from the
cash held in AltC’s trust account, subject to redemptions by AltC
shareholders. Oklo will use the funds to construct the first Aurora
powerhouse and build out the business.
Oklo has a robust pipeline of potential customer engagements
across a number of industries and signed non-binding indications of
interest that it believes could result in sales of over 700 MWe.
The early demand for Oklo’s solutions exemplifies the market
interest in its scalable size range and differentiated business
model, involving selling power as well as selling nuclear fuel
recycling services to the U.S. market.
Oklo also recently announced its tentative selection as the
contractor awardee to site a micro-reactor at Eielson Air Force
Base Alaska and signed a new Memorandum of Understanding with
Centrus, the trusted domestic supplier of nuclear fuel and services
for the nuclear power industry. Oklo and Centrus have entered into
a broad range of collaboration programs supporting the development
and operation of Oklo’s Aurora powerhouses including supply of
HALEU produced by Centrus at its Piketon, Ohio, facility. The
announcement includes Oklo's early customer engagement with Centrus
for Oklo's planned Ohio plants. Centrus intends to buy clean,
reliable, and affordable energy from Oklo to power its HALEU
Production Facility.
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 (“NRC”), and is
developing advanced fuel recycling technologies in collaboration
with the U.S. Department of Energy and U.S. national
laboratories.
On July 11, 2023, Oklo and AltC Acquisition Corp. (“AltC”)
(NYSE: ALCC) announced that they have entered into a definitive
business combination agreement that upon closing would result in
the combined company to be listed on the New York Stock Exchange
under the ticker symbol “OKLO.”
Forward-Looking Statements
This communication includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “goal,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target,”
“continue,” “could,” “may,” “might,” “possible,” “potential,”
“predict” or other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding the Memorandum of Understanding
between Oklo and Centrus, including with respect to the supply of
HALEU to Oklo and any of the other components of the collaboration,
statements regarding the consummation of any definitive agreement
between Oklo and Centrus, including with respect to Centrus’
purchase of electricity from Oklo, the deployment and capabilities
of Oklo’s powerhouses in southern Ohio, statements regarding Oklo’s
expected market opportunity and pricing for the electricity
generated by its powerhouses and the consummation of the proposed
business combination between Oklo and AltC. These forward-looking
statements are based on information available to us as of the date
of this news release and represent management’s current views and
assumptions. Forward-looking statements are not guarantees of
future performance, events or results and involve known and unknown
risks, uncertainties and other factors, which may be beyond our
control.
These statements are based on various assumptions, whether or
not identified in this communication, and on the current
expectations of Oklo’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Oklo. These
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions about Oklo that may cause our actual
results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by such
forward-looking statements. Such risks and uncertainties, include
risks related to the deployment of Oklo’s powerhouses, including
those that affect the success of each of the collaboration between
Oklo and Centrus; the risks that Centrus is the future is unable or
unwilling to proceed with the collaboration programs discussed
herein; the risk that Oklo and Centrus do not ever enter into any
definitive agreements relating to the purchase and sale of
electricity or for any of the other activities noted in the
release; the risks that affect Oklo’s successful deployment,
construction and operation of a power plant for Eielson Air Force
Base; 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 inability of the
parties to successfully or timely consummate the proposed business
combination, including the risk that the approval of the
shareholders of AltC or Oklo is not obtained the effects of
competition; changes in applicable laws or regulations; the outcome
of any government and regulatory proceedings, investigations and
inquiries; each case, under the heading “Risk Factors,” and other
documents filed, or to be filed, with the SEC by AltC, including
the registration statement on Form S-4 that AltC intends to file.
If any of these risks materialize or Oklo’s assumptions prove
incorrect, actual results could differ materially from the results
implied by the forward-looking statements relating to Oklo. There
may be additional risks that Oklo does not presently know or that
Oklo currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Oklo’s
expectations, plans or forecasts of future events and views as of
the date of this communication. Oklo anticipate that subsequent
events and developments will cause Oklo’s assessments to change.
However, while Oklo may elect to update these forward-looking
statements at some point in the future, Oklo specifically disclaim
any obligation to do so. These forward-looking statements should
not be relied upon as representing Oklo’s assessments as of any
date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
Additional Information About the Business Combination and
Where to Find It
The proposed business combination will be submitted to
shareholders of AltC for their consideration. AltC intends to file
a registration statement on Form S-4 (the “Registration Statement”)
with the SEC, which will include preliminary and definitive proxy
statements to be distributed to AltC’s shareholders in connection
with AltC’s solicitation for proxies for the vote by AltC’s
shareholders in connection with the proposed business combination
and other matters to be described in the Registration Statement, as
well as the prospectus relating to the offer of the securities to
be issued to Oklo’s shareholders in connection with the completion
of the proposed business combination. After the Registration
Statement has been filed and declared effective, AltC will mail a
definitive proxy statement/prospectus/consent solicitation
statement and other relevant documents to its shareholders as of
the record date established for voting on the proposed business
combination. AltC’s shareholders and other interested persons are
advised to read, once available, the preliminary proxy
statement/prospectus/consent solicitation statement and any
amendments thereto and, once available, the definitive proxy
statement/prospectus/consent solicitation statement, in connection
with AltC’s solicitation of proxies for its special meeting of
shareholders to be held to approve, among other things, the
proposed business combination, as well as other documents filed
with the SEC by AltC in connection with the proposed business
combination, as these documents will contain important information
about AltC, Oklo and the proposed business combination.
Shareholders may obtain a copy of the preliminary or definitive
proxy statement/prospectus/consent solicitation statement, once
available, as well as other documents filed by AltC with the SEC,
without charge, at the SEC’s website located at www.sec.gov or by
directing a written request to AltC Acquisition Corp., 640 Fifth
Avenue, 12th Floor, New York, NY 10019.
Participants in the Solicitation
AltC, Oklo and certain of their respective directors, executive
officers and other members of management and employees may, under
SEC rules, be deemed to be participants in the solicitation of
proxies from AltC’s shareholders in connection with the proposed
business combination. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of
AltC’s shareholders in connection with the proposed business
combination will be set forth in AltC’s proxy
statement/prospectus/consent solicitation statement when it is
filed with the SEC. You can find more information about AltC’s
directors and executive officers in AltC’s final prospectus filed
with the SEC on July 7, 2021 and in the Annual Reports filed by
AltC with the SEC on Form 10-K. Additional information regarding
the participants in the proxy solicitation and a description of
their direct and indirect interests will be included in the proxy
statement/prospectus/consent solicitation statement when it becomes
available. Shareholders, potential investors and other interested
persons should read the proxy statement/prospectus/consent
solicitation statement carefully when it becomes available before
making any voting or investment decisions. You may obtain free
copies of these documents from the sources indicated above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. This communication is
not, and under no circumstances is to be construed as, a
prospectus, an advertisement or a public offering of the securities
described herein in the United States or any other jurisdiction. No
offer of securities shall be made except by means of a prospectus
meeting the requirements of Section 10 of the Securities Act of
1933, as amended, or exemptions therefrom. INVESTMENT IN ANY
SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED BY THE SEC OR ANY
OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR
ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF
THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
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version on businesswire.com: https://www.businesswire.com/news/home/20230907412656/en/
Media Contact for Oklo: Bonita Chester, Director of
Communications and Media at media@oklo.com Christina Stenson /
Michael Landau Gladstone Place Partners (212) 230-5930
Investor Contact Caldwell Bailey / Eduardo Royes ICR,
Inc. OkloIR@icrinc.com
Investor Contact for Oklo: Caldwell Bailey / Eduardo
Royes, ICR Inc., OkloIR@icrinc.com
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