Oklo and Switch Form Landmark Strategic Relationship to Deploy 12 Gigawatts of Advanced Nuclear Power, One of the Largest Corporate Clean Power Agreements Ever Signed

• Oklo and Switch have signed one of the largest corporate power agreements in history, a 12-gigawatts non-binding Master Power Agreement.
• This milestone agreement demonstrates a shared commitment to advancing sustainable energy solutions, supporting data center growth, and driving industry-wide decarbonization.
• Oklo's Aurora powerhouses will provide reliable, clean energy for Switch's cutting-edge AI, cloud, and enterprise data center infrastructure.

SANTA CLARA, California - December 18, 2024 - Oklo Inc. (NYSE: OKLO) ("Oklo" or the "Company"), an advanced nuclear technology company, and Switch, a premier provider of AI, cloud and enterprise data centers, have signed a non-binding Master Power Agreement ("Master Agreement") to deploy 12 gigawatts of Oklo Aurora powerhouse projects through 2044. This is one of the largest corporate clean power agreements ever signed. The Master Agreement establishes a framework for collaboration, with the expectation that individual binding agreements will be finalized as project milestones are reached.

Under the Master Agreement, Oklo will develop, construct, and operate powerhouses to provide power to Switch across the United States through a series of power purchase agreements. This enduring relationship over several decades will help accelerate Oklo's early powerhouse deployments and also position the Company to scale in response to a growing demand pipeline. This Master Agreement enables Oklo to leverage Switch's best-in-class execution while developing the financial and infrastructure model for scaling advanced nuclear.

The timescale of this Master Agreement underscores Switch and Oklo's commitment to meeting artificial intelligence's growing electricity demands with clean, sustainable power. The Company believes that Switch's industry-leading data centers, which support the computing needs of some of the world's largest companies, are ideally positioned to handle AI workloads well into the future.

"The relationship with Oklo underscores our commitment to deploying advanced nuclear power at a transformative scale for our data centers, further enhancing our offerings of one of the world's most advanced data center infrastructures to current and future Switch clients," said Rob Roy, Founder and CEO of Switch. "By utilizing Oklo's powerhouses, we aim to ensure that Switch remains the leader in data center sustainability while supporting our vision of energy abundance."

Since January 2016, all Switch data centers have been powered by 100% renewable energy, nearly 984 million kilowatt-hours of green power annually. This Master Agreement with Oklo supports Switch's mission to build efficient, sustainable infrastructure while bolstering the voluntary market for renewable and clean energy sources.

"We are excited to collaborate with Switch on this historic agreement," said Jacob DeWitte, Co-Founder and CEO of Oklo. "Rob Roy and the Switch team share the vision we have for nuclear energy's role in powering artificial intelligence and providing the world with energy abundance. Oklo expects to benefit enormously from Switch's record of turning visions into reality. The lifespan of this Master Agreement will allow us to iterate and evolve with Switch, from development to deployment to scaling. We believe that working with Switch will not only accelerate our early powerhouses but also accelerate our ability to scale by demonstrating customer demand for decades to come."

This Master Agreement highlights Oklo's business model of simplifying clean energy access by selling power, not power plants. It offers customers a direct, flexible pathway to clean, reliable, and affordable advanced nuclear energy. Aurora powerhouses are planned to support growing energy demands as they are deployed in the future.

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About Switch: Switch, founded in 2000 by CEO Rob Roy, stands at the forefront as the leading data center campus designer, builder and operator. As the AI, cloud and enterprise data center experts, Switch provides the most modular, scalable and sustainable data centers to the most discerning clients. The company offers a comprehensive, future-proof portfolio ranging from highly dense liquid cooled AI to hyperscale cloud and the industry's highest rated and most-secure enterprise data centers. To learn more, visit www.switch.com and follow Switch on LinkedIn, Facebook and X.

About Oklo Inc.: Oklo Inc. is developing advanced nuclear power plants that run on nuclear waste 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 U.S. Nuclear Regulatory Commission, and is developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories.

Forward-Looking Statements

This press release includes statements that express Oklo's opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the timing, goals and benefits of the Master Agreement, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties.

As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo's future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the deployment of Oklo's powerhouses; 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 effects of competition; changes in applicable laws or regulations; the risk that the Master Agreement fails to produce the expected benefits; and the outcome of any government and regulatory proceedings and investigations and inquiries.

The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release and in any document incorporated by reference are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Source: Oklo Inc.