Oklo Inc (OKLO) 2024 Q2 法說會逐字稿

Good to everyone and welcome to Oklo's second quarter 2024, earnings and business update webcast. (Operator Instructions). Please note this call may be recorded and I will be standing by if you should need any assistance.

大家好，歡迎收看 Oklo 的 2024 年第二季財報和業務更新網路廣播。（操作員說明）。請注意，此通話可能會被錄音，如果您需要任何協助，我將隨時待命。

It is now my pleasure to turn the conference over to Mr. Sam Doane, Director of Investor Relations. Please go ahead, sir.

現在我很高興將會議交給投資者關係總監 Sam Doane 先生主持。請繼續，先生。

Thank you, operator. Good day everyone and welcome to Oklo's inaugural company update and earnings. Joining us today are Jake DeWitte Co-Founder and Chief Executive Officer, and Craig Bealmear, Chief Financial Officer. Oklo's Q2 earnings were announced after market closed today. You can find the shareholder letter and supplemental slides on the investor relations page of our website.

謝謝你，接線生。大家好，歡迎來到 Oklo 的首家公司最新動態和財報。今天加入我們的有共同創辦人兼執行長 Jake DeWitte 和財務長 Craig Bealmear。Oklo 在今天收盤後公佈了第二季度收益。您可以在我們網站的投資者關係頁面上找到股東信函和補充投影片。

The information discussed during the course of our remarks and the subsequent Q&A session includes forward-looking statements, which reflect our current views of existing trends and are subject to a variety of risks, assumptions, estimates, uncertainties, and other factors that could cause actual results to differ materially from such statements. You are urged to carefully read the forward-looking statements language in our shareholder letter and supplemental slides.

在我們的發言和隨後的問答環節中討論的資訊包括前瞻性陳述，這些陳述反映了我們當前對現有趨勢的看法，並受到各種風險、假設、估計、不確定性和其他可能導致實際結果的因素的影響。我們敦促您仔細閱讀我們的股東信和補充幻燈片中的前瞻性陳述語言。

You can find a discussion of our risk factors, which could potentially contribute to such differences in our most recent filings with the SEC. Oklo assumes no obligation to update these statements, whether as a result of new information, future events, or otherwise, except as required by law.

您可以在我們最近向 SEC 提交的文件中找到有關我們風險因素的討論，這些風險因素可能會導致此類差異。Oklo 不承擔更新這些聲明的義務，無論是由於新資訊、未來事件或其他原因，除非法律要求。

I'll now turn the call over to Jake DeWitte, OKLO's Co-Founder and Chief Executive Officer, Jake?

我現在將電話轉給 OKLO 聯合創始人兼執行長 Jake DeWitte，Jake？

Thanks, Sam, and thank you all for joining us today. I'm excited to share a quarterly update and provide some insight into the progress we've made over the past quarter. By way of introduction and a little bit of background and history in Oklo, the company was born largely out of the view that there was a significant amount of opportunity with advanced nuclear technologies.

謝謝薩姆，也謝謝大家今天加入我們。我很高興分享季度更新，並對我們在過去一個季度取得的進展提供一些見解。透過介紹以及奧克洛的一些背景和歷史，該公司的誕生很大程度上是因為先進核技術存在大量機會。

Personally, I grew up in New Mexico. I was born and raised there and born and raised around the technology accordingly. And that's where I fell in love with it from a very young age. It was something that felt like it was from science fiction, but it was actually real.

就我個人而言，我在新墨西哥州長大。我在那裡出生和長大，並且相應地圍繞著技術出生和長大。這就是我從很小的時候就愛上它的地方。這感覺就像是科幻小說裡的東西，但實際上卻是真實的。

The fact that you can take an atom and split it and harness the strong nuclear force and produce 50 million times more energy than a conventional hydrocarbon oxidation reaction is crazy to me. It's always been crazy to me. It still is today, but it's real. This is real technology. And it's been with us for over 80 years at this point.

事實上，你可以將一個原子分裂，利用強大的核力，產生比傳統碳氫化合物氧化反應多 5000 萬倍的能量，這對我來說是瘋狂的。這對我來說一直很瘋狂。今天仍然如此，但這是真實的。這是真正的技術。迄今為止，它已經伴隨我們 80 多年了。

So I knew I wanted to work on it from a young age and I had a unique set of experiences to be around the technology. In high school, I got hired into the nuclear weapons program and I got a chance to learn a lot about it from that point.

所以我從小就知道我想從事這方面的工作，而且我在這項技術方面擁有一套獨特的經驗。高中時，我受聘參與核武計劃，從那時起我有機會了解很多相關知識。

And from there, I got a chance to springboard into a number of different facets of the industry, from academic and government R&D, to licensing and procurement on the fuel enrichment side, to commercial reactor design and R&D, as well as research projects on the academic side, touching conventional large light water reactors, as well as next generation advanced reactors.

從那裡，我有機會進入該行業的許多不同方面，從學術和政府研發，到燃料濃縮方面的許可和採購，到商業反應器設計和研發，以及有關燃料濃縮方面的研究項目。大型輕水堆，以及下一代先進反應器。

Along this path, I started to see a clear picture of what I thought was the case. When I went into it, which was new technologies were going to be what ushered in some of these new areas of growth for nuclear. But that was only part of the story. In fact, it was much more oriented to fundamentally needing to do some new things in a space.

沿著這條路，我開始清楚地看到我所認為的情況。當我進入這個領域時，新技術將引領核能的一些新增長領域。但這只是故事的一部分。事實上，它更注重從根本上需要在一個空間中做一些新的事情。

What I observed was an industry that had fairly radically stagnated in how it did things and approached things. And there was a ton of opportunity to rethink about how you could approach taking new nuclear technologies to market.

我觀察到，這個行業在做事和處理事情的方式上完全停滯不前。我們有很多機會重新思考如何將新核子技術推向市場。

So that led my Co-Founder Caroline and I to think about and ultimately start a company sitting around three major pillars that we saw were really important to catalyzing significant changes and opportunities in the industry. Those centered around taking, first, a different approach on the business model, second, a different approach around the size of the reactor, and third, a different approach around technology.

因此，這促使我和我的聯合創始人卡羅琳思考並最終創辦了一家圍繞三大支柱的公司，我們認為這對於促進行業的重大變革和機會非常重要。這些措施的核心是，首先，在商業模式上採取不同的方法，其次，在反應器的規模方面採取不同的方法，第三，在技術方面採取不同的方法。

So to kind of pick at those things really quickly, first on the business model side, this is a really important differentiation point for us from how things have been done and are done, generally speaking, across the industry.

因此，要快速地選擇這些事情，首先是在商業模式方面，這對我們來說是一個非常重要的區別點，與整個行業的過去和現在的做法不同。

Typically, the nuclear business model from a reactor design perspective has involved designing a reactor to about 80% or so completion, maybe designing the power plant to something between 50% and 80% completion, and then going off and trying to license out that design to your customers, asking them to then take the baton, to then complete the design, to then permit it, decide it, to build it, to own it, and to operate the plant. That puts all of the burden on the customers, and it's a highly frictional process.

通常，從反應爐設計角度來看，核子商業模式涉及將反應爐設計完成約 80% 左右，可能將發電廠設計完成 50% 到 80% 之間，然後開始嘗試許可設計告訴你的客戶，要求他們接過接力棒，然後完成設計，然後允許它，決定它，建造它，擁有它，並運作工廠。這將所有的負擔壓在了客戶身上，而且這是一個非常摩擦的過程。

We found that people really wanted the wonderful attributes that nuclear power affords, so we decided to take a different approach. So early on, we took a view of asking the question. What would make it easier for people to buy what they really liked about nuclear technology? In other words, how could we make it easier for people to buy what they wanted?

我們發現人們確實想要核電所提供的美妙特性，因此我們決定採取不同的方法。所以很早就，我們打算問這個問題。怎樣才能讓人們更容易購買他們真正喜歡的核子技術產品？換句話說，我們怎麼能讓人們更容易購買他們想要的東西？

And so that led us to ultimately follow into an opportunity that's built on what renewables had done very well for a long time, which was to design, build, and operate the plant ourselves, and then just sell the power through power purchase agreements. That has significant benefits because it's aligned with what customers want, perhaps that's the most important thing, and we see that reflected in how our customer interest and customer order book has grown and is growing.

因此，這導致我們最終抓住了一個建立在再生能源長期以來表現出色的基礎上的機會，即自行設計、建造和運營工廠，然後透過購電協議出售電力。這具有顯著的好處，因為它符合客戶的需求，也許這是最重要的事情，我們看到這反映在我們的客戶興趣和客戶訂單簿的成長和成長中。

Additionally, we also see reflected in the significant benefits that come to the company with this kind of recurring revenue model. And so those things are significantly enabling and accelerative to us as we think about how the future of nuclear needs to ultimately evolve.

此外，我們也看到這種經常性收入模式為公司帶來的顯著好處。因此，當我們思考核能的未來最終需要如何發展時，這些事情對我們來說具有顯著的促進作用和加速作用。

Additionally, we wanted to take a different angle on size. We didn't want to start at bigger size ranges like a few hundred megawatts or even a gigawatt like today's plant. Instead, we wanted to start as small as we reasonably could so that we could have a technology that could service a market of reasonable size and grow into, so not so small that it's kind of like a toy or niche system like a few hundred kilowatts or so, but actually big enough so that you can service a large market and grow into it.

此外，我們想從不同的角度來看待尺寸。我們不想從更大的尺寸範圍開始，例如幾百兆瓦甚至像今天的工廠那樣的千兆瓦。相反，我們希望從盡可能小的開始，這樣我們就可以擁有一項可以為合理規模的市場提供服務的技術，並發展到，不要小到像玩具或利基系統，比如幾百千瓦。 ，但實際上足夠大，以便您可以服務一個大市場並進入其中。

So we found a sweet spot at about 15 megawatts and that's allowed us to change the paradigm from needing billions of dollars to capitalize the plant and get it operational to only needing a few hundred million dollars. So that's allowed us to significantly change the paradigm to how you take new technologies to market.

因此，我們找到了大約 15 兆瓦的最佳點，這使我們能夠改變範式，從需要數十億美元來資本化工廠並使其投入運行，變成只需要幾億美元。因此，這使我們能夠顯著改變將新技術推向市場的模式。

And finally, we took the approach on pursuing what we see as the best-in-class economic potential from a technological perspective. Specifically, we're working on what's called a liquid sodium cooled fast reactor technology. That means we use liquid sodium as the coolant. We do that because it's a technology that has a huge amount of potential with a really rich history of development behind it.

最後，我們採取了從技術角度追求我們所認為的一流經濟潛力的方法。具體來說，我們正在研究所謂的液態鈉冷卻快堆技術。這意味著我們使用液態鈉作為冷卻劑。我們這樣做是因為這是一項具有巨大潛力的技術，背​​後有著豐富的發展歷史。

As a society, we've built and operated more than 25 of these plants around the world. We've gained over 400 combined reactor years of operational experience. We've learned what works, what doesn't work, and we know how to take the technology ultimately into the market. In the US, we notably pursued a pathway of ultimately developing and demonstrating this technology in two meaningful ways, so in two plans.

作為一個社會，我們已在世界各地建造並運營了超過 25 家此類工廠。我們已經獲得了超過 400 年的聯合反應器運作經驗。我們已經了解了什麼有效，什麼無效，我們知道如何將技術最終推向市場。在美國，我們特別追求以兩種有意義的方式最終開發和展示這項技術的途徑，因此有兩個計劃。

One was a plant in Washington State called the Fast Flux Test Facility, and the other was a plant in Idaho called EBR-II. At Oklo, we most directly build our lineage and legacy of the EBR-II plant, which was a just under 20 megawatt fast reactor that sold power to the grid, ran for about 30 years, demonstrated superior operating characteristics to its temporary commercial light water plant at the time, while also demonstrating the amazing features it had from an inherent and passive safety perspective that can afford plant design simplification and therefore cost reduction, as well as the ability to recycle fuel. Altogether, these are significant enabling benefits.

一個是華盛頓州的一家工廠，名為快速通量測試設施，另一個是愛達荷州的工廠，名為 EBR-II。在奧克洛，我們最直接地建立了EBR-II 工廠的血統和遺產，該工廠是一座不到20 兆瓦的快堆，向電網出售電力，運行了約30 年，表現出優於其臨時商業輕水的運作特性當時的工廠，同時也從固有和被動安全的角度展示了其具有的驚人功能，可以簡化工廠設計，從而降低成本，以及回收燃料的能力。總而言之，這些都是顯著的有利優勢。

We like sodium because it operates at high temperatures without being pressurized. It's compatible with common alloys. It allows us to tap into existing value and supply chains. And from there, we have the ability to leverage a technology that ultimately has best-of-breed economic potential in our eyes.

我們喜歡鈉，因為它可以在高溫下工作而無需加壓。它與常見合金相容。它使我們能夠利用現有的價值和供應鏈。從那時起，我們就有能力利用一項在我們看來最終具有最佳經濟潛力的技術。

Not only are we building on a mature technology base that's behind it, the Nuclear Regulatory Commission has had experience in sodium fast reactors. We also have peers in this space that are developing sodium fast reactors, like TerraPower, who's developing a sodium fast reactor but at a larger size.

我們不僅建立在背後成熟的技術基礎上，核子管理委員會在鈉快堆方面也擁有豐富的經驗。我們在這個領域也有同行正在開發鈉快堆，例如 TerraPower，他們正在開發鈉快堆，但尺寸更大。

The progress made by them, the progress made by us, all gives us a pretty clear line of sight for how the NRC can review and evaluate sodium fast reactor technologies. And it has a long history of technology development and technology maturity behind it.

他們所取得的進展，我們所取得的進展，都讓我們對NRC如何審查和評估鈉快堆技術有了一個相當清晰的視野。而背後有著悠久的技術發展歷史和技術成熟度。

A fun little fact is most people often talk about advanced reactors or Gen 4 reactors that's going to be milestones of the first one to do some milestone coming up. The reality is the first reactor that actually produced usable electricity in the United States was a liquid metal-cooled fast reactor named EBR-I. It was the earlier predecessor of EBR-II. And it first produced usable electric power back in 1951.

一個有趣的小事實是，大多數人經常談論先進反應器或第四代反應堆，這將是第一個即將實現里程碑的反應器的里程碑。事實上，美國第一個真正產生可用電力的反應器是名為 EBR-I 的液態金屬冷卻快堆。它是 EBR-II 的早期前身。早在 1951 年，它就首次生產出可用的電力。

So we're ultimately at Oklo very excited to build up on the legacy of this technology and stand on the shoulders of the giants who came before us that developed it to the spot where we can now move this technology forward.

因此，我們最終在 Oklo 感到非常興奮，能夠在這項技術的基礎上繼續發展，並站在我們之前開發該技術的巨人的肩膀上，使我們現在可以推動這項技術向前發展。

So specifically, we're implementing this in what we refer to as our product offering of the Aurora. The Aurora product line is designed to scale to 15 and 50 megawatt offerings today. And we're also evaluating 100 megawatt or larger offering that we're developing.

具體來說，我們正在我們所說的 Aurora 產品中實現這一點。Aurora 產品線目前設計可擴展到 15 兆瓦和 50 兆瓦產品。我們也正在評估我們正在開發的 100 兆瓦或更大的產品。

The core focus of the business at this point is developing the 15 and 50 megawatt plants. They look very similar. They share the same fuel types and materials and coolant types, just slightly different sizes and packaging. And we do that because we've been focused on being responsive to where customer interest and demand has been, and that's led us to these two size points to start.

目前該業務的核心重點是開發 15 兆瓦和 50 兆瓦發電廠。他們看起來很相似。它們具有相同的燃料類型、材料和冷卻劑類型，只是尺寸和包裝略有不同。我們這樣做是因為我們一直專注於回應客戶的興趣和需求，這使我們從這兩個尺寸點開始。

This technology is basically a way to make heat. So when you split an atom, you're ultimately just producing heat that then conducts through the fuel, through the structure, and then is conductively removed by the coolant.

這項技術基本上是一種產生熱量的方法。因此，當你分裂一個原子時，你最終只是產生熱量，然後通過燃料傳導，通過結構，然後被冷卻劑傳導去除。

So we use sodium as that way to move the coolant from the fuel then up to ultimately boil water. You can also use this heat product directly, which often opens the door for industrial heat processes. And we operate in a temperature range, which allows us to service the vast majority of heat markets that are available today.

因此，我們使用鈉作為將冷卻劑從燃料中轉移出來的方法，然後最終將水煮沸。您也可以直接使用這種熱產品，這通常為工業熱過程打開了大門。我們在一定的溫度範圍內運行，這使我們能夠為當今的絕大多數供熱市場提供服務。

It also has some interesting connection points for advanced cooling technologies, which I know sounds funny, but thermal driven cooling technology has a lot of promise, especially for scaling data centers. Technologies like absorption chilling has some significant upside in the data center markets. And we're pretty excited about how that can integrate with our system.

它還具有一些有趣的先進冷卻技術連接點，我知道這聽起來很有趣，但熱驅動冷卻技術有很大的前景，特別是對於擴展資料中心而言。吸收式製冷等技術在資料中心市場有顯著的優勢。我們對它如何與我們的系統整合感到非常興奮。

Aurora powerhouses are designed to maximize the use of materials, parts, and labor from non-nuclear supply chains.

極光發電廠旨在最大限度地利用非核供應鏈的材料、零件和勞動力。

We develop and design this technology in a way to take advantage of these benefits because sodium gives us the ability to operate at high temperatures without being pressurized. It's compatible with commonly available alloys like stainless steel alloys, such as 316L and 304L, and form factors that are similar or identical to components available in other industries, such as oil and gas or food and beverage or chemical. That's great because we can then tap into existing value and supply chains to ultimately deliver these systems.

我們開發和設計這項技術的方式是為了利用這些優點，因為鈉使我們能夠在高溫下運作而無需加壓。它與不銹鋼合金等常用合金相容，例如 316L 和 304L，其外形尺寸與其他行業（例如石油和天然氣、食品和飲料或化學品）中可用的組件相似或相同。這很棒，因為我們可以利用現有的價值和供應鏈最終交付這些系統。

The ability to utilize existing supply chain components allows us to leverage non-nuclear supply chains, which operate at much higher volumes and offer more diverse options that come at lower cost. This approach significantly enhances the economic scalability of our technology. And that's one of the reasons we're so excited about is economic potential.

利用現有供應鏈組件的能力使我們能夠利用非核子供應鏈，這些供應鏈的運作量要大得多，並以更低的成本提供更多樣化的選擇。這種方法顯著增強了我們技術的經濟可擴展性。這就是我們如此興奮的原因之一是經濟潛力。

By leveraging the energy density of fission, Oklo's Aurora powerhouses have immense environmental benefits, that creates a pretty favorable technology platform that looks quite a bit different than what nuclear's been used to looking like, if you will. And that was a big focus of ours.

透過利用裂變的能量密度，奧克洛的極光發電廠具有巨大的環境效益，這創造了一個非常有利的技術平台，如果你願意的話，它看起來與核能的樣子有很大不同。這是我們關注的重點。

We wanted to focus on something that has aesthetic appeal while also offering something that has functional benefits from a constructability perspective. So because of those benefits, the nuclear sector is receiving unprecedented support from all levels of government. This quarter has seen some pretty exciting developments, including the signing of the Advance Act, but this builds on years of significant support at a federal, at a state, and an international level.

我們希望專注於具有美學吸引力的東西，同時從可施工性的角度提供具有功能優勢的東西。因此，由於這些好處，核能產業正在獲得各級政府前所未有的支持。本季出現了一些非常令人興奮的進展，包括《提前法案》的簽署，但這建立在聯邦、州和國際層面多年來的大力支持的基礎上。

One of the big benefits legislatively for nuclear, frankly, one of the biggest in the last few decades was the passage and signing of the Advance Act. And that just happened within the last few months. This is a significant piece of legislation that drives forward support for Congress and also support from this administration that has clearly been in favor of propelling and advancing nuclear technology.

坦白說，核子立法的一大好處是《前進法案》的通過和簽署，這是過去幾十年來最大的好處之一。這只是在過去幾個月內發生的。這是一項重要的立法，它推動了對國會的支持，也推動了本屆政府的支持，而本屆政府顯然有利於推動和推動核子技術。

It brings forward several major legislative developments and policy support levels to basically support and scale the deployment of nuclear. This includes enhancing and modernizing NRC licensing and review timelines, as well as fee structures, but also supports driving forward accelerated deployment models, creating opportunities to enhance demand signals and demand indicators from the government, as well as aligning the NRC mission towards more successful and efficient scaling of nuclear technology.

它提出了幾項重大立法進展和政策支援水平，以從根本上支持和擴大核部署。這包括加強和現代化 NRC 許可和審查時間表以及費用結構，而且還支持推動加速部署模式，創造機會增強政府的需求信號和需求指標，並使 NRC 的使命朝著更加成功和更加成功的方向發展。核子技術的有效擴展。

There's a lot more we can talk about what the ADVANCE Act does, and we will continue to do so, but we're quite excited about what this positions the industry to be able to actually do and drive forward the deployment of new technologies going forward.

關於 ADVANCE Act 的作用，我們還有很多可以討論的內容，我們將繼續這樣做，但我們對這將使行業能夠實際做些什麼並推動未來新技術的部署感到非常興奮。

Oklo is one of the most extensive regulatory engagement histories with the Nuclear Regulatory Commission, or the NRC. Accordingly, we find ourselves very well-positioned to benefit as an early mover with the regulatory side.

Oklo 是與核能管理委員會 (NRC) 合作最廣泛的監管機構之一。因此，我們發現自己處於有利位置，可以作為監管方面的先行者受益。

We've been the longest engaged non-light water reactor company with the NRC, dating back to starting to work with them back in 2016. We've had several significant milestones along the path there, and are positioning ourselves to do a pre-application readiness assessment later this year, spanning into submitting our next application early in the next year, followed by subsequent applications thereafter.

我們是與 NRC 合作時間最長的非輕水反應器公司，可以追溯到 2016 年開始與他們合作。在此過程中，我們已經取得了幾個重要的里程碑，並準備在今年稍後進行申請前準備情況評估，包括在明年初提交下一份申請，然後再提交後續申請。

Oklo's integrated build, own, and operate business model enables an integrated and streamlined licensing pathway that's a bit different from what the industry does otherwise.

Oklo 的整合建置、擁有和營運業務模式實現了整合且簡化的授權途徑，這與行業其他方式略有不同。

An important feature for our business model, as well as our licensing plan, is taking advantage of a regulatory approach that allows us to do all the licensing we need to do to get a commercial operating license in one step.

我們的商業模式以及許可證計劃的一個重要特徵是利用監管方法，使我們能夠一步完成獲得商業運營許可證所需的所有許可。

In other words, you can take a lot of steps to get to what you ultimately need, which is a commercial operating license. And some of our peers are taking a process where they go apply and get a construction permit. After that, they can go build the plan and then apply to get an operating license, after which, if they get the operating license, they can then commercially operate the plan.

換句話說，您可以採取很多步驟來獲得您最終需要的東西，即商業運營許可證。我們的一些同行正在採取申請並獲得施工許可證的流程。之後，他們就可以去建造該計劃，然後申請獲得營運許可證，獲得營運許可證後，就可以將該計劃進行商業運作。

Others are taking an approach where instead of being the owner operator, they're designing the plans to get a design certification or something similar to that, like a standard design approval. Then after that, going out and then working with their potential customers who then need to go through the actual licensing process to get a commercial operating license themselves.

其他人正在採取一種方法，他們不是作為業主經營者，而是設計計劃以獲得設計認證或類似的東西，例如標準設計批准。然後，出去與潛在客戶合作，然後他們需要完成實際的許可流程以獲得商業營運許可證。

So that means their customers still have to go get a commercial operating license, even if a reactor design company has a design certification, because that's only a piece of what you ultimately need to get a commercial license. And it's not needed to get a commercial license.

因此，這意味著即使反應器設計公司擁有設計認證，他們的客戶仍然必須獲得商業營運許可證，因為這只是您最終需要獲得商業許可證的一部分。而且不需要取得商業許可證。

So the design certification is not regulatory approval, but it's a step towards ultimately submitting application that you're asking your customers to do to get that license. For us, we don't do any of that. We just go straight to the combined license approach. This is largely because of what we're doing on a business model side. We're owning these plans.

因此，設計認證不是監管部門的批准，而是您要求客戶最終提交申請以獲得許可證的步驟。對我們來說，我們不做任何事。我們直接採用組合授權方法。這很大程度上是因為我們在商業模式上所做的事情。我們擁有這些計劃。

We're not just trying to sell the designs or license off the design. So that means you go straight into licensing and allows us to build an operator plan, which then sets the stage for us to then pursue this one step licensing process and have the benefits of repeatability that this framework allows.

我們不僅僅是試圖出售設計或獲得設計許可。因此，這意味著您可以直接進入許可階段，並允許我們制定營運商計劃，這為我們隨後追求這一一步許可流程奠定了基礎，並獲得了該框架允許的可重複性的好處。

One really important thing that's been developed in the past when they were developing these regulatory frameworks was the ability to subsequently license additional plans in an expedited and more efficient manner. What that means is that after you've licensed your first plan, you get a combined license for that first plan that becomes your reference license. Then every license you submit thereafter becomes a subsequent license.

過去在開發這些監管框架時開發的一件非常重要的事情是能夠隨後以快速且更有效的方式授權其他計劃。這意味著，在您獲得第一個計劃的許可後，您將獲得第一個計劃的組合許可證，該許可證將成為您的參考許可證。此後您提交的每個許可證都會成為後續許可證。

In other terms, your reference license becomes your reference combined license and then your subsequent license because you're subsequently combined licenses. That benefits us because the subsequent reviews on the subsequent license applications are only focusing on the things that have changed from the reference application that has significant benefits in terms of accelerating and reducing review timelines, while also allowing us to scale rapidly and to follow on plans.

換句話說，您的參考許可證將成為您的參考組合許可證，然後是您的後續許可證，因為您隨後是組合許可證。這對我們有利，因為對後續許可證申請的後續審核僅關注與參考應用程式相比發生變化的內容，這在加速和縮短審核時間方面具有顯著優勢，同時也使我們能夠快速擴展並遵循計劃。

So on the design side, our product roadmap includes three reactor sizes to meet customer needs based on what we're seeing in the customer market. And that spans megawatt to gigawatt scale deployments. What's great about this is it also positions us to have the benefits of spanning across a bunch of different markets according to these size offerings.

因此，在設計方面，我們的產品路線圖包括三種反應器尺寸，以滿足我們在客戶市場中看到的客戶需求。這涵蓋了兆瓦到千兆瓦規模的部署。這樣做的好處是，它還使我們能夠根據這些規模的產品跨越許多不同的市場，從而獲得好處。

We've long known that there's not a one size fits all design in this space. Instead, we wanted to start as small as we could for the aforementioned benefits, but then have a pathway to scale using the same technology.

我們很早就知道，這個領域沒有萬能的設計。相反，我們希望從盡可能小的規模開始，以獲得上述好處，但隨後有一條使用相同技術進行擴展的途徑。

So we are currently offering a 15 megawatt and a 50 megawatt plan, and are also developing a 100 to 200 megawatt plan as well. These are all very similar looking technologies as we scale up, but just slightly bigger from a physical footprint.

所以我們目前提供15兆瓦和50兆瓦的計劃，而且還在開發100到200兆瓦的計劃。當我們擴大規模時，這些技術看起來都非常相似，但從實體足跡來看只是稍微大一點。

We are targeting 15 and 50 megawatt ranges to start because based on the feedback we've seen from our customers, that's a really great size range to be in to meet their needs. The numbers are very large around the opportunities to service some of these customers in these markets, especially with what our business model is, which is designing and owning and operating these plants and selling power to the direct customers.

我們的起步目標是 15 兆瓦和 50 兆瓦範圍，因為根據我們從客戶那裡看到的回饋，這是一個非常適合滿足他們需求的尺寸範圍。在這些市場中為其中一些客戶提供服務的機會非常多，特別是我們的商業模式，即設計、擁有和營運這些工廠並向直接客戶出售電力。

So when we talk about providing power directly to energy users, these sizes offer a good entry point to a number of different markets, and these projects can be quite large when they aggregate together. The reality too is that data centers are making up a vast majority of the market opportunity we see in front of us.

因此，當我們談論直接向能源用戶提供電力時，這些規模為許多不同市場提供了良好的切入點，並且這些項目聚合在一起時可能會非常大。現實也是，資料中心佔據了我們面前絕大多數的市場機會。

While the numbers are very large around those opportunities, especially around the larger scale AI purpose data centers, these projects are not being deployed all at once at a one gigawatt or multi-gigawatt scale. Instead, they're ramping into it. It's phased growth through a development process.

雖然這些機會的數量非常大，特別是在更大規模的人工智慧資料中心，但這些專案並沒有以一吉瓦或多吉瓦的規模一次性部署。相反，他們正在大舉進軍。它是透過開發過程分階段成長的。

When you're talking about these facilities as they grow up, they also need to have the ability to have power that meets their needs, which in other words is something that is always on and with a high availability and high reliability. That means they need to have something that offers them that kind of NPlus of one generation footprint so that they are more or less confident to get the energy when they need it and how they need it.

當您談論這些設施的成長過程時，它們還需要有能力擁有滿足其需求的電力，換句話說，就是始終保持開啟並具有高可用性和高可靠性。這意味著他們需要有某種東西能夠為他們提供一代 NPlus 的足跡，以便他們或多或少有信心在需要時以及如何需要時獲得能源。

In other words, you're going to build more power capacity as you ramp up with your customers, which is a really exciting thing for us, given our size, we're uniquely positioned to do it, but it also allows us to grow with them as they build out their overall footprint and they meet their customer needs and therefore need more energy as that goes forward.

換句話說，隨著您與客戶的合作，您將建立更多的電力容量，這對我們來說是一件非常令人興奮的事情，考慮到我們的規模，我們擁有獨特的優勢來做到這一點，但它也使我們能夠成長隨著他們擴大整體足跡並滿足客戶需求，因此需要更多的精力來推進。

The important thing about this too, just to emphasize this one more time, is that we can build up to match where our customers are going as they grow their order book and their demand in a phased way, while also building an extra reactor that is providing power on standby for them when they need it because at the end of the day, we have to take some of our plants offline every once in a while to service them or refuel them.

這一點也很重要，只是再次強調這一點，我們可以根據客戶的訂單和需求分階段增加的情況來進行建設，同時還可以建造一個額外的反應堆在他們需要時為他們提供備用電源，因為在一天結束時，我們必須每隔一段時間就讓我們的一些工廠離線以對其進行維修或加油。

That means we can deliver that full freight power solution for our customers and do so in a way that's economically attractive because we're not too large to do so. So our size is really in that sweet spot that matches very well with both the growth and the NPlus 1 requirements that our data center customers have.

這意味著我們可以為客戶提供完整的貨運電力解決方案，並以經濟上有吸引力的方式提供服務，因為我們的規模還不算太大。因此，我們的規模確實處於最佳位置，非常適合我們資料中心客戶的成長和 NPlus 1 要求。

And to dive a bit deeper on the data center side, one of the things that stood out to us in our engagement with potential customers is learning about what their energy needs really look like. We're finding that a data center, a data center campus is often made up of a number of data halls, as we like to call them. Those data halls are whatever built out kind of in building block fashion to fill out an ultimate facility or a campus.

為了更深入了解資料中心方面，我們在與潛在客戶的接觸中最突出的事情之一就是了解他們的能源需求到底是什麼樣的。我們發現資料中心、資料中心園區通常由許多資料大廳組成，我們喜歡這樣稱呼它們。這些數據大廳是以積木方式建造的，用於填充最終設施或校園。

We're finding that most of the data halls today that are being planned are planned to consume between 35 and maybe 50 megawatts each. So each company has a different architectures and different approaches, but we're seeing that there's a significant amount of upside and opportunity around where those data halls are. We also see some development that's on the smaller size, power chunks between 10 and 20 megawatts. So at the end of the day, that gives us a really good position in the market to service in different range of power levels.

我們發現，目前正在規劃的大多數資料大廳的耗電量都在 35 到 50 兆瓦之間。因此，每家公司都有不同的架構和不同的方法，但我們看到這些資料大廳周圍存在著大量的優勢和機會。我們也看到一些較小尺寸、功率在 10 到 20 兆瓦之間的開發。因此，歸根結底，這使我們在市場上處於非常有利的地位，可以在不同的功率等級範圍內提供服務。

So in summary, when we think about our sites and our project opportunities, we're matching very well with how we see data center markets and other industrial markets developing. As we look at the market today, based on the conversations we have with our partners and customers, we see that the ranges of power needed on a site-by-site or project-by-project, or even sort of data centered phase development project basis.

總而言之，當我們考慮我們的站點和專案機會時，我們與我們對資料中心市場和其他工業市場發展的看法非常匹配。當我們審視當今的市場時，根據我們與合作夥伴和客戶的對話，我們發現逐個站點或逐個項目，甚至以數據為中心的階段開發所需的功率範圍項目基礎。

They're typically looking at needing power between 10 and 20 or between 30 and 50 megawatt chunks while also needing that high reliability of power. Our ability to scale with them means we're really well positioned to build up.

他們通常需要 10 到 20 兆瓦或 30 到 50 兆瓦的電力，同時也需要高可靠性的電力。我們與他們一起擴展的能力意味著我們確實處於發展的有利位置。

This position is quite differently than if you were to go in and say, let's build one plant to provide all the power for a facility. That's been hard to offer an NPlus 1 dynamic because you would significantly have to overbuild your capacity. So in this illustration, if you had a 500 megawatt project, to build two 500 megawatt projects to provide NPlus 1, that would be a lot of stranded capacity. Whereas for 500 megawatt projects, we could build 10, 15 megawatt plants within an additional 50 megawatt plant. So 11 total to offer that NPlus 1 reliability while also offering the same amount of power.

這個位置與你進去說“讓我們建造一個工廠來為設施提供所有電力”完全不同。提供 NPlus 1 動態是很困難的，因為您將不得不過度建立您的容量。因此，在這個圖中，如果您有一個 500 兆瓦的項目，要建造兩個 500 兆瓦的項目來提供 NPlus 1，這將是大量的擱淺容量。而對於 500 兆瓦項目，我們可以在另外 50 兆瓦發電廠內建造 10,15 兆瓦發電廠。因此總共 11 個可提供 NPlus 1 的可靠性，同時也提供相同的功率。

Additionally, as customers build out, they're probably going to need 500 megawatts all at once. They're going to need it over time. And that time might be a ramp up of two or five or more years. So they might start by needing 50 and then 100 and then 250 and then 500 megawatts in total as they scale forward. Well, that's great because we can build up and match that with them.

此外，隨著客戶的擴建，他們可能一次性需要 500 兆瓦。隨著時間的推移，他們會需要它。這個時間可能需要兩年、五年甚至更長的時間。因此，隨著規模的擴大，他們可能一開始需要 50 兆瓦，然後是 100 兆瓦，然後是 250 兆瓦，最後是 500 兆瓦。嗯，這很棒，因為我們可以建造並與它們匹配。

That also gives us the benefits of ordering parts for the reactor and components for the reactor in volume, just to meet one project, very different dynamic than building one plant to purposely fill that. And if you built that 500 megawatt plant to fill that demand, you'd have a lot of stranded capacity while your customer would ramp up. That challenges some of the economics accordingly. So our model really works well to match where we see data center development moving, as well as other industrial users and other power users.

這也為我們帶來了好處，我們可以批量訂購反應器零件和組件，以滿足一個項目的需求，這與專門建造一個工廠來滿足該項目的動態截然不同。如果您建造 500 兆瓦的發電廠來滿足這一需求，那麼當您的客戶增加產能時，您就會有大量閒置產能。這相應地對一些經濟學提出了挑戰。因此，我們的模型確實非常適合我們看到的資料中心開發方向以及其他工業用戶和其他高級用戶。

So with that, I'll go ahead and hand off to our CFO, Craig, who's going to take it over and talk to you about our business model. Craig?

因此，我將繼續將工作移交給我們的財務長克雷格，他將接手並與您討論我們的商業模式。克雷格？

Thanks, Jake. As we highlighted at our Investor Day presentation back in February of this year, slide 15 shows how we have developed and are implementing a business model with five key attributes that can be seen on the right-hand portion of this slide, namely, recurring cashflow from power purchase agreements. We expect these contracts to be at least 20 years in duration, which supports our build, own and operate business model.

謝謝，傑克。正如我們在今年2 月的投資者日簡報中所強調的那樣，投影片15 顯示了我們如何開發和實施具有五個關鍵屬性的商業模式，這些屬性可以在這張投影片的右側部分看到，即經常性現金流來自購電協議。我們預計這些合約的期限至少為 20 年，這支援我們建立、擁有和經營業務模式。

Second, capital efficient approach to asset deployment enabled by the size and technology foundational pillars Jake discussed earlier. Over time, this should allow us to reduce cost and asset construction time through purchasing economies of scale, as well as efficiencies that should come from deploying essentially the same asset over time. Third, these two factors should generate attractive asset returns on their own.

其次，透過傑克先前討論的規模和技術基礎支柱實現資本高效的資產部署方法。隨著時間的推移，這將使我們能夠透過購買規模經濟來減少成本和資產建設時間，以及隨著時間的推移部署基本相同的資產所帶來的效率。第三，這兩個因素本身應該會產生有吸引力的資產回報。

In addition, we look to deliver upsides to those returns by accessing investment tax credits or ITCs and utilizing project financing against the long duration PPAs. Fourth, longer term, we are working to deploy fuel recycling technology, which should have the dual benefit of providing enhanced security to our fuel supply chain and potentially reduce our fuel cost by over 80% versus the cost of fresh fuel.

此外，我們希望透過獲得投資稅收抵免或 ITC 以及利用長期購電協議的專案融資來提高這些回報。第四，從長遠來看，我們正在努力部署燃料回收技術，該技術應該具有雙重好處，即為我們的燃料供應鏈提供增強的安全性，並有可能將我們的燃料成本相對於新鮮燃料的成本降低80% 以上。

And finally, a strong balance sheet to enable growth. Post the completion of our merger with AltC, we believe that we are now well capitalized to execute our business plans, which should be a significant competitive advantage. Point 16 reflects that we expect this approach to asset and capital efficiency to create a strong position for our business in terms of our overall delivered levelized cost of energy or LCOE.

最後，強大的資產負債表可以促進成長。與 AltC 合併完成後，我們相信我們現在有足夠的資本來執行我們的業務計劃，這應該是一個顯著的競爭優勢。第 16 點反映了我們期望這種資產和資本效率方法能夠為我們的業務在整體交付的平準化能源成本或 LCOE 方面創造有利的地位。

Initially, we expect our first of a kind or FOAC LCOE to be approximately $90 per megawatt hour. This figure should improve as investment tax credits, scale economies and improved project execution capabilities are utilized across our business.

最初，我們預計我們的首個同類產品或 FOAC LCOE 約為每兆瓦時 90 美元。隨著我們業務中投資稅收抵免、規模經濟和專案執行能力的提高，這一數字應該會有所改善。

The overall ability to produce power 24 hours per day and at a high capacity factor should make our overall LCOE very competitive versus other clean energy alternatives. Finally, I would note that this chart does not reflect the potential upsides that can be achieved to the deployment of fuel recycling technology.

每天 24 小時以高容量係數發電的整體能力將使我們的整體 LCOE 與其他清潔能源替代品相比非常具有競爭力。最後，我要指出的是，該圖表並未反映部署燃料回收技術可以實現的潛在優勢。

Moving on, one question we've been asked is how we plan to capitalize the business going forward? One of the benefits of the extremely low level of redemptions from our merger with AltC is that not only does it put us in a great position to execute our business plan, but it also means we can be strategic as we develop and implement a go-forward financing strategy.

接下來，我們被問到的一個問題是我們計劃如何利用未來的業務？我們與 AltC 合併帶來的贖回水準極低的好處之一是，它不僅使我們處於執行業務計劃的有利位置，而且還意味著我們在製定和實施計劃時可以具有策略性。 。

Moving left to right on chart 17, you can see that over time, we expect to utilize Oklo's equity in the form of cash on the balance sheet to finance anywhere from 25% to 35% of our projects with the remaining 65% to 75% being financed potentially through a mix of budget financing, tax equity structures and the DOE's loan program office. We are currently assessing each of these options across a number of lenses and we'll provide further updates as our plans mature.

在圖17 上從左到右，您可以看到，隨著時間的推移，我們預計將在資產負債表上以現金形式利用Oklo 的股權為我們25% 至35% 的項目提供融資，其餘65%至75%可能透過預算融資、稅收股權結構和能源部貸款計畫辦公室的組合來籌集資金。我們目前正在評估多個鏡頭中的每個選項，隨著計劃的成熟，我們將提供進一步的更新。

As we have discussed at numerous investor and analyst meetings, we believe it is clear that there is significant untapped demand for the clean, affordable and reliable power that nuclear in general can deliver and that is ideally suited for Oklo's build, own and operate business model.

正如我們在多次投資者和分析師會議上所討論的那樣，我們相信，很明顯，對核電一般可以提供的清潔、負擔得起和可靠的電力存在巨大的未開發需求，這非常適合Oklo 的建設、擁有和經營商業模式。

On slide 18, we see four macro trends that are providing tailwinds to our industry, which include increasing electricity demand, decreasing electricity capacity, grid reliability challenges and decarbonization targets.

在投影片 18 中，我們看到了為我們的產業提供順風的四個宏觀趨勢，其中包括電力需求增加、電力容量減少、電網可靠性挑戰和脫碳目標。

Moving to the next slide, the impact of this growth at the macro level is providing increased demand for Oklo's clean, reliable, affordable offer as reflected on slide 18. As we've previously discussed, we are targeting customers across the six market sectors reflected on this slide.

轉到下一張投影片，這種宏觀成長的影響正在增加對 Oklo 清潔、可靠、實惠的產品的需求，如投影片 18 所示。正如我們之前所討論的，我們的目標客戶是本投影片中反映的六個市場領域的客戶。

In the 12 months, we have made announcements across each of these sectors with the exception of master plan communities, but we do have commercial discussions underway with customers in this sector as well.

在這 12 個月裡，我們在除總體規劃社群之外的每個領域都發布了公告，但我們也確實與該領域的客戶進行了商業討論。

Overall, we believe the strong level of customer interest and traction demonstrates the applicability for our Aurora powerhouses across a variety of use cases and should create a very strong pipeline of business to underpin sizable revenue growth.

總體而言，我們相信客戶的強烈興趣和吸引力證明了我們的 Aurora 強大功能在各種用例中的適用性，並且應該創建一個非常強大的業務管道來支撐可觀的收入成長。

As reflected on the left bar on slide 19, at the time of our announcement of our merger with AltC, we noted that we had over 700 megawatts of business that had been signed to a combination of memorandum of understanding and letters of intent.

如投影片 19 左欄所示，當我們宣布與 AltC 合併時，我們注意到我們擁有超過 700 兆瓦的業務，這些業務已簽署諒解備忘錄和意向書。

Since that time, we've made new announcements in the data center market sector with Equinix and Wyoming Hyperscale as well as an announcement with Diamondback Energy in the oil and gas sector. These more recent announcements have also served to demonstrate our customer-oriented approach whereby we look to deploy 50 megawatt powerhouses to meet the needs of those customers. I would also like to point out that this customer momentum is continuing.

從那時起，我們在資料中心市場領域與 Equinix 和 Wyoming Hyperscale 發布了新公告，並與 Diamondback Energy 在石油和天然氣領域發布了新公告。這些最近的公告也證明了我們以客戶為導向的方法，我們希望部署 50 兆瓦發電站來滿足這些客戶的需求。我還想指出，這種客戶動能仍在持續。

Maintenance was not only Oklo's first day of trading on the New York Stock Exchange, but also a day where we saw sizable inbound inquiries from customers looking about power from Oklo. As such, we expect to make more customer announcements during the remainder of 2024.

維護不僅是 Oklo 在紐約證券交易所交易的第一天，也是我們看到大量客戶詢問 Oklo 電力的當天。因此，我們預計將在 2024 年剩餘時間內發布更多客戶公告。

I would now like to turn back over to Jake.

我現在想轉回傑克。

Thank you, Craig. As we talked about a bit before, we have some significant advantages with respect to our timing in the market as well as our product offering. After closing the business combination with AltC, we raised a significant amount of capital through that process, leading to a well-capitalized balance sheet to now execute against our plans.

謝謝你，克雷格。正如我們之前談到的，我們在市場時機以及產品供應方面擁有一些顯著的優勢。在與 AltC 完成業務合併後，我們透過這個過程籌集了大量資金，從而形成了資本充足的資產負債表，現在可以按照我們的計劃執行。

We are uniquely positioned in the advanced nuclear industry with respect to being the only company that has a site use permit to build our first plant at our national laboratory, a site use permit from the Department of Energy and having fuel that was competitively awarded to us from Idaho National Laboratory, both received in 2019. That's on top of the significant regulatory traction we have to date.

我們在先進核工業中處於獨特的地位，因為我們是唯一一家擁有在國家實驗室建造第一座工廠的場地使用許可證、能源部頒發的場地使用許可證並擁有競爭性授予我們的燃料的公司來自愛達荷國家實驗室，皆於2019 年收到。這是我們迄今為止所擁有的重大監管牽引力之上的。

Additionally, the differentiation with respect to our business model, our size and our technology make us well-positioned to capitalize on the significant amount of opportunity in the market space building up today.

此外，我們的業務模式、規模和技術方面的差異化使我們能夠充分利用當今市場空間中的大量機會。

Over the course of the next few years, we have a couple of exciting milestones to look out through. And as we think about the growth of the company, we're excited about the transition from turning our first plant on into growth and scale from there.

在接下來的幾年裡，我們將迎來幾個令人興奮的里程碑。當我們思考公司的發展時，我們對從第一家工廠投入使用到成長和規模的轉變感到興奮。

Between now and 2027, we'll be working to deploy our first plant in Idaho National Laboratory. This is a fully commercial plant, and it's a plant that we have a site use permit for, we have fuel for, and we have significant regulatory traction around. In parallel to this, we'll also be developing plants in other areas and other sites to meet our growing customer needs and looking forward to ramping up our growth after 2027.

從現在到 2027 年，我們將努力在愛達荷國家實驗室部署我們的第一個工廠。這是一個完全商業化的工廠，我們擁有場地使用許可證，擁有燃料，並且擁有重要的監管牽引力。同時，我們也將在其他地區和其他地點開發工廠，以滿足不斷增長的客戶需求，並期待在 2027 年後加快成長。

Over the course of the first and second quarters of this year, we hit several major milestones. We closed the business combination and started trading on the New York Stock Exchange. We achieved a significant regulatory milestone with the Department of Energy with respect to our first fuel fabrication facility. We continued to advance our project in Southern Ohio and entered into land agreements to deploy two plants there.

在今年第一季和第二季中，我們實現了幾個重大里程碑。我們完成了企業合併並開始在紐約證券交易所交易。我們在能源部的第一個燃料製造設施方面實現了一個重要的監管里程碑。我們繼續推進俄亥俄州南部的項目，並簽訂了土地協議，在那裡部署兩個工廠。

We signed an LOI to supply 50 megawatts of power to Diamondback Energy in the Permian Basin in Texas. We signed an MOU with Atomic Alchemy, a radioisotope production company, to collaborate on isotope production, particularly with the use of our fast neutrons, as well as the radioisotopes that are coproducts from our recycling facilities. We partnered with Wyoming Hyperscale to deliver 100 megawatts through its data centers.

我們簽署了一份意向書，為德州二疊紀盆地的 Diamondback Energy 提供 50 兆瓦電力。我們與放射性同位素生產公司 Atomic Alchemy 簽署了一份諒解備忘錄，在同位素生產方面進行合作，特別是使用我們的快中子以及我們回收設施的副產品放射性同位素。我們與懷俄明州 Hyperscale 合作，透過其資料中心提供 100 兆瓦的電力。

We achieved significant milestones with Argonne National Laboratory, one of the leading experts in sodium and liquid metal fast reactor technology, involving the use of their state-ofthe-art thermo-hydraulic testing facilities. We also established what we announced earlier today, our preferred supplier agreement for steam turbine generator products and services with Siemens Energy.

我們與阿貢國家實驗室一起實現了重要的里程碑，阿貢國家實驗室是鈉和液態金屬快堆技術的領先專家之一，涉及使用其最先進的熱工水力測試設施。我們也與西門子能源公司簽訂了今天稍早宣布的蒸汽渦輪發電機產品和服務的首選供應商協議。

We're very excited about this partnership because it is validation of our business model and our approach, that we can leverage suppliers that make components for other purposes that we can directly use in our system. What we're buying from Siemens looks very similar to what they make for fossil-fired plants, and we're very excited about our partnership with them going forward.

我們對這種合作關係感到非常興奮，因為它驗證了我們的業務模式和方法，我們可以利用為其他目的製造組件的供應商，這些組件可以直接在我們的系統中使用。我們從西門子購買的產品看起來與他們為化石燃料工廠生產的產品非常相似，我們對與他們未來的合作關係感到非常興奮。

We also continue to make progress to put in place numerous supplier contracts that would be critical to the deployment of our first Aurora plant at Idaho National Laboratories, and for our supply chain that will be required to deploy a fleet of powerhouses.

我們還在繼續取得進展，簽訂了眾多供應商合同，這些合約對於我們在愛達荷國家實驗室部署第一座奧羅拉工廠以及我們的供應鏈至關重要，因為我們需要部署一批發電站。

Contracting is underway for site preparation and field fabrication at INL, which we expect to ramp up during the remainder of 2024, and beyond. In most cases, we're at the commercial negotiation stage with key vendors, and hence are limited to the details we can provide at this time.

INL 的場地準備和現場製造的合約正在進行中，我們預計在 2024 年剩餘時間及以後將逐步增加。在大多數情況下，我們正處於與主要供應商的商業談判階段，因此僅限於我們此時可以提供的詳細資訊。

In addition, we recently announced that we have finalized our preferred supplier agreement with Siemens Energy, who will be providing steam turbine and generator technologies, as well as services for our fleet of powerhouses.

此外，我們最近宣布已與西門子能源公司敲定了首選供應商協議，西門子能源公司將為我們的發電站提供蒸汽渦輪機和發電機技術以及服務。

We believe having an agreement with such a recognized name as Siemens Energy is unique for our industry and a testament to the type of partnership arrangement that our business model unlocks, not only for Oklo, but for our key suppliers.

我們相信，與西門子能源這樣的知名品牌達成的協議對於我們的行業來說是獨一無二的，並且證明了我們的商業模式所開啟的合作夥伴關係類型，不僅對Oklo 來說，而且對我們的主要供應商來說也是如此。

Additionally, one of the exciting parts of this business is what we can do on the recycling front. Fast reactors have the unique ability to recycle used fuel, and we've been actively pursuing this to diversify our fuel supplies and capitalize on the benefits of fuel recycling. This approach not only improves fuel economics, but also opens up additional revenue streams from the sale of co-products generated during the recycling process.

此外，這項業務令人興奮的部分之一是我們在回收方面可以做的事情。快堆具有回收廢燃料的獨特能力，我們一直在積極追求這一點，以使我們的燃料供應多樣化並充分利用燃料回收的好處。這種方法不僅提高了燃料經濟性，而且還透過銷售回收過程中產生的副產品開闢了額外的收入來源。

This is the technology that has been demonstrated before, and that is, in fact, already operating at a small scale at national laboratories. Our work with Argonne and our Department of Energy partners has been focused on furthering the development of this technology to prepare for industrialization and scaling up operations.

這是之前已經展示過的技術，事實上，已經在國家實驗室小規模運作。我們與阿貢國家實驗室和能源部合作夥伴的合作重點是進一步開發這項技術，為工業化和擴大營運做好準備。

We hit several milestones in the last quarter, notably demonstrating a successful end-to-end recycling process with Argonne National Laboratory. We also continue to advance our regulatory engagement with the NRC, and are submitting white papers and holding pre-application meetings in several key topic areas.

我們在上個季度實現了幾個里程碑，特別是與阿貢國家實驗室一起展示了成功的端到端回收過程。我們也繼續推動與 NRC 的監管合作，並正在提交白皮書並在幾個關鍵主題領域舉行預申請會議。

Finally, I mentioned this before, but we were also excited to advance and announce our strategic partnership with Atomic Alchemy, a company working on producing radioisotopes. Our partnership entails work on using the fast neutrons we produce for radioisotope production, as well as partnering with them to process co-products from the recycling facility that can be packaged and sold into various industrial, medical, and other markets.

最後，我之前提到過這一點，但我們也很高興能夠推進並宣布與 Atomic Alchemy（一家致力於生產放射性同位素的公司）的策略合作夥伴關係。我們的合作關係包括使用我們生產的快中子來生產放射性同位素，並與他們合作處理回收設施中的副產品，這些副產品可以包裝並出售到各種工業、醫療和其他市場。

So going forward, we look forward to keeping the market up to-date on our progress in six major areas, reactor licensing progress, customer pipeline development, project execution, the development of fuel recycling, strategic partnerships, as well as financial updates.

因此，展望未來，我們期待向市場通報我們在六個主要領域的最新進展：反應器許可進展、客戶管道開發、專案執行、燃料回收發展、戰略合作夥伴關係以及財務更新。

So with that, I'll hand it over to our CFO, Craig, again. Craig.

因此，我將再次將其交給我們的財務長克雷格。克雷格.

Thanks, Jake. Both Oklo and AltC are very pleased with the outcome of our merger, which closed on May 9, 2024. Slide 27 demonstrates several of the key outcomes of this transaction, whereby a record 0.002% of redemptions translated into gross proceeds of over $300 million. After associated fees, over $276 million in cash moved on to Oklo's balance sheet that is being used to fund our business.

謝謝，傑克。Oklo 和 AltC 對我們在 2024 年 5 月 9 日完成的合併結果感到非常滿意。幻燈片 27 展示了此次交易的幾個關鍵成果，其中創紀錄的 0.002% 的贖回轉化為超過 3 億美元的總收益。扣除相關費用後，超過 2.76 億美元的現金轉移到 Oklo 的資產負債表上，用於為我們的業務提供資金。

We believe that attractive pre-money valuation of $875 million, which also included the Equinix prepayment for power, as well as the straightforward nature of the deal that resulted in one class of common stock with no words or pipe, were also critical drivers of this successful outcome.

我們認為，8.75 億美元的有吸引力的資金前估值（其中還包括Equinix 預付電力費用）以及交易的直接性（導致產生一類沒有文字或管道的普通股）也是這一趨勢的關鍵驅動因素。

As part of our public offering, as seen on slide 28, Oklo established a new worldclass board of directors with individuals with backgrounds in defense, oil and gas, power generation, capital markets, and artificial intelligence. This deep expertise will benefit Oklo as the company executes on its business plan to deliver its vision.

如投影片 28 所示，作為我們公開發行的一部分，Oklo 建立了一個新的世界級董事會，成員均具有國防、石油和天然氣、發電、資本市場和人工智慧背景。隨著公司執行業務計劃以實現其願景，這種深厚的專業知識將使 Oklo 受益。

Oklo is also lucky to have an experienced management team with a broad spectrum of backgrounds from large Fortune 500 companies, as well as relevant government agencies, including the US Department of Energy and nuclear-focused research institutions, such as the Idaho National Laboratory.

Oklo 也很幸運地擁有一支經驗豐富的管理團隊，他們的背景廣泛，來自大型財富 500 強公司以及相關政府機構，包括美國能源部和愛達荷國家實驗室等核子研究機構。

Moving to slide number 30, we know that there have been some questions post the close of our transaction regarding shareholder lockups. Post-deal completion, our total outstanding share account is slightly over 122 million shares.

轉到第 30 張投影片，我們知道交易結束後存在一些有關股東鎖定的問題。交易完成後，我們的流通股帳戶總數略高於 1.22 億股。

Of those outstanding shares, our co-founders, as well as our chairman and the AltC sponsor are under multi-year lockups that include an early release mechanism for share price appreciation, with trigger set at $12, $14, and $16 per share. These lockups represent approximately 34% of total shares outstanding.

在這些已發行股票中，我們的共同創辦人以及我們的董事長和AltC 發起人處於多年禁售狀態，其中包括股價升值的提前釋放機制，觸發價格設定為每股12 美元、14 美元和16美元。這些禁售期約佔已發行股份總數的 34%。

In addition, we have a few early stage investors who are subject to 180-day lockup from the transaction date, but equate to roughly 11% of shares outstanding. All other original investors did not have lockups, which were therefore freely tradable on May 10, which resulted in no sizable overhang on the stock.

此外，我們還有一些早期投資者，他們自交易之日起將受到 180 天的禁售期，但相當於流通股的 11% 左右。所有其他原始投資者都沒有鎖倉，因此在 5 月 10 日可以自由交易，這導致該股沒有出現大面積的積壓。

Moving on to our financial highlights. Year-to-date, Oklo's cash use and operation sits at $17 million, made up of a net loss of $53.3 million, offset by $38.9 million in non-cash impact, the main drivers of which I will highlight momentarily. At the end of second quarter, cash and marketable securities were $294.6 million, primarily driven by the $276 million in proceeds, net of fees received at deal closure.

接下來是我們的財務亮點。今年迄今為止，Oklo 的現金使用和營運額為 1,700 萬美元，其中淨虧損 5,330 萬美元，被 3,890 萬美元的非現金影響所抵消，我將暫時強調其主要驅動因素。截至第二季末，現金和有價證券為 2.946 億美元，主要由 2.76 億美元的收益（扣除交易結束時收到的費用）推動。

Year-to-date, our operating loss of $25.1 million included $9.2 million of non-cash, stock-based compensation expenses, which was primarily driven by a one-time fair market value adjustment of $7.8 million related to earn-out shares, that would be payable to Oklo's staff who have vested options at the time of deal closure.

年初至今，我們的營業虧損為 2,510 萬美元，其中包括 920 萬美元的非現金股票補償費用，這主要是由於與盈利股票相關的一次性公平市場價值調整 780 萬美元所致，將支付給在交易結束時擁有既定選擇權的Oklo 員工。

Full year of 2024, our operating loss expectations are still in line with our prior guidance of $40 million to $50 million, that was noted in our super 8-K filing. Our year-to-date net loss of $53.3 million, including non-cash fair market losses of $30 million associated with a safe note revaluation and $7.8 million losses in stock-based compensation. Both of these non-cash adjustments will require these back closing entries.

2024 年全年，我們的營運虧損預期仍符合我們先前 4,000 萬至 5,000 萬美元的指導，這一點在我們的 Super 8-K 文件中指出。我們今年迄今的淨虧損為 5,330 萬美元，其中包括與安全票據重估相關的非現金公平市場損失 3,000 萬美元，以及基於股票的補償損失 780 萬美元。這兩項非現金調整都需要這些回結算條目。

Further details on our second quarter and year-to-date results can be found at the end of these materials and in our 10-Q that will be posted to the investor section of Oklo's website. With the filing of our 10-Q for second quarter, we're looking forward to several upcoming investor events, including Canaccord Genuity's annual growth conference and Citi's one-on-one midstream and new energy infrastructure conference, both of which will occur later this week. In addition, we are scheduling an Ask Me Anything session with our executive team for later in the month of August.

有關我們第二季和年初至今業績的更多詳細信息，請參閱這些資料的末尾以及我們將發佈到 Oklo 網站投資者部分的 10-Q 報告。隨著第二季10-Q 的提交，我們期待即將舉行的幾場投資者活動，包括Canaccord Genuity 的年度成長會議和花旗的一對一中游和新能源基礎設施會議，這兩個會議都將於今年稍後舉行星期。此外，我們還計劃在 8 月稍後與我們的執行團隊舉行「有任何問題」會議。

But finally, to close and to emphasize the points made during this conversation. We believe there are six factors that make Oklo such a compelling investment proposition. First, technology and size that is based on a proven fast reactor approach that we look to deploy at scale to reduce complexity, cost, and time to delivery.

但最後，結束並強調這次談話中提出的觀點。我們認為，有六個因素使 Oklo 成為如此引人注目的投資主張。首先，技術和規模是基於經過驗證的快堆方法，我們希望大規模部署該方法，以降低複雜性、成本和交付時間。

Second, an attractive business model that is customer oriented and enables recurring revenue and profits. Third, superior economics that look to deliver power and very competitive levelized cost of energy. Fourth, a diverse and growing customer base with interest across six market sectors.

其次，以客戶為導向、能夠帶來經常性收入和利潤的有吸引力的商業模式。第三，卓越的經濟性，旨在提供電力和極具競爭力的平準化能源成本。第四，多元化且不斷成長的客戶群，對六個市場領域感興趣。

Fifth, a streamlined approach to regulatory approval underpinned by our combined license application process that leverages years of experience in our work with the NRC. And finally, a well-capitalized balance sheet that positions us well for the implementation of our business strategy.

第五，以我們與 NRC 多年合作經驗的聯合許可證申請流程為基礎，採用簡化的監管批准方法。最後，資本充足的資產負債表使我們能夠很好地實施我們的業務策略。

With that, I would like to thank you for your time and Jake and I will now open the call for questions.

在此，我要感謝您抽出寶貴的時間，我和傑克現在將開始提問。

Thank you. (Operator Instructions). Vikram Bagri, Citi.

謝謝。（操作員說明）。維克拉姆·巴格里，花旗銀行。

Hi, good afternoon, everyone. Very thorough update from the letter presentation, release and prepared comments, appreciate the color. To start off, very impressive increase in pipeline from 700 megawatts to 1.35 gigawatts now. The letter cites the AltC merger as one of the drivers of the increase. I was wondering what led to this meaningful increase in the pipeline?

嗨，大家下午好。從信函演示、發布和準備的評論中進行了非常徹底的更新，欣賞色彩。首先，管道裝置容量從 700 兆瓦增加到 1.35 吉瓦，令人印象深刻。信中將 AltC 合併視為成長的推動因素之一。我想知道是什麼導致了管道數量的大幅增加？

Is it due to more visibility from the merger? Is it driven by data center AI power needs or more liquidity now that you have to actively engage the customers and our progress on regulatory front? If you can identify what's sort of like driving this level of interest and what sectors are majorly contributing to this demand?

是因為合併帶來了更多的知名度嗎？它是由資料中心人工智慧電力需求驅動還是由更多流動性驅動，現在您必須積極吸引客戶以及我們在監管方面的進展？您是否可以確定是什麼推動了這種興趣程度以及哪些部門對這種需求做出了主要貢獻？

Sure, Vik, it's Craig. I can take that. So, the growth from 700 megawatts to the 1.3 gigawatts, 1.4 gigawatts was really the result of the things that we announced between deal announcement and deal closure. So that would be the Equinix transaction, Wyoming Hyperscale, Diamondback Energy.

當然，維克，我是克雷格。我可以接受。因此，從 700 兆瓦到 1.3 吉瓦、1.4 吉瓦的成長實際上是我們在交易公告和交易結束之間宣布的事情的結果。這就是 Equinix 交易、懷俄明州超大規模交易、Diamondback Energy 交易。

But what we did see on May 10 is Jake's phone started to ring off the hook and Brian Gitt's phone started to ring off the hook with even more customers expressing interest. But I think there probably was an element of some of those customers wanting to see if the deal would close and at what level the deal would close.

但我們在 5 月 10 日確實看到，Jake 的電話開始響個不停，Brian Gitt 的電話也開始響個不停，更多的客戶表示了興趣。但我認為，其中一些客戶可能希望了解交易是否會完成以及交易會在什麼水平上完成。

And once it did, I think that gave them confidence to progress business development conversation. So I would actually think that as those conversations progressed and when we do an update in the third quarter, that 1.3 gigawatts to 1.4 gigawatt, we could be in a world where that figure could be higher and we'll continue to work on those announcements or those deals with customers. And we hope to have more to announce in the coming month.

一旦完成，我認為這給了他們推進業務發展對話的信心。因此，我實際上認為，隨著這些對話的進展，當我們在第三季度進行更新時，即1.3 吉瓦到1.4 吉瓦，我們可能會處於一個這個數字可能更高的世界，我們將繼續致力於這些公告或與客戶的交易。我們希望在下個月有更多消息要宣布。

Thanks, Craig. And then on the relative note, the slides mentioned that you're looking at converting a lot of these letter of intents into PPAs later this year, next year. I was wondering if you can talk about how many of these cases are you doing site evaluations? How are you thinking about doing site evaluations?

謝謝，克雷格。然後在相關說明中，幻燈片提到您正在考慮在今年稍後或明年將大量意向書轉換為購電協議。我想知道您是否可以談談您對其中多少個案例進行了現場評估？您如何考慮進行現場評估？

And then how are you incorporating fuel costs in your PPAs when you convert these LOIs into PPAs? Will fuel costs be passed through? And then finally, we've seen significant increase in capacity prices in recent auctions. If you can also talk about the PPA rates that you're seeing in the market, it seems like those should be higher, much uniquely higher than what you had indicated at the time of the merger?

那麼，當您將這些 LOI 轉換為 PPA 時，如何將燃料成本納入 PPA 中？燃油費用會轉嫁嗎？最後，我們在最近的拍賣中看到容量價格顯著上漲。如果您還可以談談您在市場上看到的購電協議費率，似乎這些費率應該更高，比您在合併時表示的要高得多？

Yeah, thank you, and this is Jake. It's a good set of questions and a good thoughtful set of questions. I think from a matriculation perspective, what we're excited about seeing is kind of a pool of LOIs that then set the stage for us to start working with each of those customers, as well as others in the pipeline that are coming forward to then identify basically site-specific considerations that move into the PPA negotiation process.

是的，謝謝你，這是傑克。這是一組很好的問題，也是一組經過深思熟慮的問題。我認為從預科的角度來看，我們很高興看到的是一系列意向書，這為我們開始與每個客戶以及即將到來的其他客戶合作奠定了基礎確定進入購電協議談判過程的具體地點的基本考慮因素。

So right now, we are actively looking at site exploration around several of the partners we've announced about not just where to go, but where on their specific sites of land that they already have make the most sense to deploy.

因此，現在，我們正在積極考慮圍繞我們已經宣布的幾個合作夥伴進行現場勘探，不僅要考慮去哪裡，還要考慮在他們已經擁有的特定土地上部署最有意義的地方。

So we're going through a characterization process there. We have a methodology we've developed and we've been working on, basically executing against with our partners to identify what makes the most sense for their needs and for our needs.

所以我們正在那裡經歷一個特徵描述過程。我們已經開發了一種方法，並且一直在努力，基本上是與我們的合作夥伴一起執行，以確定什麼對他們的需求和我們的需求最有意義。

So those xthings all then play into then the specific PPA terms and pricing development. In the LOIs, we try to set those forward, at least at that stage, to make sure we're all working in the same direction. But then that will help sort of fine-tune what's to be expected based on the specifics that evolve during the actual PPA negotiation process.

因此，這些因素都會影響到具體的購電協議條款和定價制定。在意向書中，我們嘗試將這些目標向前推進，至少在那個階段，以確保我們都朝著同一個方向努力。但這將有助於根據實際購電協議談判過程中出現的具體情況微調預期內容。

PPA negotiations take a long time, so we're excited to be in those discussions with several groups and we're excited about more kind of continuing to migrate into that space. That said, in terms of the question around fuel costs, I think what we're seeing, and this ties to the other part of your question, which is right now, energy pricing is quite constructive to what we're doing because there's a significant demand uptick, of course, for a lot of reasons.

PPA 談判需要很長時間，因此我們很高興能夠與多個團體進行討論，我們很高興有更多的人繼續遷移到該領域。也就是說，就燃料成本問題而言，我認為我們所看到的，這與你問題的另一部分有關，即現在，能源定價對我們正在做的事情非常有建設性，因為有一個當然，出於多種原因，需求顯著上升。

To your earlier question, if you look at the 650 megawatts we brought forward and announced here over the second quarter, 600 of those megawatts were for data centers. So that is -- I think, a somewhat reasonable approximation for the breakdown in customer input or engagement that we're seeing by sector.

對於你之前的問題，如果你看看我們在第二季提出並宣布的 650 兆瓦，其中 600 兆瓦是用於資料中心。所以我認為，這是我們按部門看到的客戶投入或參與度細分的一個合理的近似值。

But accordingly, we're seeing, obviously, demand, limited supply for power. That's constructive to us, of course. It allows us to monetize those benefits and have some leverage in that case, which is great. But since fuel is a scarce item for everybody in the nuclear side, scarce is the wrong word.

但相應地，我們顯然看到了電力的需求和供應有限。當然，這對我們來說是有建設性的。它使我們能夠將這些好處貨幣化，並在這種情況下擁有一定的影響力，這很棒。但由於燃料對核領域的每個人來說都是稀缺物品，所以「稀缺」這個詞是錯誤的。

Since fuel is a pricing, I would say, a volatile pricing input for everything in the nuclear side right now, especially for new advanced plants, we found that there's an openness to fuel cost pass-throughs. And we have a unique advantage in the fact that, as we pursue recycling, it also opens the door for our customers to be quite open to having the discussion of fuel cost pass-through if they can also then get the benefit of the fuel cost savings if recycling comes online, when and if recycling comes online.

我想說，由於燃料是一種定價，目前對於核方面的所有方面來說，特別是對於新的先進工廠來說，都是一種不穩定的定價輸入，我們發現燃料成本轉嫁是開放的。我們擁有獨特的優勢，因為當我們追求回收時，它也為我們的客戶打開了大門，讓他們能夠非常開放地討論燃料成本轉嫁，如果他們也能從燃料成本中受益的話如果回收在線，則可以節省成本。

So that creates a pretty, I think, favorable dynamic for us so that we can not get hung up early on necessarily with some fuel pricing volatility, but have a pathway to get to market. And then that helps us drive the case for deploying your recycling even sooner, which then helps us deploy more reactors and lower costs altogether.

因此，我認為，這為我們創造了一個相當有利的動態，這樣我們就不會過早陷入燃料價格波動的困境，而是有一條進入市場的途徑。這有助於我們更快地部署回收利用，從而幫助我們部署更多的反應器並降低成本。

Thanks, Jake. I have a couple more, and then I can jump back into the queue.

謝謝，傑克。我還有幾個，然後我就可以跳回隊列。

I was wondering if I could again share, Jake, how many pre-filing discussions you've had so far, and the letter indicates the first plant will be by 2027, versus the previous expectations in 2026, or 2027. I was wondering if I'm reading too much into the language or there is slight delay in the timeline, and if you can just share how those conversations are going and how many hours of conversations you've had so far?

傑克，我想知道我是否可以再次分享一下，到目前為止您已經進行了多少次申請前討論，這封信表明第一座工廠將於 2027 年建成，而之前的預期是 2026 年或 2027 年。我想知道我是否對這門語言閱讀了太多內容，或者時間線略有延遲，您是否可以分享這些對話的進展情況以及到目前為止您已經進行了多少小時的對話？

Yeah, and lots of conversation with the NRC. I think the latest tally in our slides is, we've had -we've submitted about 55 draft and technical reports to the NRC dating back through our engagement starting since 2016.

是的，並且與 NRC 進行了很多對話。我認為我們幻燈片中的最新統計是，自 2016 年以來，我們已經向 NRC 提交了大約 55 份草案和技術報告。

We've had over 500 technical and planning meetings. It's a lot of engagement. We continue at a pretty regular pace. I would say, we're meeting on average for a few hours once every couple of weeks right now as we ramp into the preapplication readiness assessment to then go forward. That's helping us and the NRC make sure we define the scope of what we expect out of the readiness assessment appropriately and move forward from there.

我們已經召開了 500 多次技術和規劃會議。這是很多參與。我們繼續以相當正常的速度進行。我想說的是，我們現在平均每兩週會面一次，每次幾個小時，因為我們正在進入預申請準備評估，然後繼續前進。這有助於我們和 NRC 確保我們適當地定義我們對準備評估的期望範圍，並從那裡繼續前進。

One really significant feature that puts a lot more work on companies, but again, I think it's a significant feature, is the flexibility that the NRC has in terms of how you can ultimately get a commercial license from pre-application all the way through licensing.

一個非常重要的功能需要公司付出更多的工作，但我再次認為這是一個重要的功能，即 NRC 在如何最終從預申請一直到許可獲得商業許可證方面具有靈活性。

So there's a huge menu of items you can choose from. And what's nice then is each company can kind of pursue the path that makes the most sense for them. And for us, that works very favorably because of our business model we're going straight to build and operate.

因此，您可以從大量的項目中進行選擇。令人高興的是，每家公司都可以追求對他們來說最有意義的道路。對我們來說，這非常有利，因為我們將直接建立和經營我們的商業模式。

We go straight to the license to actually build and operate the plant. As opposed to taking steps to get a design certification and then have to go through the process we're going through or take the steps to get a construction permit and then get an operating license. Instead, we do it all at once, which has some significant efficiencies for us.

我們直接獲得實際建造和運作工廠的許可證。與採取措施獲得設計認證然後必須完成我們正在經歷的流程或採取措施獲得施工許可證然後獲得運營許可證相反。相反，我們一次完成所有工作，這對我們來說具有顯著的效率。

So then similarly on the pre-application side, as we ramp into preparing for submitting the application, you can do all sorts of things in that pre-application practice to make sure you're moving forward, you're sort of retiring the risk as the company engaging as the pre-applicant accordingly, and getting the right feedback with the NRC and helping the NRC accordingly prepare for review.

因此，在預申請方麵類似，當我們準備提交申請時，您可以在預申請實踐中做各種事情，以確保您繼續前進，您可以消除風險作為預申請人的公司相應地參與其中，並獲得NRC 的正確回饋並幫助NRC 相應地準備審核。

So it's highly iterative, it's highly dynamic. We're engaging with them on the reactor front as well as now on the fuel recycling front and the larger scale fuel fabrication front. So a lot of activity there, but at the end of the day, we're working to basically be in a position to submit an application as soon as we reasonably think we can get to, which is in next year, sort of looking at having that application go in next year, followed by subsequent applications to come in the latter part of next year, depending on the timelines of how those PPAs and other things develop to then have several and staggered review.

所以它是高度迭代的、高度動態的。我們正在反應爐方面與他們合作，現在也在燃料回收方面和更大規模的燃料製造方面與他們合作。因此，那裡有很多活動，但歸根結底，我們正在努力基本上能夠在我們合理地認為我們可以實現的情況下盡快提交申請，這就是在明年，有點著眼於該申請將於明年提交，隨後的申請將在明年下半年提交，具體取決於這些購電協議和其他事項如何發展的時間表，然後進行多次和交錯的審查。

And that's a big feature for our model as well is the benefits that come from having multiple, kind of in a staggered parallel review path.

這也是我們模型的重要特徵，也是透過交錯並行審核路徑擁有多個審核路徑所帶來的好處。

In terms of the timeline, I would say, when we announced the deal, we were looking at 2026, 2027, kind of that was built somewhat under the context of us closing the deal and with the possibility that we could close the deal in 2023, because that ended up happening closer to the midpoint of 2024.

就時間表而言，我想說，當我們宣布這筆交易時，我們考慮的是2026 年、2027 年，這在某種程度上是在我們完成交易的背景下建立的，並且我們有可能在2023 年完成交易，因為這最終發生在接近 2024 年中點的時候。

I think that's where it kind of delayed some of the deployment of the full capital to then start executing fully against that. So it kind of fully shifted us towards the 2027, date. Additionally, there are some other factors that are on hand with respect to how we're working through on the supply chain, the site development, and all those other pieces.

我認為這有點延遲了全部資本的部署，然後開始全面執行。所以這讓我們完全轉向 2027 年這個日期。此外，還有一些與我們如何處理供應鏈、網站開發和所有其他方面有關的其他因素。

But so far, those have largely been moving forward reasonably well. It's nice for our first plant that we have fuel awarded and allocated to us. We're not subject to some of the supply limitations for that first plant. Of course, we will be for our subsequent plant, so that's why we've partnered with Centrus and others to actively work through that.

但到目前為止，這些工作基本上進展順利。對於我們的第一家工廠來說，我們獲得了燃料並分配給我們，這真是太好了。我們不受第一家工廠的某些供應限制的影響。當然，我們會為我們的後續工廠做好準備，因此我們與 Centrus 和其他公司合作，積極解決這個問題。

But it's nice to take some of that risk for your first plant off the table, which is a big deal for us. So that's kind of why the timeline is pretty firm up on the '27 date and '26 is really just, isn't really achievable from the perspective of when the deal closed in '24 versus when there was a possibility of it closing in '23.

但很高興能夠為您的第一座工廠承擔一些風險，這對我們來說是一件大事。因此，這就是為什麼時間表在 27 日非常確定，而從交易在 24 日結束的時間與有可能在 26 日結束的角度來看，26 日實際上是不可能實現的。

(Operator Instructions). Thomas Meric, Janney Montgomery.

（操作員說明）。湯瑪斯·梅里克，珍妮·蒙哥馬利。

Good afternoon. Congratulations on all the success there. Just wanted to start out on EBR-II. The question's really around capacity factor of sodium cooled fast reactors. And what does the data suggest as you've reviewed it that a sodium cooled fast reactor can hit on a real world capacity factor basis.

午安.祝賀所有的成功。只是想開始使用 EBR-II。問題其實是關於鈉冷快堆的容量係數。正如您所審查的那樣，數據表明鈉冷快堆可以在現實世界的容量因子基礎上達到預期目標。

And I'm asking just kind of with the perspective of we have a long deep history of operating large light water reactors at 90% and 92% capacity factor. And it took us a while to get there. And how should I think about the time it'll take for your Gen 4 reactor to get to capacity factors in the 90s?

我問這個問題的角度是，我們在以 90% 和 92% 的容量係數運行大型輕水反應器方面有著悠久的歷史。我們花了一段時間才到達那裡。我應該如何考慮您的第 4 代反應爐達到 90 年代容量係數所需的時間？

Yeah, that's a great question. And actually a real fun little nugget of information. That's not the easiest thing to pull out. We developed all these amazing things in the nuclear industry that came out starting, back in the 50s and 60s, of course on paper.

是的，這是一個很好的問題。實際上是一個非常有趣的小訊息。這不是最容易拉出來的東西。我們在核工業中開發了所有這些令人驚嘆的東西，這些東西早在 1950 年代和 1960 年代就已經問世，當然在紙上。

So all of the great records of history and operations and all these things were largely paper-based for EBR-II and for prior fast reactors as well as the Fast Flex Test Facility, FFTF. But the FFTF and EBR-II are the plants we kind of most directly derive technical legacy and learning from is kind of the latest iterations, if you will, from prior development in the US. The reason I point out that they were on paper is it makes accessing that less scalable.

因此，EBR-II 和先前的快堆以及 Fast Flex 測試設施 FFTF 的歷史和運行的所有重要記錄大部分都是紙質的。但 FFTF 和 EBR-II 是我們最直接繼承技術遺產的工廠，如果您願意的話，可以從美國先前的開發中學習最新的迭代。我之所以指出它們是在紙上的，是因為它使得訪問的可擴展性降低。

Historically speaking, there's been a big effort to digitize all those records, which has been great. We've been pushing forward on that. We've been working and very thankful for the work that the National Labs and the Department of Energy has done to do that, because that stuff is a treasure trove of information and data.

從歷史上看，人們為將所有這些記錄數位化付出了巨大的努力，這是偉大的。我們一直在推動這一點。我們一直在努力，非常感謝國家實驗室和能源部為此所做的工作，因為這些東西是資訊和數據的寶庫。

But one of the great things that kind of stood out to this and one of the things that when I learned it, back around the formation of the company was kind of mind blowing in a positive sense was EBR-II and FFTF, both liquids that include fast reactors, actually achieve superior operating capacity factors and operating characteristics than commercial light water plants at the time we're achieving.

但是，其中一件突出的偉大事情，也是當我在公司成立時了解到這一點時，在積極意義上令人興奮的事情之一是 EBR-II 和 FFTF，這兩種液體包括快堆，實際上實現了比我們當時實現的商業輕水廠更出色的運行能力係數和運行特性。

And to me, the thing that's great, and there's reasons why, but what was even more incredible about that to me was that both of those reactors, their job was not to produce power. Their job was actually to test materials and fuel.

對我來說，這件事很棒，而且有原因，但對我來說更令人難以置信的是，這兩個反應爐的工作不是發電。他們的工作實際上是測試材料和燃料。

So they're moving stuff in and out of the reactor at a high cadence, at a high frequency. It means you're shutting it down, turning it back on, shutting it intentionally, doing all of that. And they still beat what was going on the light water side.

因此，他們以高節奏、高頻率將物質移入和移出反應器。這意味著你要關閉它，重新打開它，故意關閉它，做所有這些。他們仍然擊敗了輕水一方。

And they were contributing factors. You can pull out more information from occupational dose rates, other things like that, that can affect and dictate sort of operational timing and maintenance timing and how you work around the plan and what you can service in the plan while operating and without having to take the plan offline.

它們是促成因素。您可以從職業劑量率以及其他類似的信息中獲取更多信息，這些信息可以影響和決定操作時間和維護時間，以及您如何圍繞計劃工作以及在操作時可以在計劃中提供哪些服務，而無需採取行動該計劃離線。

All of those things were actually, generally speaking, lower than what you were seeing commensurately at commercial light water plants. And a lot of the key inherent kind of design and I would say benefits of sodium fast reactor technology, the fact that it showed you can do those things was a huge validation point that you could achieve commensurate, if not superior operating capacity factors.

一般來說，所有這些實際上都低於您在商業輕水廠中看到的相應水平。許多關鍵的固有設計，我想說的是鈉快堆技術的好處，它表明你可以做到這些事情，這是一個巨大的驗證點，你可以實現相稱的，如果不是優越的運行能力因素。

At the end of the day, I think we can slightly beat -- we can get up into the mid 90s, I think is a trajectory we can get to potentially as we build out and get a lot of experience. It's going to take some time to get there though, because like you pointed out, we have tons of operational experience with light water reactors.

歸根結底，我認為我們可以稍微超越——我們可以進入 90 年代中期，我認為這是我們在不斷發展並獲得大量經驗時可以達到的軌跡。不過，這需要一些時間才能實現，因為正如您所指出的，我們在輕水反應器方面擁有大量的營運經驗。

And a lot of that is directly applicable to us, but not all of it is. But thankfully there's experience with what we're doing in the past that was quite successful that we can draw from accordingly and then benefit from that.

其中許多內容直接適用於我們，但並非全部。但值得慶幸的是，我們過去所做的事情非常成功，我們可以從中學習並從中受益。

So the fact that we're already starting at a better place than sort of light water plants were 40, 50 years ago, gives me a lot of confidence that we have a pretty good trajectory to actually outperform those technologies, at least match those technologies, outperform those technologies.

因此，事實上，我們已經開始了比40、50 年前的輕水廠更好的起點，這一事實讓我很有信心，我們有一個相當好的軌跡，可以實際超越這些技術，至少匹配這些技術，優於這些技術。

And as we work with potential customers, we generally build in some flexibility in how we want to scope what our early plants are going to be operating at from a capacity factor perspective, just so we can obviously get through those sort of initial learning curves to get these things going into the higher end ranges of capacity factor that we can achieve.

當我們與潛在客戶合作時，我們通常會在如何從容量因素的角度確定早期工廠的運作範圍方面建立一些靈活性，這樣我們就可以明顯地透過這些初始學習曲線來讓這些東西進入我們可以實現的更高端的容量係數範圍。

But it is the only technology that in a meaningful way actually outperform light water plants. Everything else has actually been pretty significantly worse than light water. It's because light water is a great technology. It just happens to have some features that make it fairly operable or operator friendly, I should say.

但這是唯一一種在有意義的方面實際上優於輕水廠的技術。事實上，其他一切都比輕水要糟糕得多。這是因為輕水是一項偉大的技術。我應該說，它恰好具有一些使其相當可操作或操作員友好的功能。

Super helpful, thank you. And then on the demand side, just curious your thoughts around defense applications, just thinking of defense innovation solicitation from earlier this summer. Thoughts around that, and just micro reactors at defense, generally speaking.

超級有幫助，謝謝。然後在需求方面，只是好奇您對國防應用的想法，只是想一下今年夏天早些時候的國防創新徵集。一般來說，圍繞這一點的想法，以及國防領域的微型反應器。

And then just kind of seeking the last one in here and kind of an administrative question, but how do I think about programs with the DOD and NRC licensing? And is there like a crosswalk there that makes one more easier than the other? Just generally, how do I think about those licensing Programs, and that's it for me, thanks.

然後只是尋求這裡的最後一個和行政問題，但我如何看待獲得國防部和 NRC 許可的項目？那裡有沒有像人行橫道一樣讓一個人比另一個人更容易？一般來說，我如何看待這些許可計劃，這就是我的想法，謝謝。

Yeah, yeah, of course, great questions. On the, sort of on the defense engagement, we've been actively working, obviously, with the different departments or the different branches in the Department of Defense for some time.

是的，是的，當然，很好的問題。在國防方面，顯然，我們一段時間以來一直在與國防部的不同部門或不同部門積極合作。

A year ago, we were awarded the first round or awarded initially for the Eielson project up in Alaska. As that had been a threat of a protest, the kind of conservative, cautious procurement actions that is very common today in terms of the protest cycles at the Defense Department, that was then pulled back to then update the review.

一年前，我們在阿拉斯加的艾爾森計畫中獲得了第一輪或最初的獎項。由於那是抗議的威脅，這種保守、謹慎的採購行動在當今國防部的抗議週期中非常常見，然後被撤回，然後更新審查。

It was then re-awarded to us in February. Then there was a protest file that was pulled in March. It's going through the next updates there. Given the cadence before was about six months, we expect, hopefully, that we'll be entering into kind of an update on that front as well. The fact that we were awarded it twice gives us some confidence, but of course, we'll see kind of where that moves.

然後在二月重新授予我們。然後有一份抗議文件在三月被撤回。那裡正在進行下一次更新。鑑於之前的節奏約為六個月，我們希望我們也能在這方面進行某種更新。我們兩次獲得該獎項的事實給了我們一些信心，但當然，我們會看到事情會發生什麼變化。

The thing is, is we're offering something based on that call. And then if you look at the Defense Innovation Unit kind of call, it's pretty well aligned with what they're looking for in terms of business model. And we have some flexibility to get down into the size ranges they want to be looking at.

問題是，我們正在根據該電話提供一些東西。然後，如果你看一下國防創新部門的呼籲，你會發現它與他們在商業模式上所尋求的非常一致。我們可以靈活地了解他們想要查看的尺寸範圍。

We're not going to be serving the one megawatt in kind of small scale. We see a lot more opportunity, obviously, at the higher ends of those ranges, but we can definitely perform and deliver a very competitive and attractive solution.

我們不會小規模地提供一兆瓦的服務。顯然，我們在這些範圍的高端看到了更多的機會，但我們絕對可以執行並提供非常有競爭力和有吸引力的解決方案。

So we're good to see how those projects and those things develop. At the end of the day, the energy needs that we've learned from the Defense Department and what they project forward is quite diverse in offerings. So there's going to be, I think, multiple solutions that can offer -- well, multiple companies that can offer different solutions that are successful for them. And we see ourselves being positioned potentially to be one of those, especially given our sort of prior success there.

因此，我們很高興看到這些項目和事物的發展。歸根結底，我們從國防部了解到的能源需求以及他們預測的能源需求在供應方面是相當多樣化的。因此，我認為，將會有多種解決方案可以提供——嗯，多家公司可以提供對他們來說成功的不同解決方案。我們認為自己有可能成為其中之一，特別是考慮到我們之前在那裡取得的成功。

One of the things that was part of the Air Force call was they wanted it to be licensed with the Nuclear Regulatory Commission. But generally speaking, and there's a lot of new ones here, but generally speaking, the Defense Department can actually authorize their own nuclear plants.

空軍電話中的一件事是他們希望獲得核管管理委員會的許可。但總的來說，這裡有很多新的，但一般來說，國防部實際上可以授權自己的核電廠。

So that is a pathway some are looking at pursuing some of the branches and some deployment cases are looking at as well as the potentiality. The thing we like about that is it provides sort of a -- in our perspective, a backup option to the NRC, but it also provides a good sort of motivation that, hey, look, this is something that can be done, but their preference is that the NRC does it. And their preference isn't based on just wishing and hopeful thinking.

因此，這是一些人正在考慮追求某些分支的途徑，並且正在考慮一些部署案例以及潛力。我們喜歡的一點是，在我們看來，它為 NRC 提供了一種備份選項，但它也提供了一種很好的動力，嘿，看，這是可以做的事情，但是他們優先選擇由NRC來做。他們的偏好不僅僅基於願望和充滿希望的想法。

The Air Force has been around some of these NRC meetings dating back to 2018, maybe even earlier, but they've been engaging there to know that this is something that they have confidence that can be done, right?

空軍自 2018 年起就參加了一些 NRC 會議，甚至可能更早，但他們一直在參與其中，因為他們知道這是他們有信心完成的事情，對嗎？

I can't speak fully for them, but from what we've seen, what they've identified is what's important about what they're offering. The empowering these bases is mission critical for them. So they aren't going to be sort of jeopardizing that with some hopeful thinking about what a regulator can do instead.

我不能完全代表他們，但從我們所看到的來看，他們所確定的是他們所提供的產品的重要性。增強這些基地的能力對他們來說至關重要。因此，他們不會對監管機構可以採取哪些措施抱持希望，從而危及這一點。

I think they've made those decisions intentionally based on what they expect to be able to be done. That said, they also have optionality, which gives them great positioning. And we see that as generally speaking, a broad benefit for everybody, us included as well as others. So that's kind of how we see that playing out.

我認為他們是根據他們期望能夠完成的事情有意做出這些決定的。也就是說，他們也有選擇性，這給了他們很好的定位。我們認為，總的來說，這對每個人都有廣泛的好處，包括我們以及其他人。這就是我們所看到的情況。

The nice thing for us in general, it's sometimes very nice to work with government-owned land because it's well understood. It can also be challenged, obviously, that comes with the fact that it might have other things around and on it. But at the end of the day, there are some benefits there. So our model of being able to site where a customer wants us, including on their lands, works pretty favorably for us and for the off-takers.

總的來說，對我們來說一件好事是，有時與政府擁有的土地合作非常好，因為它很容易理解。顯然，它也可能受到挑戰，因為它周圍和上面可能有其他東西。但歸根究底，還是有一些好處的。因此，我們能夠在客戶想要我們的地方（包括他們的土地）選址的模式對我們和承購商來說都非常有利。

Jake, it's also one of the reasons why we were really glad to get somebody like retired General Jansen on our board to get insights around that market sector. I would also note that, I think this call was scheduled to end at 6:00 [PM] Eastern Standard Time, but Jake and I are more than happy to stay on and continue answering questions.

傑克，這也是我們很高興讓像退休將軍詹森這樣的人加入我們的董事會，以深入了解該市場領域的原因之一。我還想指出的是，我認為本次電話會議原定於東部標準時間下午 6:00 結束，但傑克和我非常樂意留下來並繼續回答問題。

Ryan Pfingst, B. Riley.

普芬斯特 (Ryan Pfingst)，B.萊利 (B. Riley)。

Hey guys, thanks for taking my questions. Just curious, are you seeing a difference in demand between the 15 and 50 megawatt plants? Maybe if we're looking at the pipeline, how would that break down between the two?

嘿夥計們，謝謝你回答我的問題。只是好奇，您是否發現 15 兆瓦和 50 兆瓦發電廠之間的需求有差異？也許如果我們看看管道，兩者之間會如何分解？

Yeah, so it's a great question, Ryan. So I think if you actually look at the things that were announced when I started with the company back in August of last year, so. The projects in Ohio, the project in Idaho, the project at Allison, those were all in the 15 megawatt size range.

是的，這是一個很好的問題，瑞安。所以我想，如果你真的看看我去年八月剛加入公司時宣布的事情，那麼。俄亥俄州的項目、愛達荷州的項目、艾里森的項目，這些項目的規模都在 15 兆瓦範圍內。

But most of the things that we've announced subsequent to that, that's really caused that growth in the order book is more in the 50, 5-0 megawatt size range. Jake and I were also in a meeting a couple of weeks ago at our headquarters with a potential data center customer.

但我們隨後宣布的大多數事情確實導致訂單成長更多集中在 50、5-0 兆瓦尺寸範圍內。幾週前，傑克和我還在總部與一位潛在的資料中心客戶開會。

One of the things that was great about that conversation is getting into the details of how are they thinking about deploying data centers at a Greenfield site and how might we match up a deployment schedule of 50 megawatt powerhouses to support that.

這次對話的一大亮點是詳細了解了他們如何考慮在綠地站點部署資料中心，以及我們如何匹配 50 兆瓦發電站的部署計劃來支援這一點。

So I think it's just also an example of, we're trying to be customer oriented and customer responsive, and I think now our order book kind of reflects that with probably more things in the 50 megawatt size than the 15.

所以我認為這也是一個例子，我們正在努力以客戶為導向並響應客戶需求，我認為現在我們的訂單簿反映了這一點，50 兆瓦尺寸的產品可能比 15 兆瓦尺寸的產品更多。

Yeah, I appreciate that color, Craig. Any update on how you're thinking about the estimated construction and fuel costs for your plants? I know we've spoken about $70 million-ish being a good target for the 15 megawatt version, but wondering if you have an update there.

是的，我很欣賞這種顏色，克雷格。您對工廠的預計建設和燃料成本有何看法？我知道我們已經說過 7000 萬美元左右是 15 兆瓦版本的一個不錯的目標，但想知道您是否有更新。

So if you look at our investor day materials, I don't have it right in front of me, but the 50 megawatt size is, I think our first of a kind was about $145 million. It decreases when we apply some of those economies of scale, fuel costs have gone up.

因此，如果你看一下我們的投資者日材料，我面前並沒有這些材料，但 50 兆瓦的規模是，我認為我們的第一個此類材料約為 1.45 億美元。當我們應用一些規模經濟時，燃料成本就會上升。

In fact, at times, I think we would see, an increase on that number, but also as we were speaking earlier, just the overall demand and power and the pricing around PPAs is also going up to help offset. The other thing that does help us a bit is in all of those financials that we showed back in the investor day, we were not assuming any benefit from ITCs, but the ITC actually goes against both the asset cost and the fuel cost.

事實上，有時，我認為我們會看到這個數字的增加，但正如我們之前所說，整體需求和電力以及購電協議周圍的定價也在上漲，以幫助抵消。另一件對我們有一點幫助的事情是，在我們在投資者日展示的所有財務數據中，我們並沒有假設 ITC 會帶來任何好處，但 ITC 實際上不利於資產成本和燃料成本。

So there is a little bit of an element of the ITC bid in that 30% to 40% range that can act as a hedge against those inflationary pressures.

因此，ITC 投標中的 30% 至 40% 範圍內有一點可以作為對沖通膨壓力的因素。

Jeffrey Campbell, Seaport Research Partners.

傑弗裡·坎貝爾，海港研究合作夥伴。

Good evening and thank you for all the color. As you think about possible title 17 loan applications, is this effort aimed more toward installations after the initial national laboratory installation? And if so, are you thinking more about a project-by-project type of financing or perhaps multiple projects in one application?

晚上好，謝謝你的所有顏色。當您考慮可能的第 17 章貸款申請時，這項工作是否更多地針對初始國家實驗室安裝之後的安裝？如果是這樣，您是否更多地考慮逐個項目類型的融資或一個申請中的多個項目？

I think, Jeff, at this point, we're probably looking at both of those scenarios and there's probably a middle ground that if we do have a project that is made up of more than one powerhouse, you could actually bundle that up as well as we look at exploring financing strategies.

我認為，傑夫，在這一點上，我們可能正在考慮這兩種情況，並且可能存在一個中間立場，如果我們確實有一個由多個強大的項目組成的項目，那麼您實際上也可以將其捆綁在一起當我們考慮探索融資策略時。

The other thing I tried to call out in the slide that looked at that mix of for each project, how much is coming from cash off the balance sheet versus financing structures? One of the things that Graham Johnson, who's our Treasurer and I are starting to look at is overall what would be the right mix around tax financing structures, things like the loan program office, as well as project financing structures, just so we can get both the right mix of cost of capital, but not all financing structures are created equal in terms of the effort it's going to take to put one of those in place.

我試圖在投影片中指出的另一件事是，查看每個項目的組合，資產負債表外的現金與融資結構的比例是多少？我們的財務主管 Graham Johnson和我開始考慮的一件事是，總體而言，圍繞稅收融資結構的正確組合是什麼，例如貸款計劃辦公室以及專案融資結構，這樣我們就可以得到兩者都是正確的資本成本組合，但就實施其中一種融資結構所需的努力而言，並非所有融資結構都是相同的。

Okay, thank you. As you look ahead to a time when you have multiple installation projects operating simultaneously, do you imagine that the work will accrue to a handful of EPCs who will have aligned to your work or is it going to be more of a separate EPC aligned to each separate project?

好的，謝謝。當您展望多個安裝項目同時運行時，您是否認為這項工作將由少數幾個與您的工作保持一致的 EPC 承擔，還是將更多地是與每個項目保持一致的單獨 EPC單獨的項目？

Yes, it's a thoughtful question and it's more the former. Our view strongly has been to create and maintain a competitive environment amongst the EPCs and work with a number of different ones based on sort of regional and maybe site-specific experience, characteristics, or preferences, but that way we have diversity in our sort of EPC bench while also having flexibility and also having, I would say, competitiveness from a cost perspective.

是的，這是一個深思熟慮的問題，而且更多的是前者。我們的強烈觀點是在 EPC 之間創建和維持競爭環境，並根據區域性甚至特定地點的經驗、特徵或偏好與許多不同的 EPC 合作，但這樣我們就可以在我們的類型中擁有多樣性。工作台同時也具有彈性，並且從成本角度來看還具有競爭力。

And that's, I think, quite constructive for what we're trying to do. That said, some of this does get specialized as we look at certain specific deployment scenarios or, for example, certain defense projects. There's likely a narrower set of EPCs we'd end up wanting to work with just given what would probably be preferred for prior experience. But generally speaking, on average we expect to have kind of a relatively deep bench of folks that we can work with accordingly to get these things built out and scaled out accordingly.

我認為這對我們正在努力做的事情非常有建設性。也就是說，當我們考慮某些特定的部署場景或例如某些國防項目時，其中一些確實會變得專門化。考慮到先前的經驗可能更適合我們，我們最終可能希望合作的 EPC 範圍較小。但一般來說，平均而言，我們希望擁有相對較深的人員隊伍，我們可以與他們合作，以相應地建立和擴展這些東西。

Graham Price, Raymond James.

格雷厄姆·普萊斯，雷蒙德·詹姆斯。

Hi, good afternoon. Thanks for taking my question and for fitting me in. Just one on my end. Just wondering if we could get an update on the project with Diamondback Energy, specifically what's a realistic timetable for deployment there?

嗨，下午好。感謝您提出我的問題並讓我適應。我這邊只有一個。只是想知道我們是否可以獲得有關 Diamondback Energy 項目的最新信息，特別是在那裡部署的實際時間表是什麼？

So basically, we announced the partnership with them, largely stemmed from engagement we started having with them towards the end of 2023. So we're going through the process of identifying the specific sites they want us to be on. -- the specific site of the number of sites they're looking at they want us to be on.

所以基本上，我們宣布與他們建立合作關係，很大程度上源於我們在 2023 年底開始與他們進行的接觸。因此，我們正在經歷確定他們希望我們訪問的特定網站的過程。 -- 他們希望我們造訪的特定網站數量。

From our perspective, we view this as a kind of an initial project. I think given what we see as sort of the demand projections for electrification in the Permian, this is just like a toe in the water, so to speak. So an exciting one, but wanting to obviously make sure it's impactful and also something that positions things for more successful scalability.

從我們的角度來看，我們認為這是一個初始項目。我認為，考慮到我們所看到的二疊紀電氣化的需求預測，可以說，這就像試水一樣。這是一個令人興奮的事情，但顯然希望確保它具有影響力，並且能夠為更成功的可擴展性做好準備。

So as we go through that effort, I think we're targeting, developing out the specific site, developing out the PPA with all those factors in mind to towards potentiality for future expansion possibly. So it takes a good amount of work to go through those efforts.

因此，當我們進行這項工作時，我認為我們的目標是開發特定場地、開發購電協議，並考慮到所有這些因素，以實現未來擴展的潛力。因此，需要做大量的工作來完成這些努力。

There's also a lot of grid constraints down there and just broadly speaking in the Permian, but not everywhere. So obviously mindful of that kind of changes how we think about the site selection processes and down selection processes.

那裡也有很多電網限制，一般來說在二疊紀，但不是到處都是。顯然，我們要注意這個改變我們對選址過程和向下選擇過程的看法。

And then, I think depending on timelines, we'd expect something in the 2028, to 2029, window for initial power generation at this point. But some of that's going to be largely dependent on sort of where and how Diamondback is going to want to proceed with the times -- with those specific locations selection process. But that's kind of how we're marching forward on our end.

然後，我認為根據時間表，我們預計 2028 年至 2029 年將在此時進行初始發電。但其中一些在很大程度上取決於響尾蛇想要在哪裡以及如何與時俱進——以及那些特定地點的選擇過程。但這就是我們前進的方式。

Got it. I guess just broadly, how does the opportunities look for the oil and gas space in the Permian and other basins as well?

知道了。我想大致而言，二疊紀和其他盆地的石油和天然氣空間的機會如何？

It's pretty -- it's very exciting. It's very large. I think as we see what we've been learning about, or I should say we -- myself personally, have been learning about the opportunities around electrification and the benefits that it gives to operate in the region. It's pretty promising.

這很漂亮——非常令人興奮。它非常大。我認為，當我們看到我們一直在學習的內容時，或者我應該說我們（我個人）一直在了解電氣化的機會以及它在該地區運作所帶來的好處。這是非常有前途的。

I think we see a pretty large order book potential down there and our model is well positioned to kind of provide into that. The numbers are going to be -- it depends on a number of factors, but we've seen people talk externally on like high hundreds of megawatts to a couple gigawatts of power would be needed for electrification. And so I think as you kind of think about how to ballpark size it, I think that's a reasonable starting point.

我認為我們看到那裡有相當大的訂單簿潛力，我們的模型處於有利位置，可以提供這種潛力。這些數字取決於許多因素，但我們看到人們在外部談論電氣化需要數百兆瓦到數千兆瓦的電力。因此，我認為當您考慮如何大致確定其規模時，我認為這是一個合理的起點。

That said, part of our view and part of the sort of strategic developments we've taken here, last year we had we've taken here -- last year we raised capital before the transaction course. So last year from Liberty Energy Services and through that process got to know, Chris Wright had joined our board here after we closed the transaction and given his position and expertise in the field, part of his conviction about this was obviously he loves the story around nuclear and energy abundance, but also some of the potentiality for the market development side on the oil and gas piece and things.

也就是說，我們的部分觀點和我們在這裡採取的策略發展的一部分，去年我們在這裡採取了——去年我們在交易過程之前籌集了資金。去年，我們從Liberty Energy Services 了解到，克里斯·賴特(Chris Wright) 在我們完成交易後加入了我們的董事會，考慮到他在該領域的地位和專業知識，他對此的部分信念顯然是他喜歡這個故事核能和能源豐富，在石油和天然氣領域也有一些市場開發潛力。

So I see quite a bit of upside on there. I just was the one that rambled while our CFO actually spent a good amount of time in the oil and gas industry. So Craig, do you want to add anything on that?

所以我看到了很大的好處。我只是一個漫無目的的人，而我們的財務長實際上在石油和天然氣行業花了很多時間。克雷格，你想補充什麼嗎？

I would just say, 30 years in the oil and gas sector and most of the operations need to operate 24/7. They want reliability. And most of the majors have got some form of carbon reduction targets that they're trying to meet too. So I think our offer works very well to meet those needs.

我只想說，石油和天然氣行業已有 30 年歷史，大多數業務都需要 24/7 運作。他們想要可靠性。大多數專業公司都制定了某種形式的碳減排目標，並試圖實現這些目標。所以我認為我們的產品可以很好地滿足這些需求。

Ivan (inaudible)

伊凡（聽不清楚）

Thank you. Congratulations on the progress and the first public call. And thanks for taking my questions. On slide 20 with your pipeline, can you give us some like outline of the steps from signing the initial letter to going through the process to getting a final power reactor?

謝謝。恭喜您取得進展並首次公開徵集。感謝您回答我的問題。在第 20 張投影片上的管道中，您能給我們一些類似的步驟概要嗎？

Yeah. So basically, the way this works for us, kind of from a process perspective, as we start engaging with customers is to sort of progress it through that relationship because each site, each consideration around the market, each customer, when I say the market, I mean the local market consideration, each customer, everything is variable.

是的。所以基本上，從流程的角度來看，這對我們來說是有效的，當我們開始與客戶接觸時，就是透過這種關係來推進它，因為每個站點，圍繞市場的每個考慮因素，每個客戶，當我說市場時，我的意思是當地市場的考慮，每個客戶，一切都是可變的。

So we go through a process of sort of marching through progression as we engage with customers and they're interested to move forward, often starting with either a memorandum of understanding, which can kind of set a broad scope to survey things and figure out where we want to go.

因此，當我們與客戶接觸並且他們有興趣繼續前進時，我們會經歷一個逐步推進的過程，通常從一份諒解備忘錄開始，這可以設定一個廣泛的範圍來調查事物並找出方向我們想去。

And then that often kind of goes into a letter of intent to effectively purchase power from us that outline site and size and price ranges. Sometimes customers know enough, so they kind of leapfrog the MOU and they go straight to the LOI.

然後，這通常會寫成一份意向書，以便有效地從我們這裡購買電力，概述地點、規模和價格範圍。有時客戶知道得夠多，所以他們會跳過諒解備忘錄，直接簽署意向書。

Actually, that's been more often the case for us. And then from there, we go through a process of working with them to determine the site, determine where we want to, like where it makes the most sense to go. Oftentimes these projects or these kind of -- these LOIs would entail multiple plans being built.

事實上，我們更常遇到這種情況。然後從那裡開始，我們經歷了與他們合作的過程，以確定地點，確定我們想去的地方，例如最有意義的地方。通常，這些項目或此類意向書需要製定多個計劃。

So you want to be mindful about how the growth plan works there too as we go through site selection sort of process. And then once those things are identified and determined, you're going through that, you're doing the PPA development and then detailed negotiation accordingly in parallel and then in subsequent to develop finalizing on site, at which point then once you have a PPA signed, we kind of transition into execution.

因此，當我們進行選址之類的過程時，您也要注意增長計劃如何在那裡發揮作用。然後，一旦這些事情被識別和確定，你就會經歷這些，你正在進行 PPA 開發，然後並行進行相應的詳細談判，然後在現場進行最終確定，此時一旦你有了 PPA簽署後，我們就進入了執行階段。

But right now it's in our advantage not to just rush into PPAs given there's so much demand out there and they're going to constrain our opportunities or our ability to -- as you look at what the demand curves are and the indications out there.

但目前我們的優勢是不要急於簽署購電協議，因為需求如此之大，而且它們將限制我們的機會或我們的能力——當你看看需求曲線是什麼和那裡的跡象時。

And we look more high level at what the projections are, right, for what people are talking about meeting and all of these factors that are very good for us. It does create a situation where we might be oversubscribed in our ability to deliver for a couple of years, just given that there's so much interest.

我們從更高的層面來看預測，對吧，人們談論的會議內容以及所有這些對我們非常有利的因素。考慮到人們的興趣如此之大，它確實造成了一種情況，即我們在幾年內的交付能力可能會被超額認購。

Now there's a lot of interest on the backend for that timing. So we want to work with customers to see what makes the most sense to stage those things. But it's a great place to be because it gives us a good position in terms of how we think about prioritization and execution accordingly.

現在，後端對此時機產生了許多興趣。因此，我們希望與客戶合作，看看如何安排這些事情最有意義。但這是一個很棒的地方，因為它讓我們在如何思考優先事項和相應執行方面處於有利地位。

And Ivan, it's Craig. I know one of the challenges on a day like today is we put a lot of materials out there and there's only an hour to look at them. But I think its page eight of our shareholder letter actually has a nice little visualization of the steps from that MOU stage that Jake mentioned until I actually get in a PPM place.

伊万，我是克雷格。我知道像今天這樣的一天面臨的挑戰之一是我們放了很多材料，但只有一個小時的時間來查看它們。但我認為我們的股東信函的第八頁實際上對傑克提到的諒解備忘錄階段的步驟進行了很好的可視化，直到我真正進入 PPM 位置。

Okay. But now one of my questions, let's say you have a potential customer that's already running a data center. They have land and they want just to contract with you. Would they be able to streamline the licensing permits -- the approval process?

好的。但現在我的問題之一是，假設您有一位潛在客戶已經在運行資料中心。他們有土地，他們只想與你簽訂合約。他們能否簡化許可許可－審批流程？

I mean, I would believe that you have tremendous demand and probably the bottleneck is the ability to get regulatory approval all the way down to permits to build and eventually implement. So do you have customers in the pipeline that would fit like that outline that could streamline the process?

我的意思是，我相信你們有巨大的需求，而瓶頸可能是獲得監管部門批准一直到建造許可和最終實施的能力。那麼，您是否有符合該大綱的客戶，可以簡化流程？

And also, what is the process of, let's say, taking deposits or financial commitments that also could help finance the build out of the reactors?

另外，比如說，吸收存款或財務承諾的過程是什麼，這也可以幫助為反應爐的建設提供資金？

Yeah, I'll just start on the siting and Craig, feel free to chime in. So there are some benefits when they have a site and where we want to go for various reasons, often times they have infrastructure in hand and everything else.

是的，我將從選址開始，克雷格，請隨意插話。因此，當他們擁有一個站點以及我們出於各種原因想去的地方時，會有一些好處，通常他們手頭上有基礎設施和其他一切。

So it does just have some benefits, but most of those benefits are going to be realized on the actual like construction and installation phase. The permitting process itself at the local level might benefit some, but that's largely wrapped up in the federal side.

所以它確實有一些好處，但大部分好處將在實際的施工和安裝階段實現。地方層級的許可程序本身可能會讓一些人受益，但這很大程度上取決於聯邦方面。

So you mostly are going to see those benefits kind of on the construction side. That said, it helps drive the process forward and it makes things clear and simpler, which is a good thing when you do have a customer who's like that.

因此，您通常會在施工方面看到這些好處。也就是說，它有助於推動流程向前發展，並使事情變得清晰和簡單，當您確實有這樣的客戶時，這是一件好事。

And I would say, of several, like of the customers we've announced and been talking quite a bit about on the data center side, it's a mix of some of the site they very specifically know and want power at, others have a variety of sites that they're kind of exploring and trying to prioritize where they're going to see the demand go and then where we can go. So it's co-interative. So it just depends kind of on a case by case basis.

我想說的是，在幾個方面，例如我們已經宣布並在資料中心方面進行了大量討論的客戶，這是他們非常具體了解並想要獲得電力的一些站點的混合體，其他站點則有各種各樣的他們正在探索的網站，並試圖優先考慮他們將看到需求的地方，然後是我們可以去的地方。所以它是協同互動的。所以這只是取決於具體情況。

But I do think in general, places that have sites and have the area and land for us to be able to go build with them, have a strong advantage when it comes to the overall speed of deployment, if that makes sense.

但我確實認為，總的來說，如果有道理的話，那些擁有場地、有足夠的面積和土地供我們進行建設的地方，在整體部署速度方面具有強大的優勢。

And I would say, the question on financing, and we've already got one great example of Equinix investing in the company. And every customer is going to look at those sorts of things differently. It made me more than happy to entertain those sorts of conversations with some of our other customer stats.

我想說的是，關於融資的問題，我們已經得到了 Equinix 投資該公司的一個很好的例子。每個客戶都會以不同的方式看待這些事情。這讓我非常樂意與我們的其他一些客戶統計數據進行此類對話。

Thank you. That will conclude the analyst Q&A portion. I will now turn the call back to Sam Doane to address retail questions.

謝謝。分析師問答部分就到此結束。現在我將把電話轉回薩姆·多恩（Sam Doane），以解決零售問題。

Thanks, Jess. Our first question from our retail investors are AI has been a big buzzword, but where else is the focus for Oklo and what goes beyond powering just that facet of the future?

謝謝，傑西。散戶提出的第一個問題是，人工智慧已經成為一個熱門詞彙，但 Oklo 的關注點還有哪些？ 除了為未來的這一方面提供動力之外，還有什麼？

Yeah, I think it's definitely getting a lot of attention in terms of growth, opportunity, energy needs, all those things. I think we see it's quite constructive and driving obviously like data center development growth. But there were a couple of big macro factors in hand even before sort of, I would say, AI came storming out of the scene from an energy perspective.

是的，我認為它在成長、機會、能源需求等所有方面肯定受到了很多關注。我認為我們認為它非常有建設性，並且明顯推動了資料中心開發的成長。但我想說的是，甚至在人工智慧從能源角度迅速退出舞台之前，就已經存在了一些重大的宏觀因素。

Obviously, given our chairman has a pretty unique insight in the future of AI, we've kind of been excited about what could be in the data center side for some time. But the reality is there's been several dynamics here that are favorable for us.

顯然，鑑於我們的董事長對人工智慧的未來有非常獨特的見解，一段時間以來我們對資料中心方面的發展感到興奮。但現實是這裡有一些對我們有利的動態。

One is, we have the energy transition perspective in hand in process, I would almost call it that way. That is, I think, moving at pace. That was kind of -- I think we're coming up right around now is the two year anniversary of the inflation reduction act, obviously, a big piece of legislation and policy to move forward and try to accelerate the energy transition. That is creating a huge amount of demand for electrification.

一是，我們已經掌握了能源轉型的觀點，我幾乎會這樣稱呼它。我認為，這就是在快速發展。我認為我們現在正值《通貨膨脹削減法案》兩週年紀念日，顯然，這是一項重大的立法和政策，旨在推動並努力加速能源轉型。這創造了大量的電氣化需求。

And that number might take time to fully realize. But if you look at what's on hand for that and for incentivization for that, the numbers are staggeringly large. And that's a huge amount of opportunities just there.

這個數字可能需要時間才能完全實現。但如果你看看現有的資源和激勵措施，你會發現這個數字大得驚人。這其中蘊含著巨大的機會。

Additionally, we also have this other big macro factor occurring, which is -- let me just add some context on energy transition. It's such a generalized electrification and sustainable and actually scalable electrification in a meaningful way.

此外，我們還發生了另一個重大宏觀因素，那就是——讓我補充一些有關能源轉型的背景。這是一種普遍的電氣化，以一種有意義的方式實現可持續且實際上可擴展的電氣化。

Which means, we need to have a whole portfolio, a whole grid perspective, and nuclear is going to play a really important part of that, which is why, over a year ago, the Department of Energy had a report that projected nuclear capacity would come directly triple or so in terms of meeting energy transitioning. That's a huge opportunity alone there.

這意味著，我們需要有一個完整的投資組合，一個完整的電網視角，而核電將在其中發揮非常重要的作用，這就是為什麼一年多前，能源部有一份報告，預計核電容量將在滿足能源轉型方面直接達到三倍左右。這本身就是一個巨大的機會。

And you see capacity markets recently reflecting that. The fact that capacity markets pricing in PJN went factor 9 times or something like that, a significant increase. That reflects sort of the obviously capacity factor for nuclear capacity value that a nuclear plant affords. And some of the shortfalls that some of the deployment of clean energy technology has had in terms of what it's trained on the grid and then how to make sure pricing reflects all the things.

你會看到容量市場最近反映了這一點。事實上，PJN 的運力市場定價翻了 9 倍或類似的數字，這是一個顯著的成長。這反映了核電廠所提供的核容量價值的明顯容量因素。清潔能源技術的一些部署在電網上的訓練以及如何確保定價反映所有方面方面存在一些不足之處。

So all-in-all, the energy transition is one of the big pillars here for growth, massive in scale. The other is then, and what I mean massive in scale is, you look at those numbers and it's tens to hundreds of gigawatts in total size for that.

總而言之，能源轉型是經濟成長的一大支柱，而且規模龐大。另一個是，我的意思是大規模，你看看這些數字，總規模有幾十到幾百吉瓦。

Additionally, as we look at this massive reindustrialization occurring in the US, the Chips Act is a good example of that as we're trying to drive bringing manufacturing back into the United States. That needs energy. A lot of those facilities need 24/7 reliable energy, frankly, to run, and energy costs can be sizable for the input on that.

此外，當我們審視美國發生的大規模再工業化時，《晶片法案》就是一個很好的例子，因為我們正在努力推動製造業重返美國。那需要能量。坦白說，許多此類設施需要 24/7 可靠的能源來運行，而能源成本對於其投入可能相當大。

And so I think you're going to see that increasingly play a role in and as companies are looking at citing manufacturing capacity somewhere in the US. If power availability or access or reliability is a challenge, which it increasingly is, they're going to be turning to bring their own power solution, which is a win-win for kind of everybody in many ways. And that's pretty constructive to us as well. So that's a big factor there.

因此，我認為您會看到，隨著公司考慮引用美國某處的製造能力，這一點將越來越重要。如果電力可用性、存取或可靠性是一個挑戰（而且這種情況越來越嚴重），他們將轉向帶來自己的電力解決方案，這在許多方面對每個人來說都是雙贏的。這對我們來說也很有建設性。所以這是一個很大的因素。

And then of course you have the AI side. I think those three also then cast their things in between there's the defense opportunities around resilience, there's opportunities for just replacing retiring assets on the power generation side.

當然還有人工智慧方面。我認為這三個人也將他們的東西放在兩者之間，有圍繞彈性的防禦機會，有機會更換發電方面的退役資產。

So there's a lot of things here that are kind of driving forward on this. So at the end of the day, I think AI is a big piece here, but there's a lot of other demand drivers at this point. But we see AI right now moving faster than everything else.

因此，這裡有很多事情可以推動這一點。所以歸根結底，我認為人工智慧是這裡的一個重要組成部分，但目前還有很多其他需求驅動因素。但我們看到人工智慧現在的發展速度比其他一切都快。

Thanks, Jake. Our next question is, could you provide an update on the expected completion timeline for your waste recycling facility? And once operational, what percentage of fuel in your powerhouses do you anticipate will come from this recycled source?

謝謝，傑克。我們的下一個問題是，您能否提供廢棄物回收設施的預計完工時間表的最新資訊？一旦投入運行，您預計發電廠中的燃料將來自這種回收來源的百分比是多少？

Yes, so fuel recycling is one of the things I'm really excited about. I could probably take way too long to answer all sorts of fun things about this. So try to be concise on this. So recycling provides a pretty important way to diversify fuel streams for us, as well as the opportunity to reduce fuel costs in a pretty meaningful way, while also enhancing and diversifying revenue streams for the business from sort of co-product sales.

是的，燃料回收是我真正興奮的事情之一。我可能需要很長時間才能回答有關此的各種有趣的事情。因此，請盡量簡明扼要。因此，回收為我們提供了一種實現燃料流多樣化的非常重要的方式，以及以非常有意義的方式降低燃料成本的機會，同時也透過副產品銷售增強了業務收入流並使其多樣化。

All-in-all, pretty exciting, something that we're then pursuing as quickly as we reasonably can accordingly. I think we aim to have a facility operational at the start of the decade, basically, so getting something built out in the late 2020s to be operational come 2029, 2030, and then starting to ramp operations from there.

總而言之，這是非常令人興奮的，我們將盡快追求這一目標。我認為我們的目標基本上是在本世紀初讓一個設施投入運營，因此在 2020 年代末建成一些設施，以便在 2029 年、2030 年投入運營，然後從那裡開始逐步運營。

The way this process works, so like refining specifically, is it's modular or it's batch-wise process, so it's inherently modular. So as a result, we anticipate having sort of like a scale-up and ramp-up of modules in the larger scale facility to deliver as we scale.

這個過程的工作方式，就像具體的精煉一樣，是模組化的還是分批過程，所以它本質上是模組化的。因此，我們預計在更大規模的設施中，模組的擴展和提升會隨著我們的擴展而交付。

Our goal will be to move as quickly as we can to take up as much of the recycling capacity as we can, but we still see a need that we'll have fresh fuel input on, largely because of sort of the order book and what we're anticipating, the growth scenarios, like we're just talking about driving sort of the demand for our ability to deliver, which is going to inherently be hard for us to keep up with on the recycling side.

我們的目標是盡快採取行動，盡可能多地利用回收能力，但我們仍然認為需要輸入新鮮燃料，這主要是因為訂單簿的種類以及我們正在預測增長情景，就像我們剛剛談論的那樣，推動對我們交付能力的需求，這對我們來說本質上很難在回收方面跟上。

So I think we target that, I talk about this sometimes, you hear me say, we think in scales of very long time frame here, but I think it would take us, frankly, out for maybe 100 or 200 years to fully hit, like a higher than maybe 85% or 90% full reliance on recycling, but in the near term, we try to get those numbers close to 50-50 as soon as we can. A lot of that's just going to be dictated by growth on the recycling front as well as growth on the order book.

所以我認為我們的目標是，我有時會談論這個，你聽到我說，我們在這裡考慮很長的時間框架，但坦白說，我認為我們可能需要 100 或 200 年才能完全實現，例如超過85% 或90% 的完全依賴回收，但在短期內，我們試圖盡快讓這些數字接近50-50。其中很大一部分將取決於回收方面的成長以及訂單的成長。

And Jake, just to prove I'm listening when you talk about it, the other thing that excites me about recycling is not only what it can do around our supply chain for fuel and our price of fuel, but that process itself throws off some great co-products, some isotopes that are very high and ever increasing demand in the medical industry, in the aerospace industry. So there's potential, we have business within that business as we develop it.

傑克，只是為了證明我在聽你談論這個問題，回收讓我興奮的另一件事不僅是它可以在我們的燃料供應鏈和燃料價格方面發揮作用，而且這個過程本身會引發一些問題。副產品，一些同位素在醫療產業和航空航太產業的需求量非常高且不斷增加。所以這是有潛力的，隨著我們的發展，我們在該業務中擁有了業務。

And that will conclude questions altogether. I'll turn the conference back to Jake for any additional or closing comments.

這將完全結束問題。我將把會議轉回給傑克，以徵求任何補充或結束意見。

Great, well, thank you everyone for joining us today. We appreciate the attention, the time, the thoughtfulness around the questions. We're excited about these continuing, keeping you guys up to date as we proceed forward on executing against our plans and march forward getting our first plant built, getting recycling scaled up, delivering and growing our order book, all the cool things that are going to be coming for us.

太好了，謝謝大家今天加入我們。我們感謝您對問題的關注、時間和深思熟慮。我們對這些持續感到興奮，讓你們了解最新情況，因為我們繼續執行我們的計劃，並繼續建造我們的第一家工廠，擴大回收規模，交付和增加我們的訂單，所有這些很酷的事情將會來找我們。

At the end of the day, one of the things that motivates us here and me specifically at Oklo, it's pretty easy to get really excited about is what the fundamental technology affords us the ability to do. Fast reactors have significant economic upside, significant fuel efficiency benefits that coupled with recycling, all of which demonstrated technology, truly has the potential to be a terminal energy and climate solution.

歸根結底，激勵我們和我，特別是在 Oklo 的事情之一，很容易讓我們真正感到興奮的是基礎技術為我們提供了做事的能力。快堆具有顯著的經濟優勢、顯著的燃料效率優勢，再加上回收利用，所有這些都證明了技術確實有潛力成為終端能源和氣候解決方案。

In other words, you have a technology set that's been demonstrated and proven that we now have the opportunity to scale forward that can tap into reserves of heavy metals on this planet and power the entire planet's energy needs for the rest of the planet's durable lifetime.

換句話說，你擁有一套經過論證和證明的技術，我們現在有機會向前擴展，可以利用這個星球上的重金屬儲量，並為整個地球的剩餘壽命提供能源需求。

That's a pretty exciting thing to be motivated to work, or exciting thing to get to work on, pretty easy to get motivated to work on. So we're very excited about being a public company now, looking forward to keeping you all up to date as we progress towards our goal and our mission here and look forward to the next one of these. Thank you all.

這是一件非常令人興奮的事情，能夠激發工作動力，或令人興奮地開始工作，很容易激發工作動力。因此，我們現在對成為一家上市公司感到非常興奮，期待在我們朝著我們的目標和使命前進的過程中向大家通報最新情況，並期待下一個目標和使命。謝謝大家。

Thank you. That does conclude today's program. Thank you for your participation. You may disconnect at this time.

謝謝。今天的節目到此結束。感謝您的參與。此時您可以斷開連線。