AltC Acquisition Corp announced this week that its merger partner Oklo signed a Letter Of Intent (LOI) with Diamondback Energy to collaborate on a 20-year power purchase agreement.
AltC Acquisition Corp. shares are trading higher Monday after Oklo announced an agreement with Diamondback Energy Inc. (NYSE:FANG) to collaborate on a long-term power purchase agreement. The letter of agreement (LOI) signed by the companies outlines a 20-year power purchase agreement between Oklo and Diamondback. According to the terms of the LOI, Oklo intends to license, build, and operate powerhouses capable of generating 50 MW of electric power to Diamondback E&P LLC, a wholly owned subsidiary of Diamondback near Midland, Texas.