Oklo Inc, an advanced fission technology and nuclear fuel recycling company, has appointed R Craig Bealmear as Chief Financial Officer. Bealmear brings extensive experience from the renewable and downstream energy sectors. With over thirty years of experience in financial and commercial leadership, particularly in public company settings, Bealmear will play a pivotal role in Oklo’s continued growth and lead the Company’s financial strategy. In his role as CFO, Bealmear will hold a critical position overseeing all corporate financial functions. This includes spearheading initiatives to identify and access capital markets, fostering and managing key investor relationships, and formulating the Company’s long-term financial strategy.
“We are excited to welcome Craig to the Oklo team. Craig’s extensive international experience in corporate finance, commercial operations and strategy will be instrumental in supporting Oklo’s mission to provide clean, reliable, and affordable energy on a global scale,” said Jacob DeWitte, Oklo’s co-founder and CEO. “Having previously served as a public company CFO, Craig brings valuable insights into investor relations and other crucial aspects of scaling businesses and enhancing shareholder value.”
During Bealmear’s 28-year career at BP, he had a variety of significant responsibilities that culminated in his role as CFO for its North America downstream division, in which Bealmear was responsible for financial reporting, control, and compliance for its three U.S. refineries, midstream operations and 7,500 retail sites across the continent. His experience in developing and implementing deal structures, including joint ventures with private equity firms, positions Oklo to explore strategic opportunities for growth and expansion. In his most recent role as a member of Renewable Energy Group senior leadership team, Bealmear led all financial activities, including accounting, financial planning, tax, compliance, internal audit, treasury, and investor relations. Bealmear played a crucial role in several important strategic initiatives to REG, including its inaugural $550 million green bond offering and the sale of the company to Chevron for $3.15 billion in 2022.
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“I am thrilled to accept the role of CFO at Oklo and be a part of the tremendous team that is being assembled to transform how fission technologies come to market and meet the urgent need for affordable, reliable, clean energy,” said Craig Bealmear, Oklo’s CFO. With Bealmear’s exceptional qualifications and unwavering dedication to driving sustainable energy solutions, Oklo is confident in its ability to achieve new milestones as a public company and revolutionize the energy landscape.
Bealmear holds an MBA degree in Finance from The Wharton School: University of Pennsylvania and an undergraduate degree in Business Administration from Bellarmine University. He serves on the board of the Bellarmine University Rubel School of Business Executive Committee and is on the President’s Counsel at the Chicago Museum of Science and Industry.
On July 11, 2023, Oklo and AltC Acquisition Corp., a special purpose acquisition company, announced a definitive business combination agreement. This valued Oklo at $850 million and is expected to deliver up to $500 million in gross proceeds from the cash held in AltC’s trust account, subject to redemptions by AltC shareholders. Oklo will use the funds to construct the first Aurora powerhouse and build out the business.
Oklo has a robust pipeline of potential customer engagements across a number of industries and signed non-binding indications of interest that it believes could result in sales of over 700 MWe. The early demand for Oklo’s solutions exemplifies the market interest in its scalable size range and differentiated business model, involving selling power as well as selling nuclear fuel recycling services to the U.S. market.
Oklo also recently announced its tentative selection as the contractor awardee to site a micro-reactor at Eielson Air Force Base Alaska and signed a new Memorandum of Understanding with Centrus, the trusted domestic supplier of nuclear fuel and services for the nuclear power industry. Oklo and Centrus have entered into a broad range of collaboration programs supporting the development and operation of Oklo’s Aurora powerhouses including supply of HALEU produced by Centrus at its Piketon, Ohio, facility. The announcement includes Oklo’s early customer engagement with Centrus for Oklo’s planned Ohio plants. Centrus intends to buy clean, reliable, and affordable energy from Oklo to power its HALEU Production Facility.
SOURCE : BusinessWire