10:06 AM EDT, 04/08/2024 (MT Newswires) -- Diamondback Energy ( FANG ) signed a letter of intent for a planned 20-year power purchase agreement with nuclear fuel recycling company Oklo.

Oklo announced the deal Monday, under which it plans to license, build, and operate Aurora powerhouses that will supply 50 megawatts of electric power to Diamondback Energy's ( FANG ) Diamondback E&P unit in Texas.

Oklo said the LOI also covers options to renew and extend the potential agreement by another 20 years but did not disclose the financial terms.

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