Deep Fission, Inc. Common Stock Canaccord Genuity's 46th Annual Growth Conference

All right. Thank you, George. I am going to keep my coffee with me because it is very cold in here. Deep Fission, we are an advanced nuclear company, but we are the only one who are building reactors in boreholes a mile underground. It is one of those ideas that might sound a little bit crazy the first time you hear about it, but the more you think about it and the more you learn about it, I think you are going to be convinced that this is the way that nuclear power is going to get built moving forward. There are so many advantages when you are building underground. Fundamentally, it comes down to the challenge of construction versus the challenge of drilling. When you are building above ground, it is not the nuclear core that is the complicated part or the difficult part of the reactor.

It is everything that is surrounding the core. I am talking about your emergency core cooling system or your heat transfer systems, your containment building. All of those things take years and significant cost in order to build. You have a pressurizer in order to create the right amount of pressure. That is another $1 billion right there. If instead of building above ground, where you have that expense and years and years of construction, you take advantage of the natural properties of being in a borehole a mile underground, then first of all, you can cut the number of complexity significantly. You do not need to build a containment dome because you are surrounded by billions of tons of rock. In the vertical direction, you have a mile's worth of water that is above you in the borehole, which is going to be scrubbing anything that is in your borehole.

That water is also creating the pressure that you need, so you do not need a separate pressurizer. It is also your heat transfer system, so we can leverage what we know from geothermal in order to get the heat out of the borehole. It is also your emergency core cooling system. Fundamentally, what Deep Fission has done is taken existing, available pressurized water reactor technology, but we are deploying it in a new model that is much faster and much, much less expensive. All right, so we are able to leverage the history of pressurized water reactors. The first pressurized water reactor went critical in the 1950s. You might have seen, if you have been following the nuclear industry, some announcements recently about criticality experiments, which are a big deal if you are developing a new type of reactor with a new type of reactor physics that has not been proven before.

But what Deep Fission is doing is different. We are taking existing, available pressurized water reactor technology, what not only was tested in the 1950s, but it is deployed at scale today. Here in the U.S., we have 64 operating pressurized water reactors that are making about 67 gigawatts of electricity. We are taking that technology, but deploying it in a different environment. There is a technology validation period, but it is not a proving a new technology type of thing. We are able to leverage existing understanding in order to move very quickly. We are targeting commercial deployment next year. We are participating in the United States Department of Energy Reactor Pilot Program, but we are doing so with a full commercial reactor. Not a test reactor, not a criticality experiment, but a full commercial reactor that we hope to have up and running next year. Here is us building. Again, a couple of years ago, not a lot of nuclear companies had the ability to actually build things, but now we are.

We are participating in the United States Department of Energy Reactor Pilot Program. We are building right now. What you see up here on the upper right is our reactor canister. This is the canister that the fuel will go into and gets lowered down into the borehole. You also see some drilling rigs in order to create the borehole and to lower the canister underground. We are combining pressurized water reactor technology, which I have mentioned, with other mature technologies. We know how to drill. There has been a lot of validation of drilling technology over the past 20 years. Deep Fission is able to take that same drilling technology, but use it for a new use, for pressurized water reactors.

We are also able to leverage knowledge from the geothermal. We know how to take heat from the bottom of the borehole, bring that heat to the surface, and use that to generate electricity. If you are looking at a Deep Fission site from above ground, it is going to look a lot like a geothermal facility because you are not going to see the reactors underground. Sometimes we describe it as nuclear-assisted geothermal. This is our reactor. It is actually that bottom part. The red part at the bottom is our reactor. The main thing to notice here, and anyone who has studied nuclear physics before, this is amazingly simple. Typically, if you see a picture of a nuclear reactor, there is a lot of different parts. There is the pressurizer, there is the water cooling systems, there is the heat transfer systems.

All of that, we are able to leverage the existing geology and the water that is above us in our reactor. This is a much simplified version of a pressurized water reactor. Happy to take more questions on this at the end. I think everyone here probably understands how much interest there is right now in power. We need to build. There is a huge opportunity. If you can build it, they will come, and that is very much true right now in the power industry. There are a lot of companies who are targeting the 2030s. What I think you see here in this chart is how much we need before 2030. What Deep Fission is doing, what we are excited about is how much of that we can capture in the next couple of years before we even get to 2030.

I think there's going to be a tremendous demand, and because we're using existing technology and existing fuel, we're going to be able to grab that market share much faster. All right. I've mentioned this already. We're not focused on a criticality test. We are going straight to the commercial reactor. We're able to do this because we're part of the Department of Energy Reactor Pilot Program, which gives us a leg up when it comes to regulatory and authorization. We did hit our first and very significant milestone that we announced just last week with our Nuclear Safety Design Agreement that has now been approved by the Department of Energy. This is huge. This is not all of the detail, that will come later, but this really sets the framework for how we showed our safety case to the Department of Energy. We're also commercially siting. We have a site now in Kansas, Parsons, Kansas.

It's at a big industrial park. It's an area that is zoned nuclear, it's zoned industrial. It's been that way for over 20 years. They've got 13,000 acres. They have security perimeter. They have roads. They even got a train that goes through. We're able to leverage all of that in order to build more quickly. The fuel is a very important one, too. Many advanced reactor companies are dependent on HALEU or TRISO, or even just different fuel forms for low-enriched uranium. Deep Fission has designed our reactor around the fuel that is commercially available today. The same fuel that would go into an above ground pressurized water reactor is the fuel that Deep Fission is using.

We can purchase it from Framatome, from Westinghouse, from others, and leverage that so that not only can we build a first reactor quickly, but we should be able to scale very quickly once we have the first one up and running. Construction and manufacturing. We're able to leverage existing supply chains. First of all, because we need much less, there's a lot of parts that we don't need for our reactor, so that's easy to manufacture it when you don't have anything you need to supply. But for the parts that we do need, there are dozens of suppliers in the United States that can manufacture to our specifications. We have a robust supply chain that allows us to deliver this much more quickly. You saw in the previous picture, we already have a prototype canister that's been delivered to our site.

Working with that same manufacturer for the next version of our reactor canister, it's going to take about six months to get that manufactured and delivered. We also have a very strong pipeline. Deep Fission is still a little bit under the radar in terms of many people haven't heard of us and aren't familiar with the technology. But we've got a massive pipeline, really one of the biggest pipelines there is, 18.5 gigawatts of pipeline. These are from customers who have actual electricity needs. They understand the technology, and they're able to look at the market and make their own judgment call as to what is going to be able to come to the market quickest and be able to meet the demands that they have. We're looking at a six-month build time.

The build time is measured in weeks because our build time is drilling time. We know we are looking at about 60 days to drill our well. Again, we are looking at weeks, not the years that it would take to build this through construction above ground. This is really an illustration of the many things that we do not need in our reactors. I talked about simplicity and why we are able to do this so much faster. We do not need a reactor pressure vessel. Above ground reactors have reactor pressure vessels that have to withstand high pressure on the inside, one atmosphere of pressure on the outside. These reactor vessels typically cost about $1 billion and can only be manufactured in a handful of countries around the world. The wait times for getting them is very slow.

Deep Fission, in contrast, we are able to use a slim, thin, inexpensive reactor canister that can be manufactured to our specifications by dozens of manufacturers in the United States. I will also talk about our emergency core cooling system. I do not know how many people here are familiar with Vogtle, the newest reactor in the United States? Yes, good. What Vogtle did is they actually lifted up water above their reactor. There is a big platform above the facility that holds water there, so if there is ever a loss of power and the reactor requires cooling, that water will come down with the force of gravity and cool the reactor. It is remarkably well done, but at the same time, you can imagine how expensive it is to construct something that is going to hold a massive amount of water above your reactor in permanence.