X-energy Finalizes $235 Million Series C Financing

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, announced that it has completed its Series C financing round with an additional $80 million from Ares Management Corporation and X-energy Founder, Kam Ghaffarian. This additional $80 million brings the total capital raised in the Series C financing round to $235 million, including anticipated conversions of certain of the Company’s outstanding convertible notes. Previous investors in the Series C financing round include Ontario Power Generation, Curtiss-Wright Corporation, DL E&C, and Doosan Enerbility.

“We are grateful to all of our investors for supporting X-energy and advancing our mission to meet growing energy demands facing the world today with clean, safe, affordable, and reliable solutions,” said Kam Ghaffarian, Ph. D., Founder and Executive Chairman of X-energy. “We are proud of the technology advancements our team has developed and are excited about the market opportunities expected to underpin our growth going forward.Combined with our technological advantages and strategic customer and investor collaborations, X-energy is poised to generate value and execute our growth strategy.”

“Ares is proud to support X-energy as it executes its mission to help drive the transition to a lower-carbon economy through advanced nuclear energy,” said David Kaplan, Co-Founder, Director, and Partner of Ares Management Corporation. “X-energy’s differentiated and cost-effective technology is well-positioned to address the needs of power for the electric grid and generating heat for industrial applications. We remain confident in X-energy’s ability to create long-term, sustainable value for its stakeholders.”

X-energy is developing the Xe-100, a high-temperature gas-cooled advanced small modular reactor, its proprietary TRISO-X fuel, and a mobile microreactor to safely and efficiently deliver affordable zero-carbon energy to people around the world. TRISO fuel has a more than 40-year demonstrated track record through prototype and full-scale reactors and has been called “the most robust nuclear fuel on earth” by the U.S. Department of Energy.

X-energy’s intrinsically safe Xe-100 reactor and fuel design greatly expand applications and markets for deployment of nuclear technology relative to other small modular and conventional nuclear reactors. The Xe-100 can also uniquely address a broader range of uses and applications compared with light water nuclear reactors. This specifically includes applications that currently rely on fossil fuels to produce steam and high temperature heat for processes like manufacturing, petroleum refining and hydrogen production.

The U.S. Department of Energy, through its Advanced Reactor Demonstration Program, is supporting X-energy’s initial deployment of the Xe-100 at Dow’s Seadrift, Texas facility and the creation of the nation’s first commercial facility to manufacture TRISO-X high-assay low-enriched uranium-based fuel for next-generation reactors. The project in Seadrift is focused on providing the Dow site with safe, reliable, zero carbon emissions power and steam, and will be the first grid-scale advanced nuclear reactor deployed to serve an industrial site in North America.

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