X-Energy Reactor Company, a Rockville, MD-based company which specializes in advanced nuclear reactor and fuel technology, raised approx. $500M in Series C-1 funding.
The round was led by Amazon.com. Citadel Founder and CEO Ken Griffin, affiliates of Ares Management Corporation, NGP, and the University of Michigan joined Amazon’s Climate Pledge Fund in the financing round.
The company intends to use the capital for the completion of its reactor design and licensing as well as the first phase of its TRISO-X fuel fabrication facility in Oak Ridge, Tennessee. Additionally, the funding will support future carbon-free projects that will use its Xe-100 advanced small modular nuclear reactors (“SMRs”).
Led by CEO J. Clay Sell, X-Energy Reactor Company is a developer of advanced small modular nuclear reactors and fuel technology for clean energy generation. Its SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear.
Amazon and X-energy are also collaborating to bring more than 5 gigawatts of new power projects online across the United States by 2039. Further, the two companies plan to establish and standardize a deployment and financing model to develop projects in partnership with infrastructure and utility partners.
The companies will initially support a four-unit 320-megawatt (“MW”) project with regional utility Energy Northwest in central Washington with the option to increase that project to 12 units and 960 MW. Amazon is immediately committing a direct investment in the Energy Northwest project to fund early development work that X-energy will perform.
FinSMEs
16/10/2024