X-energy, a prominent developer of advanced small modular nuclear reactors and fuel technology, has successfully concluded its Series C financing round with an additional $80 million from Ares Management Corporation and X-energy Founder, Kam Ghaffarian. This supplementary funding brings the total capital raised in the Series C round to $235 million, encompassing expected conversions of specific outstanding convertible notes. Previous investors in the Series C round include Ontario Power Generation, Curtiss-Wright Corporation, DL E&C, and Doosan Enerbility.
X-energy is recognized for its development of the Xe-100, a high-temperature gas-cooled advanced small modular reactor, along with its proprietary TRISO-X fuel and a mobile microreactor. The company aims to deliver safe, affordable, and reliable zero-carbon energy solutions globally. The TRISO-X fuel has demonstrated over 40 years of reliability through prototype and full-scale reactors, earning it the distinction of being termed “the most robust nuclear fuel on earth” by the U.S. Department of Energy.
The intrinsically safe Xe-100 reactor and fuel design developed by X-energy open up new applications and markets for the deployment of nuclear technology. It expands the potential uses of nuclear energy in comparison to other small modular and conventional reactors, with a particular focus on applications currently reliant on fossil fuels for steam and high-temperature heat production.
Supported by the U.S. Department of Energy’s Advanced Reactor Demonstration Program, X-energy is set to deploy the Xe-100 at Dow’s Seadrift facility in Texas. This deployment aims to provide the site with safe, reliable, and zero-carbon emissions power and steam, marking the first grid-scale advanced nuclear reactor deployed to serve an industrial site in North America. Additionally, the project includes the establishment of the nation’s first commercial facility for manufacturing TRISO-X high-assay low-enriched uranium-based fuel for next-generation reactors.
Kam Ghaffarian, Founder and Executive Chairman of X-energy, expressed gratitude to investors for their support and emphasized the company’s commitment to advancing clean, safe, and efficient energy solutions. The funding injection positions X-energy to further its technological advancements and capitalize on market opportunities, contributing to the global transition towards sustainable energy sources.