X-energy Reactor secures $235m in Series C for nuclear energy advancements
X-energy Reactor Company, LLC, a pioneer in advanced small modular nuclear reactors and fuel technology, announced the completion of its Series C financing round, amassing an additional $80 million. This influx, contributed by Ares Management Corporation and company founder Kam Ghaffarian, brings the total capital in this round to a notable $235 million. The Series C funding, bolstered by conversions of certain outstanding convertible notes, has seen participation from key industry players like Ontario Power Generation, Curtiss-Wright Corporation, DL E&C, and Doosan Enerbility.
Founder’s Vision for Clean and Safe Energy Solutions
Dr. Kam Ghaffarian, Founder and Executive Chairman of X-energy, expressed gratitude to investors for endorsing the company’s mission to address the rising global energy demands with clean, safe, affordable, and reliable solutions. He emphasized the technological advancements made by X-energy and the significant market opportunities that lie ahead. Ghaffarian’s vision for X-energy includes leveraging technological advantages and strategic partnerships to deliver value and execute the company’s growth strategy.
Ares Management Corporation’s Support and Confidence
David Kaplan, Co-Founder, Director, and Partner of Ares Management Corporation, voiced his firm’s pride in supporting X-energy’s mission. Kaplan highlighted X-energy’s cost-effective and differentiated technology as pivotal in transitioning to a lower-carbon economy. His confidence in X-energy’s potential to create sustainable, long-term value for stakeholders reflects the growing importance of advanced nuclear energy solutions in the global energy market.
Advancing Nuclear Energy Technology
X-energy is developing the Xe-100, a high-temperature gas-cooled advanced small modular reactor, along with its proprietary TRISO-X fuel and a mobile microreactor. These innovations aim to deliver zero-carbon energy efficiently and safely worldwide. The Xe-100 reactor and TRISO fuel are noted for their safety and versatility in applications beyond traditional nuclear reactors, including manufacturing, petroleum refining, and hydrogen production.
Collaborative Efforts with the U.S. Department of Energy
The U.S. Department of Energy, through its Advanced Reactor Demonstration Program, is supporting X-energy’s deployment of the Xe-100 at Dow’s Seadrift, Texas facility. This project, the first of its kind in North America, will supply the site with zero carbon emissions power and steam, showcasing the practical application of advanced nuclear technology in industrial settings.