X-Energy Reactor Company, a developer of advanced small modular nuclear reactors and fuel technology, has closed an oversubscribed Series D funding round totaling approximately $700 million. Jane Street led the financing with participation from new institutional backers, including ARK Invest, Galvanize, Hood River Capital Management, Point72, Reaves Asset Management, XTX Ventures, and others. Existing investors, including Ares Management funds, Corner Capital, Emerson Collective, NGP, and Segra Capital Management, also contributed.
The company said the capital will be used to expand its supply chain and commercial pipeline. X-Energy currently reports an order book exceeding 11 gigawatts, representing about 144 advanced small modular reactors. The funding will support the commercialization of the company’s Xe-100 reactor and TRISO-X fuel and help the company scale project delivery for customers across the United States and the United Kingdom.
X-Energy is advancing deployments with Dow, Amazon, and Centrica. Its initial proposed four-unit Xe-100 plant is planned for Dow’s UCC Seadrift Operations in Texas and is under permit review with the US Nuclear Regulatory Commission. Amazon has an option to deploy more than 5 gigawatts of Xe-100 projects across the United States by 2039, beginning with the Cascade Advanced Energy Facility in Washington in partnership with Energy Northwest. In the United Kingdom, X-Energy and Centrica plan to deploy 6 gigawatts.
The company is also constructing TRISO-X, the first US facility dedicated to the fabrication of advanced reactor fuel. The site will manufacture X-Energy’s proprietary TRISO-X fuel to support domestic and international deployments.
Moelis and Company and J.P. Morgan Securities acted as placement agents on the transaction. Latham and Watkins served as legal advisors to X-Energy.
KEY QUOTES
“When I founded X-energy, I envisioned a company that could redefine how to make advanced nuclear energy accessible, affordable, and essential to an energy abundant future. With the support of our investors, both new and existing, we are closer to realizing that vision.”
Kam Ghaffarian, Ph.D., Founder and Executive Chairman of X-energy
“We are highly focused on building a world-class project and technology delivery platform to accelerate the commercialization of our Xe-100 reactor and TRISO-X fuel. The success of this financing round allows us to deepen partnerships with critical deployment partners and invest in a robust and reliable supply chain to successfully deliver projects with our customers.”
J. Clay Sell, CEO of X-energy
