X-energy, a developer of high-tech nuclear reactors, has secured $700 million in financing to advance reactor design, licensing, and the construction of a fuel production facility.
The funding round, initially led by Amazon.com with a $500 million investment in October, has now expanded with backing from Segra Capital Management, Jane Street, Ares Management funds, Emerson Collective, and others.
Amazon and X-energy aim to bring more than 5 gigawatts of new nuclear power online by 2039, equivalent to the output of five conventional nuclear plants. The surge in investment comes as artificial intelligence drives up US power demand for the first time in decades.
SMRs are promoted as a cheaper and more scalable alternative to traditional nuclear plants, as they can be mass-produced in factories rather than built on-site. However, despite decades of anticipation, no SMRs are yet operational in the United States.
X-energy is currently in the pre-application phase for its Xe-100 SMR technology with the US Nuclear Regulatory Commission (NRC), a process that can take years. The company is also developing its first SMR at a Dow manufacturing site in Texas and a fuel production facility in Tennessee. “We look forward to continuing to advance and scale our technology and realise our vision of fulfilling the growing energy needs of future generations,” said Kam Ghaffarian, X-energy’s founder and executive chairman.
