X-energy Secures $700M to Advance Nuclear Energy
▼ Summary
– X-energy raised $700 million in a Series D funding round, bringing its total raised to $1.8 billion.
– The funding will support building the supply chain for its small modular reactors, which have orders for 144 units from customers including Amazon, Dow, and Centrica.
– The company is developing high-temperature, gas-cooled reactors that use uranium pebbles and helium to generate 80 megawatts of electricity per reactor.
– Amazon’s Climate Pledge Fund led an earlier funding round and plans to purchase over 600 megawatts of nuclear capacity, potentially deploying up to 5 gigawatts by 2039.
– X-energy is competing with other SMR startups to revive the U.S. nuclear industry, though no SMR power plants have been built in the United States to date.
Nuclear energy company X-energy has successfully secured $700 million in a Series D funding round, marking a significant financial milestone that underscores growing investor confidence in advanced nuclear technologies. This latest capital injection arrives less than a year following the expansion of its Series C round, which itself grew to $700 million. Combined, these efforts have funneled $1.4 billion into the company over the past year, elevating its total funding to an impressive $1.8 billion.
The substantial new investment is earmarked for accelerating the development of its small modular reactor (SMR) supply chain. X-energy reports a robust order book, with commitments for 144 of its SMR units capable of collectively generating 11 gigawatts of electricity. Its client roster features major industrial players, including Amazon, Dow, and the British energy firm Centrica.
Leading the Series D round was Jane Street, an investor that also participated in the earlier Series C expansion. They were joined by a consortium of other financial backers, such as Ares Management funds, ARK Invest, Corner Capital, Emerson Collective, Galvanize, Hood River Capital Management, NGP, Point72, Reaves Asset Management, Segra Capital Management, and XTX Ventures.
X-energy specializes in high-temperature, gas-cooled reactor technology, a design already operational in countries like Japan and China. Each of its Xe-100 reactors is designed to produce 80 megawatts of power. A distinctive feature of their system is the use of billiard ball-sized fuel pebbles. These carbon-coated spheres contain uranium particles, and during operation, helium gas circulates around them, absorbing heat. This thermal energy is then transferred to a conventional steam turbine to generate electricity.
The company is part of a broader trend where nuclear startups are attracting significant attention from technology corporations and data center operators seeking reliable, carbon-free power. Amazon’s Climate Pledge Fund was an early supporter, leading the initial part of the Series C. Furthermore, Amazon disclosed plans last year to procure over 600 megawatts of nuclear capacity from X-energy for facilities in the Pacific Northwest and Virginia, with reactors expected to become operational in the early 2030s. The full scope of this partnership could lead to the deployment of up to 5 gigawatts by 2039.
X-energy is now competing with several other SMR developers aiming to revitalize the nuclear power sector in the United States. While many of the proposed reactor designs show considerable promise, the practical track record for SMRs remains limited. To date, only a small number of such power plants have been constructed globally, and none are currently operating within the U.S.
(Source: TechCrunch)
