Nuclear technology company X-Energy has announced the successful closing of a $700 million Series C-1 financing round. The funding, an upsized offering from an initial $500 million capital raise announced in October 2024, signifies a major step forward in the development of X-Energy’s innovative small modular nuclear reactor (SMR) technology.
The round’s lead investor, Amazon’s Climate Pledge Fund, is joined by new investors including Segra Capital Management, Jane Street, Ares Management funds, and Emerson Collective. The financial backing also comes with an agreement to bring over 5 gigawatts of projects online across the U.S. by 2039.
Dr. Kam Ghaffarian, Founder and Executive Chairman of X-Energy, expressed his enthusiasm, stating, “We are proud to have gained the additional support from our industry, government, and investment community since X-energy was founded more than 15 years ago. We look forward to continuing to advance and scale our technology and realize our vision of fulfilling the growing energy needs of future generations.”
Founded in 2009 and based in Rockville, Maryland, X-Energy is focused on developing advanced nuclear reactor and fuel technology. The company’s TRISO-X fuel is a key innovation. This fuel encapsulates uranium particles in a protective coating, enabling it to withstand extremely high temperatures without melting. This design enhances the fuel’s resistance to failure and reduces the likelihood of radioactive material release, ultimately eliminating the need for massive containment structures.
X-Energy’s Xe-100 SMR is a high-temperature, gas-cooled reactor. Operating at temperatures exceeding 750°C, the Xe-100 uses over 200,000 TRISO-X-based fuel pebbles that are continuously rotated through the core via gravity. This allows the reactor to operate without interruption for up to 60 years. Helium circulates through the core, absorbing large amounts of heat, which is then used to boil water into steam to power a turbine. This process generates carbon-free energy.
The newly acquired funds will be allocated to support several key initiatives. These include the completion of the reactor design and associated licensing processes, and the initial phase of the TRISO-X fuel fabrication facility currently under construction in Oak Ridge, Tennessee. Furthermore, the investment will assist in funding future carbon-free projects that will utilize X-Energy’s Xe-100 SMRs.
Emphasizing the significance of the investment, Ghaffarian added, “We welcome our new investors along our journey to accelerate the development and deployment of advanced nuclear energy and meet the growing demand for reliable, safe and clean energy.”
