X-energy, a company led by billionaire Kam Ghaffarian, continues to attract significant investment in its pursuit of commercializing small modular reactors (SMRs). The latest $200 million funding round positions X-energy as the best-funded SMR startup, with a total of $700 million raised in its Series C round.
X-energy, a company controlled by billionaire Kam Ghaffarian , has secured another $200 million in funding, bringing its total capital raised to $700 million in its Series C funding round. This makes X-energy the best-funded startup developing small modular reactors (SMRs). The recent investment round attracted notable names like Laurene Powell Jobs' Emerson Collective and Jane Street Capital, alongside Amazon , who initially led the $500 million Series C funding in October.
This latest influx of capital will allow X-energy to navigate the regulatory approval process for its reactor design, construct the first unit at a Dow chemical plant in Texas, and establish a full-scale manufacturing line for its fuel pellets. Amazon has also committed to invest in a 320-megawatt pod of four X-energy reactors, partnering with Washington State's Energy Northwest to power its data centers. This landmark agreement demonstrates a significant commitment to new nuclear technology, encouraging other investors to join the cause. X-energy CEO J. Clay Sell emphasizes that simply agreeing to purchase power is insufficient; substantial risk capital is required to materialize these projects. With approximately $1.1 billion raised, X-energy surpasses other SMR startups, including TerraPower, which boasts the backing of Bill Gates with $1 billion.X-energy is focused on commercializing a pebble bed reactor design, featuring uranium pellets encased in ceramic and graphite casings. This design ensures that even in the event of system failures, the casings prevent melting and contain radiation. The high-temperature reactor generates substantial steam and 80 megawatts of electricity, both of which Dow intends to utilize at its plant. The compact design, fitting on a single tractor-trailer, allows for factory assembly and direct delivery to customers, significantly reducing construction time, a historically expensive aspect of nuclear power plants. Sell anticipates receiving design approval from the Nuclear Regulatory Commission within two and a half years, with the Dow reactor operational in the early 2030s. However, the nuclear industry is notorious for schedule and budget overruns, as exemplified by the Vogtle plant in Georgia, which took seven years longer and cost $17 billion more than initially projected. SMR developers have promised faster, cheaper, and safer construction compared to traditional reactors. However, these promises haven't yet been realized. In 2023, Utah utilities canceled a project involving six NuScale SMRs due to escalating construction costs, jumping from an estimated $5.3 billion in 2021 to $9.3 billion. X-energy has also acknowledged cost increases, doubling its reactor cost estimates to a range of $4.75 billion to $5.75 billion in a 2023 filing to the Department of Energy. Factors such as inflation, higher interest rates, and supply chain disruptions have contributed to these rising costs. While declining to share current cost estimates, Sell asserts that the selection of X-energy by Dow and Amazon for the only two current commercial SMR projects in the U.S. speaks volumes about its competitiveness. Like all of Ghaffarian's ventures, X-energy is also dedicated to space exploration. The company has secured $5 million in federal funding, alongside Ghaffarian's lunar lander maker Intuitive Machines, to develop a portable reactor for lunar applications. It also aims to adapt its technology for spacecraft propulsion. Dr. Greg Lovett, a nuclear engineering expert at the University of California, Berkeley's Renewable and Appropriate Energy Laboratory, recognizes X-energy's potential, stating that they possess a rare combination of physics, engineering, and financial resources.
Smrs Nuclear Energy X-Energy Kam Ghaffarian Funding Amazon Dow Chemical
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