Amazon (AMZN)- backed X-energy has raised $700 million to help its small-modular-reactor technology meet growing power needs from data centers and AI.
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Big Hitters Join Up
The new financing round, which follows an earlier $700 million raise this year, was reported by the Financial Times as being led by trading firm Jane Street and included new investors such as ARK Invest, Hood River Capital Management, XTX Ventures and Point72.
“The response and commitment from the participants in this financing round is a strong affirmation of the role X-energy expects to play in shaping the future of energy,” said Kam Ghaffarian, Ph.D., Founder and Executive Chairman of X-energy.
X-energy expects to utilize proceeds from the round to help continue the expansion of its supply chain and commercial pipeline, supporting an “industry-leading” orderbook of more than 11 GW, representing approximately 144 advanced small modular reactors.
X-energy is advancing its Xe-100 advanced small modular reactor and TRISO-X fuel in projects with chemical company Dow (DOW), Amazon, and U.K. energy supplier Centrica. Its initial proposed four-unit Xe-100 plant is planned for Dow Inc.’s UCC Seadrift Operations manufacturing site on the Texas Gulf Coast, supported by the U.S. Department of Energy’s Advanced Reactor Demonstration Program, and currently under permit review with the U.S. Nuclear Regulatory Commission.
Amazon Powering Up
Following the project with Dow, X-energy and Amazon plan to deploy more than 5 GW of Xe-100 projects across the United States by 2039, beginning with the Cascade Advanced Energy Facility in Washington state in partnership with Energy Northwest.
The project represents a first step in Amazon and X-energy’s plans to jointly deploy 5 GW of new nuclear energy to the U.S. grid by 2039. The hope will be to feed its own energy needs, but it could also be another revenue diversification for the group – see below:
A report from Wood Mackenzie earlier this year revealed that, particularly driven by data centers and AI applications, the small modular reactor (SMR) nuclear pipeline had surged to 47 GW.
According to DataM Intelligence, the SMR market was valued at $5.81 billion in 2024 and is projected to reach $6.48 billion by 2031.This is off the back of rising global energy demand, tightening decarbonization mandates, unstable fossil fuel pricing, and increasing focus on energy security.
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