X-energy Signs 10-Year, $100M+ Graphite Supply Deal with SGL Carbon for Xe-100 Reactor Program

X-Energy Reactor Company LLC has shared an update.

X-energy announced a 10-year supply agreement with SGL Carbon to use SGL’s NBG-18 medium-grain graphite as a core component in its Xe-100 advanced nuclear reactor. The deal includes an initial contract valued at over $100 million tied to X-energy’s first project with Dow, as well as capacity reservations for the planned Cascade Advanced Energy Facility in partnership with Energy Northwest and Amazon. Production under the agreement is already underway, and the collaboration is intended to support a scalable, commercially viable supply chain for advanced nuclear deployments.

For investors, the multi-year, nine-figure supply contract signals growing commercial traction for X-energy’s Xe-100 technology and offers some visibility into future revenue tied to long-term nuclear projects. The inclusion of blue-chip counterparties such as Dow, Amazon, and a regional utility (Energy Northwest) suggests institutional confidence in the Xe-100 platform and its role in decarbonization and industrial energy supply. Partnering with an experienced materials supplier like SGL Carbon may also reduce technology and execution risk by securing a critical reactor component over a long horizon, mitigating supply chain bottlenecks that can delay nuclear projects and inflate costs.

Strategically, this agreement strengthens X-energy’s position in the emerging advanced nuclear segment, where reliable access to specialized materials is a key differentiator. If X-energy and its partners can move projects through licensing, construction, and commissioning on schedule, the secured graphite supply could support repeatable deployments and potential fleet-scale rollouts. However, investors should remain mindful of typical nuclear sector risks, including regulatory timelines, project cost overruns, and financing requirements, which will ultimately determine how much of this contracted and reserved capacity converts into realized revenue and long-term cash flows.