Amazon goes nuclear . . . !

Amazon has announced a signed agreement with Dominion Energy in Virginia to explore the development and construction of one or more small modular nuclear reactors to use to provide clean power to Amazon Web Services data centers. It is anticipated that Dominion will contract with X-energy to host X-energy's new high-temperature gas reactor at Dominion’s North Anna nuclear power station. This is intended to increase access to clean power for AWS, Amazon’s cloud computing subsidiary, which has escalating energy needs as it expands its services into generative AI. The agreement is also a part of Amazon’s path to net-zero carbon emissions.

Amazon Web Services has agreed to invest more than $500 million into advanced nuclear power, through three related projects, that will result in as much as 600 MW of new power generation at locations from Virginia to Washington state. In the process, Amazon is partnering with Dominion Energy, Energy Northwest and X-Energy to explore the development of an X-energy small modular nuclear reactor, or SMR, near Dominion’s existing North Anna nuclear power station.

Amazon, together with Energy Northwest, a consortium of 29 public utility districts and municipalities across Washington, will help fund the deployment of four reactors developed by X-energy totalling approximately 320 MW of new electricity generation. Additionally, Amazon also is making an equity investment into X-energy as part of an approximately $500 million fundraising round announced today by the nuclear technology company and they've signed a separate memorandum of understanding (MOU) with Dominion Energy “to explore innovative new development structures that would help advance potential [SMR] nuclear development in Virginia.”

[Read more at the sources listed below.]

Sources

UtilityDive: Amazon announces small modular reactor deals with Dominion, X-energy, Energy Northwest, by Brian Martucci, Oct. 16, 2024

CNBC: Amazon goes nuclear, to invest more than $500 million to develop small modular reactors, by Diana Olick, Oct. 16, 2024.

PR Newswire: Dominion Energy and Amazon to explore advancement of Small Modular Reactor (SMR) nuclear development in Virginia, Oct. 16, 2024.

Published by Nucleation Capital in Advanced Nuclear, Advanced Nuclear Customers, Corporate decarbonization, Energy transition, LINKS, Nuclear financing, Nuclear innovation, Public companies

December 8, 2022

X-energy pursuing public listing with $2B value

X-energy Reactor Co., a developer of small modular reactors, signed a definitive agreement to merge with Ares Acquisition Corporation (NYSE: AAC), a publicly-traded SPAC, to create a New York Stock Exchange company valued at $2 billion, funded with $120 million in additional committed capital.

X-energy, an advanced nuclear developer founded by Kam Ghaffarian in 2009 and based in Rockville, Maryland, is designing next-generation nuclear reactors and fuel. Their high-temperature gas-cooled small modular reactor (SMR), the Xe-100, and its fuel, TRISO-X are engineered to operate as a single 80-MW unit or can be deployed as a four-unit plant for a combined 320 MW of capacity.

In 2020, the company was selected by the US Department of Energy to receive up to $1.2 billion in non-dilutive federal funding as part of the DOE's Advanced Reactor Demonstration Program. WIth its merger with Ares, anticipated to close in the second quarter of 2023, X-energy will have access to about $1 billion in cash that is in the trust account of Ares Acquisition Corp., assuming no or low redemptions by shareholders. Ontario Power Generation, Segra Capital Management Ares Management are collectively adding another $120 million to the final deal.

This is the second of two advanced nuclear ventures that are going public via a SPAC and gaining access to the public market as a result. There is a very big race among ventures seeking to develop advanced reactors and X-energy's entry into public markets is expected to accelerate its growth both with the additional financing received and the flexibility provided it by being a public entity.

Read more at UtilityDive: Nuclear SMR developer X-energy to merge with Ares Management-backed SPAC, creating $2B company, by Stephen Singer, published December 7, 2022 and see the press announcement at X-energy's website, posted December 6, 2022.

Published by Nucleation Capital in Advanced Nuclear, Asset manager support, Capital reallocation, Carbon emissions, Carbon markets, Future of Energy, History Timeline, History-making, Investor activity, LINKS, Nuclear competitiveness, Nuclear financing, Nuclear innovation, Private companies, Public companies, Solving climate, US competitiveness, US technological leadership, Zero emission energy

December 30, 2021

Radiant Nuclear

Radiant Nuclear – An El Segundo, California-based developer of Kaleidos, a mobile high-temperature gas nuclear microreactor that replaces diesel generators.

Published by Nuclea_Admin in PORTFOLIO