Deep Isolation has successfully completed Project PUCK, an initiative to demonstrate the feasibility and commercial readiness of its Universal Canister System (UCS) to manage TRISO spent nuclear fuel. Deep Isolation worked with advanced reactor company Kairos Power to conceptually evaluate the use of TRISO pebble fuel, affirming the UCS as a safe, scalable solution of deep borehole disposal for next-generation reactors.
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
The US Department of Energy (DOE) has selected two teams—one led by TerraPower in partnership with GE Hitachi, building a 345 MWe sodium fast reactor with a molten salt energy storage system and one led by X-energy, which has designed a modular 80 MWe (scalable to a 320 MWe four-pack) high temperature gas-cooled reactor—to receive $80 million each in initial funding annually under the Advanced Reactor Demonstration Program (ARDP).
In this program, DOE provides initial funding to develop, test, license and build advanced nuclear reactors within five to seven years of the award. DOE plans to invest about $3.2 billion over seven years in these projects that will be matched by the industry.
Simultaneously, the DOE approved a $1.4 billion multi-year cost-share award to the Utah Associated Municipal Power Systems (UAMPS) for the development and construction of the Carbon Free Power Project (CFPP), a 720 MWe NuScale small modular nuclear power plant, made up of 12 small 60 MWe modules, to be located at DOE’s Idaho National Laboratory site. NuScale (shown in the image) is the first of the new designs to be approved by the Nuclear Regulatory Commission.
Read more in Forbes: "America Steps Forward To Expand Nuclear Power."
Published by Nucleation Capital in Advanced Nuclear, Capital reallocation, Climate innovation fund, Future of Energy, Government support, History Timeline, History-making, LINKS, Nuclear competitiveness, Nuclear financing, Nuclear R&D
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