X-energy was founded in 2009 with the goal to create clean, safe, secure, and affordable energy. And now, 13 years later, amidst unpredictable energy prices, rising instability abroad, ever-increasing demands on the grid, and the mounting pressure of climate change, this mission is more important than ever.
2022 Year in Review
X-energy was founded in 2009 with the goal to create clean, safe, secure, and affordable energy. And now, 13 years later, amidst unpredictable energy prices, rising instability abroad, ever-increasing demands on the grid, and the mounting pressure of climate change, this mission is more important than ever.
This year, X-energy made perhaps its biggest strides yet in pursuit of this goal. Between new deals with global energy providers, the groundbreaking of the United States’ first advanced nuclear fuel fabrication facility, and plans to decarbonize heavy industries, we are closer to a clean, domestically sourced, and sustainable future than ever before.
At X-energy, we are incredibly proud of the growth and progress that our company has made in 2022. We know that our work will help create a better, more sustainable, more livable world – not just for Americans, but for all.
When we reflect on 2022, we will remember this as a year of key milestones in X-energy’s journey to revitalize the future of nuclear. Over the past 12 months alone, X-energy sited, began construction, and received licensing for the United States’ first-ever High-Assay Low-Enriched Uranium (HALEU) based fuel fabrication facility in Oak Ridge, Tenn. This facility will create hundreds of good-paying jobs and funnel millions of dollars into eastern Tennessee, while also allowing America to reshape the nuclear supply chain, enabling us to produce more than eight metric tons of advanced nuclear fuel per year and ultimately take control of our energy future.
And as we build out crucial supply chains and production capabilities, others are recognizing the promise of X-energy technologies, too. This past year, we signed development partnerships with UK-based Cavendish Nuclear and Canadian nuclear operator Ontario Power Generation. As pressure to decarbonize grids intensifies, the deployment of our clean and efficient fuels and reactors will help reduce emissions and enable countries around the world to meet ambitious climate goals.
We know that reducing global emissions requires us to do more than just decarbonize the grid. To reach true climate neutrality, heavy industries will also need to decrease their reliance on fossil fuels. And for a long time, this was an insurmountable challenge; the production of many crucial materials requires high heat that cannot be produced by other renewable energy sources. In 2022, X-energy presented a solution to this problem.
In August, X-energy announced a collaboration with Dow, a global leader in manufacturing and a longstanding leader in materials science. Our partnership with Dow will help the company become carbon neutral by 2050, halt the release of thousands of tons of carbon into the atmosphere, and serve as a model for other leaders of heavy industry. This is possible because, in addition to being able to support energy grids on a large scale, our high-temperature gas reactors can create enough power to support industrial applications. Ultimately, this will play a crucial role in creating a more sustainable world.
Finally, in August of this past year Congress passed the Inflation Reduction Act. With ample tax credits for advanced and small modular reactors, this legislation affirmed what all of us at X-energy already knew: nuclear is the future. We have faith of our nation’s elected leaders – across both political parties – to support our products and our mission to help accomplish critical sustainability goals for the planet.
As we’ve taken on and conquered challenge after challenge, X-energy had to grow and adapt, too. Our headcount surpassed more than 400 people, significantly amplifying our capabilities. With some of the best and the brightest minds in the industry on our team, we are ready to solve the biggest challenges of our time – with expertise, experience and hard work. And given the enthusiasm surrounding our announcement that X-energy is going public, it seems that others agree.
As the clock ticks down on this record-breaking year, we want to thank all who made our success possible this year, and we look forward to what 2023 will bring.