Reflecting on a Year of Progress and Growth
Nuclear energy has emerged as a cornerstone in the global shift towards a low-carbon economy. Reflecting on 2023, it's clear that our mission to deliver clean, safe, secure, and affordable energy is more crucial than ever as we seek to address the rapidly growing decarbonization and energy demand challenges facing the world today.
We are proud of the technology advancements our team has developed and excited about the opportunities expected to underpin our growth going forward. Because of this, X-energy is poised to make significant strides in the energy sector, and we are committed to meeting the needs for clean, safe, and reliable energy across the globe.
As 2023 draws to a close, we extend our heartfelt thanks to everyone who contributed to our success. We eagerly anticipate the opportunities and challenges 2024 will bring, as we remain dedicated producing safe, affordable, and innovative solutions to power the world with carbon-free, advanced nuclear energy.
Here are a few of the significant milestones reached throughout the past year, marking 2023 as a year of unprecedented progress in our quest for sustainable energy solutions:
Advancing ARDP with Dow
Our partnership with Dow under the U.S. Department of Energy’s (DOE) Advanced Reactor Demonstration Program (ARDP) represents a breakthrough in advanced nuclear applications. The project aims to deploy the first known advanced small modular nuclear reactor at an industrial site. The initiative aligns with Dow’s goal to become carbon neutral by 2050, demonstrating the potential of nuclear energy in reducing industrial carbon emissions. Read about our joint efforts with Dow.
Selecting Dow’s Seadrift, Texas Manufacturing Site
Dow’s Seadrift, Texas operations site was chosen for our advanced SMR nuclear project. When completed, the project will provide the site with safe, reliable, zero-carbon emissions power and steam production. The selection underscores the versatility and scalability of clean, advanced nuclear energy solutions. Discover more about the Seadrift project.
Signing Joint Development Agreement with Energy Northwest
In July, X-energy and Energy Northwest announced the signing of a joint development agreement for up to 12 Xe-100 advanced small modular reactors in central Washington capable of generating up to a total of 960 megawatts of carbon-free electricity. Energy Northwest expects to bring the first Xe-100 module online by 2030. Explore the details of this agreement.
Accelerating Microreactor Momentum
In September, X-energy and the U.S. Department of Defense (DOD) announced an agreement to an expanded contract under their Project Pele initiative to develop a transportable, cost-effective advanced nuclear microreactor prototype for use in remote military locations. X-energy expects to advance the design of its prototype – which could ultimately be used for commercial or industrial use in civilian applications – through an award of $17.49 million within an existing contract with the DOD.
Read about our microreactor work with DoD.
In October, X-energy and DOE announced the signing of a cooperative agreement through 2024 to further advance the development of a mobile microreactor design. The agreement, awarded through the DOE’s Office of Nuclear Energy, supports X-energy’s continuing work on architecture and key technologies for the preliminary design of the Company’s transportable nuclear power plant. Read about our microreactor with DOE.
Enabling Space Exploration
X-energy was selected to develop a nuclear power source for the Air Force Research Laboratory's JETSON program, focusing on nuclear-powered space vehicle development for satellite positioning and maneuverability. Read about how this project expands X-energy's involvement in strategic space, human planetary exploration, and other applications.
Building a Global Deployment Partnership
The Emirates Nuclear Energy Corporation (ENEC) and X-energy announced a partnership at COP 28 to assess viability of X-energy’s nuclear technology for the UAE market, explore development partnerships in the UK and Europe, and a regional deployment framework for the Middle East, Africa, and Indian subcontinent. Read about the partnership and how X-energy is poised to support Net Zero around the world.
Developing New Pathways for UK’s Net Zero Goals
X-energy UK released a new report, Beyond Electricity, that outlines how advanced nuclear plants can accelerate the UK's progress towards net zero emissions. The report summarizes work undertaken in Northeast England’s Teesside as a case study. High-temperature steam from advanced reactors can be used to replace fossil-fuel-generated heat in process industries like chemicals, or to produce hydrogen or clean jet fuels. X-energy is proposing to develop a multi-billion 12-reactor plant at Hartlepool, to be ready by the early 2030s. Read the full report here.
Finalizing Series C Financing:
X-energy finalized a $235 million Series C financing round to support the development of its advanced nuclear technologies, including the Xe-100 small modular reactor and TRISO-X fuel. The DOE is also supporting X-energy's deployment of the Xe-100 at Dow's Seadrift, Texas facility. Read about how these technologies aim to deliver safe, affordable zero-carbon energy worldwide.