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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.

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.

Global energy demand is anticipated to grow over 50% in the next 30 years: How do we get there together?

This week, leaders from around the world gathered in Washington, D.C. to draw attention to an industry where the U.S. is an emerging leader and discuss one of the most promising solutions to our growing and shifting energy needs: nuclear energy.

Global energy demand is anticipated to grow over 50% in the next 30 years: How do we get there together?

This week, leaders from around the world gathered in Washington, D.C. to draw attention to an industry where the U.S. is an emerging leader and discuss one of the most promising solutions to our growing and shifting energy needs: nuclear energy.

At the IAEA Ministerial Conference on Nuclear Power in the 21st Century, the focus has been be on the role that nuclear energy, particularly around U.S. providers, can play in mitigating climate change, and the heightened urgency on the matter given geopolitical realities and the impacts of climate change on global energy security.

More directly, if we want to reach net zero by 2050, we must consider nuclear as an uninterruptable clean-energy companion to renewable sources like wind and solar.  Advanced nuclear energy has long been promised as the strongest way to reduce carbon emissions. It is the best and fastest way to meet the needs of all high-heat industries to drive deep decarbonization across the planet and the U.S. and global economies.

Nuclear currently contributes nearly one-fifth of all electricity generated in the U.S. and is the biggest single source of power that does not directly create carbon emissions. And, new innovative technology advancements make nuclear poised to play an even greater role in fighting climate change while still providing enough power to sustain growing demand across industries.

At X-energy, we are rising to that challenge. Earlier this month we broke ground on the first commercial advanced nuclear fuel facility to be built in North America. And in doing so we are helping build a more robust and secure energy supply chain which is critical to supporting the diversification and deployment of nuclear energy on an historic scale.

To be clear, there is no silver bullet solution that solves for climate change. That is why it is important to have an ‘all options on the table’ approach which can address our most pressing energy and environmental concerns. For example, it’s no longer renewables or nuclear – it’s renewables and nuclear. While solar and wind energy power generation are limited by the time of day and weather conditions, nuclear power generation is 24/7. The transition to net-zero should not be limited by cloud cover, nighttime, and weather.

Nuclear can – and will - complement other renewable energy sources. Nuclear output can be adjusted to meet different levels of energy demand, and SMRs can be paired with renewables in a hybrid system. It is an emissions free and stable source of power that promotes geographic flexibility and energy independence.

This week, with leaders from around the world gathered in our nation’s capital, the emphasis was added to the fact that to meet climate goals while also increasing energy independence and reliability, nuclear must be and remain a central part of the conversation.

X-energy and the entire U.S. nuclear energy industry can do our part in mitigating climate change across the globe, putting reliable energy solutions in reach for countries, utilities, and communities, and bringing more security to the world.

Canada Can Lead the Charge to Net-Zero

"Part of the pain was knowing that she, like many Canadians, is simply unaware of what is happening under our noses in the energy sector right now. A seismic shift is underway, and it changes the landscape with respect to what’s possible on climate change. Most exciting, these developments put Canada at the centre of a global energy revolution"

By Katherine Moshonas Cole
President, X-energy Canada

Two years ago, my 14-year-old daughter came home with some dispiriting news. She and a small group of students had been speaking with their teacher about climate change, and my daughter came away with a sinking feeling that there is no realistic way to avert the impending crisis.

The problem seemed too complex, the economic incentives seemed evidently lacking, and the global community seemed too fractured to coordinate any meaningful action. It was painful for me to hear her defeated tone and it was the final push I needed to leave retirement and join a company working on this precise issue.

Part of the pain was knowing that she, like many Canadians, is simply unaware of what is happening under our noses in the energy sector right now. A seismic shift is underway, and it changes the landscape with respect to what’s possible on climate change. Most exciting, these developments put Canada at the centre of a global energy revolution.

Let me explain.

As Bill Gates observed, humanity has five big rocks to move in materially reducing global carbon emissions: energy, agriculture, manufacturing, transportation, and buildings. Energy is the biggest rock of all, accounting for 25% of total greenhouse gases. While significant progress has been made with solar and wind, they haven’t yet come close to satisfying the massive energy demands of modern economies. Natural gas tends to fill the gap, creating a one-step-forward-and- two-steps-back conundrum. The world needs a cheap and scalable energy source, but also one that is consistent with our net-zero objectives.

Decades of innovation in the nuclear sector have finally culminated in a new, transformative technology, called Small Modular Reactors (SMRs). President Joe Biden and Canada’s former Minister of Natural Resources Seamus O’Regan both agree that SMRs are vital to meeting Paris Climate Agreement targets, and to achieving our global net-zero goals.

“I’m proud to be part of a company that is at the forefront of this energy revolution, and I’m thrilled that Canada is leading the way. ”


Katherine Moshonas Cole (President, X-energy Canada)

Why are SMRs such a game-changer? In basic terms, they can generate both electricity and steam without greenhouse gases or emissions. As well, they are “right-sized” for the need; are simpler to build and operate; have improved economics; offer flexible operation; and have ultra-safe characteristics. When it comes to our company, X-energy’s SMR designs use an incredibly robust fuel form (TRISO), which makes overheating accidents impossible in our reactor's design. Our reactors reduce risks to cost and schedule, and can be deployed in remote areas, solving ‘energy poverty’ needs in Canada and throughout the world – wherever needed.

I’m proud to be part of a company that is at the forefront of this energy revolution, and I’m thrilled that Canada is leading the way. In Saskatchewan, X-energy is considering to build a fuel fabrication facility that’s expected to create about $310 million in Gross Domestic Product (GDP) and 1,100 full-time equivalent jobs. Our partnerships in the province will not only help Saskatchewan maintain global leadership but will also support the province in meeting its Prairie Resilience Climate Plan.

In Ontario, where a safe, but aging, fleet of nuclear reactors has historically accounted for 60% of electricity production, we and a handful of Canadian partner companies are working to help the province define its energy future. Our SMR design would give the Ontario nuclear supply chain an immediate advantage, bolstering its position as a nuclear hub for the world and accelerating Ontario's economic recovery. We estimate that our first Xe- 100 SMR power plant in Ontario could generate $2.6 billion in GDP and create 3,300 total full-time equivalent jobs over its lifetime. X-energy is the only SMR developer being considered in Ontario with a project already underway, in the United States.

Finally, in Alberta, X-energy’s technology could revolutionize the province’s resource-intensive economy. Unlike other SMR designs, our reactor doesn’t have to be near water for cooling, meaning it can be used to provide emissions-free power in places like Canada’s oil sands, vastly reducing emissions at a time when taxes on such emissions are increasing. Further, our SMR has a unique by-product – superheated steam – that could be repurposed for hydrogen production, supporting the federal government’s Just Transition Plan.

Reaching net-zero will take an ‘all-hands- on-deck’ approach. We know that SMRs are only part of what is required to move forward as a global community. But we also believe that SMRs create a threshold- crossing moment for Canada and the world. We are poised to alter the energy mix in a fundamental way, driving toward a carbon-free future with the full participation of governments, communities, Indigenous groups, and businesses across Canada.

This is what I explained to my daughter, and today, two years later, she’s feeling more optimistic about the work that lies ahead. As Canadians, we have good reason to share her optimism.

The Future Is Now (Video)

Canada, like the rest of the world, is grappling with the urgent need to lower carbon emissions while meeting an increasing demand for energy. Watch this video to learn more about our vision for Canada's clean energy future.

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