Key Impact Points:

• Amazon, Ken Griffin, Ares, NGP, and the University of Michigan invest $500 million in X-energy’s Series C-1 financing round.
• X-energy and Amazon aim to bring over 5 gigawatts of small modular reactor (SMR) capacity online in the U.S. by 2039.
• Amazon commits to supporting a 320-megawatt project with Energy Northwest in Washington state.

Why it matters:

X-energy, a leader in advanced nuclear technology, secured $500 million in Series C-1 funding, anchored by Amazon. The investment will help accelerate the deployment of X-energy’s small modular reactors (SMRs) to meet growing energy demands, while driving forward Amazon’s Climate Pledge to achieve net-zero emissions by 2040.

What’s new:

Amazon, through its Climate Pledge Fund, is backing X-energy’s mission to bring over 5 gigawatts of carbon-free power to the U.S. grid by 2039, the largest SMR deployment target to date. Amazon’s involvement includes direct investment in a 320-megawatt project with Energy Northwest in central Washington, with plans to scale this up to 960 megawatts.

The big picture:

X-energy’s innovative Xe-100 SMR technology is designed to meet the energy needs of high-demand sectors, including tech giants like Amazon. With a modular design that’s cost-effective and scalable, X-energy aims to revolutionize clean energy generation. The partnership with Amazon will help define the future of advanced nuclear energy in the commercial market.

Related Article: Google Signs World’s First Corporate Nuclear Energy Deal to Power Clean AI Growth

What they’re saying:

Kam Ghaffarian, Ph.D., Founder and Executive Chairman, X-energy: “The investments from Amazon, our Series C-1 funders, and valued partners like Dow and the U.S. Department of Energy underscore X-energy’s leadership in commercializing SMR technology and delivering the clean, safe, affordable, and reliable power our world needs now. Reaching this milestone is a testament to the dedication of the X-energy team and the essential energy solutions we’ve built. We remain focused on bringing our advanced reactor technology to market, enabling a future powered by sustainable, zero-carbon energy.” 

Allyson Satin, Partner, Ares: “Ares is proud to further strengthen its support for X-energy and the advancement of nuclear technologies as it enters this partnership and significantly accelerates its mission to support the transition to a lower-carbon economy. Through our work together over the last two years, we are confident in X-energy’s ability to capitalize on the rapidly increasing demand for scalable clean energy sources and drive long-term, sustainable value for its stakeholders.”

Maritza Liaw, Partner, NGP: “NGP recognizes the unique contribution of nuclear energy to reliable, carbon-free, baseload electricity and industrial heat. X-energy has a world-class team, well-tested reactor and fuel design, and committed collaborators in Dow and Amazon who are both leaders in their industries. We are proud to partner with X-energy to bring advanced nuclear energy to market.”

Erik Lundberg, Chief Investment Officer, University of Michigan: “The University of Michigan has been at the forefront of the energy transition, strategically investing in a diverse portfolio of sustainable and renewable energy and other climate solutions, including utility-scale solar, renewable fuels, and sustainable infrastructure. The U-M Investment Office is proud to partner with X-energy as part of its broader commitment to transitioning to a more sustainable economy. As part of its comprehensive approach to achieving a low-carbon future, the U-M Investment Office recognizes advanced nuclear technologies as a key component to its climate solutions investment strategy, reinforcing its commitment to long-term decarbonization goals.”

Looking ahead:

X-energy’s first major project, supported by the U.S. Department of Energy, will be at Dow Inc.’s site in Texas. This plant will be the first grid-scale advanced nuclear reactor serving an industrial facility in North America, providing zero-carbon power and steam.