x-energy rides nuclear wave, raises $700m series d
X-energy Secures $700 Million in Series D Funding
X-energy, a nuclear technology startup, has successfully completed a Series D funding round, securing $700 million in investment. This information was shared with TechCrunch by the company itself.
This latest fundraising event follows closely on the heels of an expansion of their Series C round, which increased from $500 million to $700 million less than a year ago. Consequently, the total capital raised by X-energy within the past year has reached $1.4 billion.
Expanding the Supply Chain for Small Modular Reactors
The newly acquired funds will be strategically allocated to the development and strengthening of the supply chain necessary for the production of its small modular reactors (SMRs). To date, X-energy reports receiving orders for 144 SMRs.
These reactors possess a combined generating capacity of 11 gigawatts of electricity. Notable customers include prominent entities such as Amazon, Dow, and the British energy firm, Centrica.
Investment Details and Key Participants
Jane Street spearheaded the current funding round, having also participated in the expanded Series C. A diverse group of investors contributed to this round, including:
- Ares Management funds
- ARK Invest
- Corner Capital
- Emerson Collective
- Galvanize
- Hood River Capital Management
- NGP
- Point72
- Reaves Asset Management
- Segra Capital Management
- XTX Ventures
X-energy’s Reactor Technology
X-energy is focused on the development of high-temperature, gas-cooled reactors, a technology previously implemented in Japan and China. Each Xe-100 reactor is designed to generate 80 megawatts of electrical power.
These reactors utilize unique fuel in the form of billiard ball-sized pebbles, coated in carbon and containing uranium particles. Helium gas is circulated through the reactor core, transferring heat from the pebbles to a steam turbine for electricity generation.
Growing Interest in Nuclear Technology
Similar to other companies in the nuclear sector, X-energy is benefiting from increased attention from technology companies and data center operators.
Amazon’s Climate Pledge Fund initially supported the first phase of X-energy’s Series C funding. Furthermore, Amazon announced plans last year to procure over 600 megawatts of nuclear capacity in the Pacific Northwest and Virginia, with anticipated operation in the early 2030s.
Amazon’s overall agreement with X-energy could potentially lead to the deployment of up to 5 gigawatts of capacity by the year 2039.
The Race to Revitalize the Nuclear Industry
X-energy is currently competing with several other SMR startups in an effort to revitalize the nuclear power industry within the United States. While numerous SMR designs demonstrate promise, only a limited number of SMR power plants have been constructed globally, and none are currently located within the U.S.