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X-energy adds $80M to Series C round after SPAC pull

Dec 6, 2023
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Illustration: Gabriella Turrisi/Axios

Nuclear reactor developer X-energy said it completed a Series C financing round with an additional $80 million from its founder and from investment firm Ares Management.

Why it's the BFD: The added sum brings the total raised in the round to $235 million and comes just weeks after X-energy canceled its SPAC with Ares.

Details: In addition to Ares and X-energy founder Kam Ghaffarian, investors in the round included Ontario Power Generation, Curtiss-Wright Corporation, DL E&C, and Doosan Enerbility.

What they're saying: "X-energy is developing the Xe-100, a high-temperature gas-cooled advanced small modular reactor, its proprietary TRISO-X fuel, and a mobile microreactor to safely and efficiently deliver affordable zero-carbon energy to people around the world," the company said in a press release.

Meanwhile: The U.S. and more than 20 countries on Saturday pledged to triple nuclear power by 2050 to achieve net-zero carbon emissions and limit climate change.

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