X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today that they have mutually agreed to terminate their previously announced business combination agreement (the “Business Combination Agreement”), effective immediately. As a result, the extraordinary general meeting of AAC shareholders scheduled for October 31, 2023 to approve the proposed transaction will be convened and then adjourned indefinitely. Additionally, the extraordinary general meeting of AAC shareholders scheduled for November 2, 2023 to vote on a proposal to extend the date by which AAC must consummate a business combination will be convened and then adjourned indefinitely.
The safety case for X-energy starts with the fuel: the TRISO-X pebble is the containment vessel designed not to melt. The uranium oxycarbide kernels are encased in carbon and ceramic layers and set within a graphite matrix, which the company claims will not melt under any foreseeable adverse conditions within the reactor.
X-Energy Reactor Company, LLC (“X-energy” or “the Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and the U.S. Department of Energy (the “DOE”) have signed 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. The X-energy microreactor is expected to produce three to five megawatts of electricity at a commercially competitive price. The award demonstrates the DOE’s continued support of X-energy and its operations.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, announced today that Chief Executive Officer of X-energy, J. Clay Sell participated in a SPAC Insider podcast.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, announced today that Chief Executive Officer of X-energy, J. Clay Sell will participate in an IPO Edge Fireside Chat.
Ares Acquisition Corporation (NYSE: AAC) (“AAC”) announced today that on October 13, 2023, the U.S. Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement on Form S-4, as amended (the “Registration Statement”), AAC had filed in connection with the previously announced proposed business combination (the “Business Combination”) with X-Energy Reactor Company, LLC, a Delaware limited liability company (“X-energy”).
X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and the U.S. Department of Defense (“DoD” and “the department”) announced today an agreement to an expanded contract under the department’s 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.
Ares Acquisition Corporation requests that their press release NewsItemId: 20230914195480 “Department of Defense Expands X-energy Contract for Mobile Microreactor Prototype” be killed.
X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today strategic updates to their previously announced business combination.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointment of Gregory J. Goff to the Company’s Board of Directors (the “Board”), effective immediately.
Ares Acquisition Corporation (NYSE: “AAC.U”, “AAC”, “AAC WS”) (“AAC” or the “Company”) today announced its shareholders approved a further extension of the period of time that the Company has to consummate its proposed business combination (the “Business Combination”) with X-Energy Reactor Company, LLC, a Delaware limited liability company ("X-energy") to November 6, 2023. At the extraordinary general meeting of the Company, holders of 1,392,821 of the Company's Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company's trust account in connection with the announcement of the second extension, reflecting redemptions of approximately 3.0% of the total Class A ordinary shares outstanding. As a result, approximately $482,395,329.56 will remain in the Company's trust account. Following the redemption, the Company's remaining number of issued and outstanding Class A ordinary shares was 45,604,260.
Ares Acquisition Corporation (NYSE: “AAC.U”, “AAC”, “AAC WS”) (“AAC” or the “Company”) announced today that, consistent with the payments being made to shareholders pursuant to the Company’s prior extension, the Company’s sponsor, Ares Acquisition Holdings LP (the “Sponsor”), will continue to make monthly deposits directly to the Company’s trust account of $0.0255 for each outstanding Class A ordinary share, par value $0.0001 per share, of the Company (each deposit, a “Additional Contribution”) following the approval and implementation of the Second Extension Amendment Proposal (as defined below) on the terms described below. In connection with the Additional Contributions, the Company amended and restated its existing non-interest bearing promissory note (the “Amended and Restated Note”) in favor of the Sponsor to include the Additional Contributions. This announcement is being made in anticipation of the Company’s extraordinary general meeting to be held at 9:30 a.m., Eastern Time, on August 1, 2023 (the “Shareholder Meeting”) at which shareholders will be asked to vote on a proposal to amend the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”) to extend the date by which the Company has to consummate a business combination from August 4, 2023 to November 6, 2023 (the “Second Extension Amendment Proposal”).
Energy Northwest, a premier provider of carbon-free electricity, and X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the signing of a joint development agreement (“JDA”) 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.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today a strategic update to their previously announced business combination agreement that revises the valuation of the transaction. Under the amended terms, X-energy’s pre-money equity value has been revised to $1.8 billion from approximately $2.1 billion. By establishing a more attractive entry point for investors, X-energy and AAC believe the revised valuation reinforces the long-term value creation opportunity for, and the companies’ alignment with, shareholders.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointment of Thomas Nixon, a veteran nuclear construction and project management senior executive, as the Company's Senior Vice President for Commercial Operations. Nixon will oversee engineering, licensing, training, and construction activities for X-energy’s Xe-100 advanced small modular reactor, including its first deployment at one of Dow’s U.S. Gulf Coast sites.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced modular nuclear reactors and fuel technology for clean energy generation, and Kinectrics, a leading global provider of engineering, testing, and certification services, today announced a partnership to design, construct, and operate one of the first commercial-scale Helium Test Facilities (“HTF”) in North America. This facility will test and verify performance of critical structures, systems, and components of X-energy’s Xe-100 advanced small modular reactor in helium-based high-temperature and high-pressure environments.
TRISO-X LLC (“TRISO-X”), a wholly owned subsidiary of X-Energy Reactor Company, LLC (“X-energy”) that primarily develops and designs tri-structural isotropic (“TRISO”) particle fuel, today announced the successful test of its coated particle fuel for nuclear thermal propulsion applications, marking a major step toward a one-of-a-kind, nuclear-powered rocket. TRISO-X was tapped to develop key fuel fabrication processes as part of a team led by General Atomics Electromagnetic Systems (GA-EMS) for the first phase of the Defense Advanced Research Projects Agency’s (DARPA) Demonstration Rocket for Agile Cislunar Operations (DRACO) program, which concludes this month.
X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced that CEO J. Clay Sell will be speaking on two panels at S&P Global’s CERAWeek conference this week in Houston.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced modular nuclear reactors and fuel technology for clean energy generation, today announced plans for its first Xe-100 reactor fleet management, monitoring, and training facility in Frederick, Maryland. Called the Plant Support Center-East (PSCE), this regional center marks the first step in X-energy’s Commercial Operations Services business and will support the initial deployment of the Company’s advanced modular reactor plants.
X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointment of Dr. Benjamin T. Reinke to Vice President of Global Business Development. In this new role, Dr. Reinke will develop strategic business partnerships to drive the Company’s growth and deployment of its advanced small modular reactor technology.
Dow (NYSE: DOW), the world’s leading materials science company, and X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced nuclear reactors and fuel technology for clean energy generation, announced today their entry into a joint development agreement (“JDA”) to demonstrate the first grid-scale advanced nuclear reactor for an industrial site in North America.
