Amazon Invests in X-energy to Support Advanced Small Modular Nuclear Reactors and Expand Carbon- Free Power

Posted on 17 October 2024

• Amazon’s Climate Pledge Fund, Citadel Founder and CEO Ken Griffin, affiliates of Ares Management 
Corporation, NGP, and the University of Michigan, invest approximately $500 million in Series C-1 
financing round for X-energy. 
• Amazon, X-energy aim to bring more than 5 gigawatts online in the United States by 2039, the largest 
commercial deployment target of SMRs to date. 
• Amazon commits to support initial 320-megawatt project with Energy Northwest in central 
Washington. 
• Investment solidifies X-energy’s leading role in commercializing SMR technology to revolutionize the 
nuclear industry. 

ROCKVILLE, Md., October 16, 2024 – X-Energy Reactor Company, LLC (“X-energy”), a leader 
in advanced nuclear reactor and fuel technology, today announced a Series C-1 financing round 
of approximately $500 million, anchored by Amazon.com, Inc. (“Amazon”).  The investment will 
help meet growing energy demands by funding the completion of X-energy's reactor design and 
licensing as well as the first phase of its TRISO-X fuel fabrication facility in Oak Ridge, 
Tennessee. Additionally, the funding will support future carbon-free projects that will use X-
energy’s Xe-100 advanced small modular nuclear reactors (“SMRs”). Citadel Founder and CEO 
Ken Griffin, affiliates of Ares Management Corporation (“Ares”), NGP, and the University of 
Michigan join Amazon’s Climate Pledge Fund in the financing round. 

Amazon and X-energy are also collaborating to bring more than 5 gigawatts of new power 
projects online across the United States by 2039, representing the largest commercial 
deployment target of SMRs to date. The efforts will help meet growing energy demands in key 
locations through direct project investments and long-term power purchase agreements to help 
power Amazon operations. Further, X-energy and Amazon plan to establish and standardize a 
deployment and financing model to develop projects in partnership with infrastructure and utility 
partners. 

The companies will initially support a four-unit 320-megawatt (“MW”) project with regional utility 
Energy Northwest in central Washington with the option to increase that project to 12 units and 
960 MW. Amazon is immediately committing a direct investment in the Energy Northwest 
project to fund early development work that X-energy will perform. 

“This collaboration between Amazon and X-energy is a significant step toward accelerating 
advanced nuclear technologies that can help us bring new sources of carbon-free energy to the 
grid cost-effectively and safely,” said Kevin Miller, Amazon’s Vice President of Global Data 
Centers. “We need smart solutions that can help us meet growing energy demands while also 
addressing climate change. X-energy’s technology will be integral in helping achieve this, and is 

an important step in Amazon’s work to achieve our Climate Pledge commitment to be net-zero 
by 2040.” 

“Nuclear is an important source of clean and reliable power that our nation needs to meet the 
growing demand for energy,” said Ken Griffin, Founder and CEO of Citadel, whose affiliate is 
one of the lead investors in this round. “X-energy provides an impactful solution to a critical 
challenge – and the support Amazon, Dow, and other major corporations have provided 
underscores its potential and merit.” 

“Amazon and X-energy are poised to define the future of advanced nuclear energy in the 
commercial marketplace,” said X-energy CEO J. Clay Sell. “To fully realize the opportunities 
available through artificial intelligence, we must bring clean, safe, and reliable electrons onto the 
grid with proven technologies that can scale and grow with demand. We deeply appreciate our 
earliest funders and collaborators, notably the U.S. Department of Energy and Dow Inc. With 
Amazon, Ken Griffin, and our other strategic investors, we are now uniquely suited to deliver on 
this transformative vision for the future of energy and tech.” 

X-energy’s pioneering Xe-100 advanced small modular reactor and TRISO-X fuel are among 
the safest and most reliable clean energy technologies. Each reactor unit is engineered to 
provide 80 MW of electricity and is optimized in multi-unit plants ranging from 320 MW to 960 
MW. The innovative and simplified modular design is road-shippable and intended to drive 
geographic scalability, accelerate construction timelines, and create more predictable and 
manageable construction costs. X-energy’s advanced reactor technology offers remarkable 
efficiency and resiliency to meet the requirements of energy-intensive data centers, allowing 
Amazon to align its growth and carbon-free energy goals.  

X-energy is developing its initial Xe-100 plant at Dow Inc.’s UCC Seadrift Operations 
manufacturing site on the Texas Gulf Coast. Supported by the U.S. Department of Energy’s 
(“DOE”) Advanced Reactor Demonstration Program (“ARDP”), the project will be the first grid-
scale advanced nuclear reactor deployed to serve an industrial site in North America, providing 
the site with zero-carbon emissions power and high-temperature steam. ARDP also supports X-
energy’s first-in-the-nation commercial facility to exclusively manufacture TRISO fuel, which 
DOE calls “the most robust nuclear fuel on Earth.” 

Leadership and Investor Commentary 

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.”