Total amount raised
$985.2 Millions
Latest funding date
03/01/2025
Location
X-energy has successfully closed a $700 million Series C-1 financing round to accelerate the development of its advanced small modular nuclear technology. The company has garnered the support of 19 investors, including Pittco Management and Emerson Collective.
Keep reading to explore the intricacies of X-energy's fundraising journey and the investors backing this innovative platform.
What Is X-energy?
X-energy, founded in 2009 by Kam Ghaffarian, is headquartered in Rockville, Maryland. The company operates in the clean energy and nuclear reactor design engineering industries, focusing on advanced modular nuclear reactors and fuel technology.
With an employee count ranging between 251-500, X-energy is dedicated to developing safe, efficient reactors and proprietary fuel to deliver reliable, zero-carbon energy. Their innovative technology includes the Xe-100 reactor and TRISO-X fuel, designed to withstand extreme temperatures and ensure safety through passive shutdown mechanisms.
How Much Funding Has X-energy Raised?
- Private Equity Round
- Amount Raised: Not specified
- Date: March 2025
- Lead Investors: Pittco Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop advanced modular nuclear technology.
- Series C-1
- Amount Raised: $700M
- Date: October 2024
- Lead Investors: Alumni Ventures, Climate Pledge Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To complete reactor design and licensing, and initiate the TRISO-X fuel fabrication facility.
- Grant
- Amount Raised: £3.3M
- Date: April 2024
- Lead Investors: Department for Energy Security & Net Zero
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support clean energy initiatives and reactor development.
- Series C
- Amount Raised: $235M
- Date: December 2023
- Lead Investors: Ares Management, Kam Ghaffarian
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To advance the development of small modular reactors and fuel technology.
- Grant
- Amount Raised: $40M
- Date: August 2022
- Lead Investors: US Department of Energy
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund research and development in nuclear technology.
- Series B
- Amount Raised: Not specified
- Date: October 2021
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and technology development.
- Grant
- Amount Raised: $6M
- Date: May 2020
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage research and development.
- Seed Round
- Amount Raised: Not specified
- Date: January 2015
- Lead Investors: Not specified
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and begin initial development.
Total Amount Raised: $984.3M
Current Valuation: Not publicly disclosed
Key Investors
- Pittco Management
- Details: Pittco Management is a private investment firm. It focuses on long-term investments in various sectors.
- Investment Focus Areas: Technology, healthcare, energy.
- Notable Investments: Not publicly disclosed.
- Emerson Collective
- Details: Emerson Collective is a social change organization founded by Laurene Powell Jobs. It focuses on education, immigration reform, the environment, and other social justice initiatives.
- Investment Focus Areas: Education, environment, social justice.
- Notable Investments: AltSchool, XQ Institute, Axios.
- Amazon.com
- Details: Amazon.com is a multinational technology company focusing on e-commerce, cloud computing, digital streaming, and artificial intelligence.
- Investment Focus Areas: Technology, e-commerce, cloud computing, sustainability initiatives.
- Notable Investments: Amazon Web Services (AWS), Whole Foods Market, Rivian.
- Ares Management Corporation
- Details: Ares Management Corporation is a global alternative investment manager. It offers investment strategies in credit, private equity, and real estate.
- Investment Focus Areas: Alternative investments, private equity, real estate, credit.
- Notable Investments: Neiman Marcus, Guitar Center, various real estate projects.
- NGP
- Details: NGP is an investment firm specializing in the energy sector. It focuses on investments in oil and gas, as well as renewable energy projects.
- Investment Focus Areas: Energy sector, oil and gas, renewable energy.
- Notable Investments: Various oil and gas companies, renewable energy projects.
What's Next for X-energy?
X-energy stands on the brink of significant growth, driven by its collaboration with Amazon to bring over 5 gigawatts of new power projects online by 2039. The initial project in central Washington, starting with a four-unit 320-megawatt setup, has the potential to expand to 12 units, showcasing the vast opportunities ahead.
Future fundraising efforts will likely focus on supporting these expansive projects, with potential for additional rounds to secure the necessary capital. However, X-energy may face regulatory and technical challenges, particularly in completing the TRISO-X fuel fabrication facility and navigating licensing hurdles for new reactor designs.
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