- Compact, modular plants would deliver zero-carbon heat for
industry as well as flexible clean power
- Mature technology means first UK unit targeted for 2030
- Xe-100 reactor to use advanced fuel pioneered in the UK and
build on decades of British expertise in high temperature
gas-cooled reactors
- Target of up to 80% of construction and manufacturing to be
sourced in the UK
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 that more
than 70 British engineering, construction and manufacturing
companies this week joined X-energy UK Holdings, a wholly owned
subsidiary of X-energy, and deployment partner Cavendish Nuclear,
part of Babcock International group, for a program of presentations
and meetings in Bristol, to explore how they can support the
roll-out of advanced nuclear power stations in the UK.
The plan is to deliver a fleet of advanced, small modular Xe-100
reactors in the UK to address the challenges of energy security and
decarbonization, with the first unit planned for commercial
operation in 2030 and a goal to secure up to 80% of its
construction and manufacturing from the UK supply chain. The
technology is more compact than traditional nuclear plants with
factory-built components easily assembled on site, making each one
cheaper and quicker to construct, and with a greater range of
available locations.
The reactors are designed to be capable of producing both
electricity and higher-temperature heat and steam than conventional
‘small modular reactors’ and can supply electricity and heat for
hydrogen production and replace fossil fuel-generated heat for
industrial processes.
In addition, the spherical fuel ‘pebbles’ that act as
containment vessels in themselves, are able to withstand extremely
high temperatures and naturally remain stable in the event of any
foreseeable disruptions. This intrinsic safety reduces the need for
many of the largest, most expensive and time-consuming structures
and systems found in traditional nuclear plants.
The Xe-100 can deliver reliable ‘always-on’ electricity as well
as increase or decrease power levels safely within minutes to
respond to varying demand or supply, making it an ideal complement
to weather-dependent renewable energy, and reducing the need for
gas-fired power stations or battery storage as a backup.
Carol Tansley, X-energy’s Vice President of UK New Build
Projects said: “Until now it’s been widely expected that advanced
reactors would not be ready until around 2040 at the earliest, but
X-energy’s technology is ready for the market and advanced in its
design and applications.
“We’re in discussions with various parties regarding siting
options in the UK. The ability to significantly reduce emissions
from industrial heat applications makes it a great technology for
sites like Hartlepool on Teesside, which is already home to a
nuclear power station.
“We’re keen to see the Government press ahead with its ambitious
plans for a program of nuclear power stations, including the
establishment of the Great British Nuclear body. We believe we can
follow hard on the heels of our US program and deliver first power
around 2030, supporting the UK’s energy security and environmental
goals, in particular the drive to deliver 24GW of new nuclear power
by 2050.”
Mick Gornall, Cavendish Nuclear Managing Director said: “We are
looking to source components, systems, goods, services and a
skilled workforce right here in the UK. We’re delighted to have had
such a positive response to our first supplier outreach.”
X-energy and Cavendish Nuclear have applied for funding from the
UK Government’s Future Nuclear Enabling Fund to support a Generic
Design Assessment and supply chain development activities for the
first project.
X-energy is already progressing its US Government-endorsed plans
to build a ‘four-pack’ of its Xe-100 reactors in the USA with
generation within the decade. It has also begun construction of a
fuel fabrication facility for its proprietary advanced TRISO-X fuel
in Tennessee. The Company has raised over £1.5bn in US Government
funding and private sector investment. Last year X-energy signed
framework customer agreements with chemical company Dow in the US
and Ontario Power Generation in Canada.
The Xe-100 builds on years of technological progress, evolving
from both the UK’s Dragon reactor at Winfrith in Dorset and the
Pebble Bed Modular Reactor project in South Africa, which was
supported by the UK Government.
Deployable singly or in multiples, each reactor produces around
80 megawatts of electricity or 200 megawatts of the high-quality
heat which is seen as essential for ‘deep decarbonization’ of heavy
industry.
The reactor is an ideal successor to the British Advanced
Gas-cooled Reactor fleet, given the UK’s rich knowledge of gas
graphite reactors. It uses tri-structural isotropic particle
(TRISO) fuel, first patented in the UK in 1957. The highly-robust
fuel pebbles encase uranium inside layers of carbon and ceramic
based protection, preventing the release of fission products.
As previously announced on December 6, 2022, X-energy has
entered into a definitive business combination agreement with Ares
Acquisition Corporation (NYSE: AAC), a publicly-traded special
purpose acquisition company, which will establish X-energy as a
public company. Upon the closing of the transaction, which is
expected to be completed in the second quarter of 2023, the
combined company will be named X-Energy, Inc. and its common equity
securities and warrants are expected to be listed on the New York
Stock Exchange.
Completion of the transaction is subject to approval by AAC’s
shareholders, the Registration Statement being declared effective
by the US Securities and Exchange Commission (the “SEC”), and other
customary closing conditions.
About X-Energy UK Holdings, Ltd.
X-Energy UK Holdings, Ltd. is a wholly-owned subsidiary of
X-Energy Reactor Company, LLC, a leading developer of small modular
nuclear reactor and fuel technology for clean energy generation
that is redefining the nuclear energy industry through its
development of safer and more efficient advanced small modular
nuclear reactors and proprietary fuel to deliver reliable,
zero-carbon and affordable energy to people around the world.
X-energy’s simplified, modular and intrinsically safe advanced
modular reactor design expands applications and markets for
deployment of nuclear technology and drives enhanced safety, lower
cost and faster construction timelines when compared with other
small modular reactors and conventional nuclear. For more
information, visit X-energy.com or connect with us on Twitter or
LinkedIn.
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of small
modular nuclear reactor and fuel technology for clean energy
generation that is redefining the nuclear energy industry through
its development of safer and more efficient advanced small modular
nuclear reactors and proprietary fuel to deliver reliable,
zero-carbon and affordable energy to people around the world.
X-energy’s simplified, modular and intrinsically safe advanced
modular reactor design expands applications and markets for
deployment of nuclear technology and drives enhanced safety, lower
cost and faster construction timelines when compared with other
SMRs and conventional nuclear. For more information, visit
X-energy.com or connect with us on Twitter or LinkedIn.
About Cavendish Nuclear
From decommissioning redundant nuclear facilities and supporting
the UK’s Clean Energy commitment through Nuclear New Build and
development of Advanced Nuclear Technologies, through to helping
keep the UK’s fleet of nuclear-powered submarines at sea, our role
in Cavendish Nuclear is to enable a world where nuclear plays a key
contribution in protecting our nation, ensuring security of energy
supply and meeting our net zero commitments – Creating a safe and
secure world, together.
Nuclear has a vital role in delivering net zero by 2050, we are
passionate about the key role that we play in that. Clean energy is
a core focus for Cavendish Nuclear through our support to existing
reactors, the construction of Hinkley Point C and Sizewell C, and
our work to develop advanced nuclear technologies for the
future.
For more information, visit www.cavendishnuclear.com or connect
with us on LinkedIn
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated
with Ares Management Corporation, formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination. AAC is
seeking to pursue an initial business combination target in any
industry or sector in North America, Europe or Asia. For more
information about AAC, please visit
www.aresacquisitioncorporation.com.
Additional Information and Where to Find It
In connection with the business combination (the “Business
Combination”) with X-energy, AAC has filed the registration
statement on Form S-4 (the “Registration Statement”) with the SEC,
which includes a preliminary proxy statement/prospectus to be
distributed to holders of AAC’s ordinary shares in connection with
AAC’s solicitation of proxies for the vote by AAC’s shareholders
with respect to the Business Combination and other matters as
described in the Registration Statement, as well as a prospectus
relating to the offer of securities to be issued to X-energy equity
holders in connection with the Business Combination. After the
Registration Statement has been filed and declared effective, AAC
will mail a copy of the definitive proxy statement/prospectus, when
available, to its shareholders. The Registration Statement includes
information regarding the persons who may, under the SEC rules, be
deemed participants in the solicitation of proxies to AAC’s
shareholders in connection with the Business Combination. AAC will
also file other documents regarding the Business Combination with
the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY
HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION
STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND
ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE
SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
BUSINESS COMBINATION.
Investors and security holders will be able to obtain free
copies of the Registration Statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by AAC through the website maintained by
the SEC at www.sec.gov. In addition, the documents filed by AAC may
be obtained free of charge from AAC’s website at
www.aresacquisitioncorporation.com or by written request to AAC at
Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New
York, NY 10167.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the Business Combination, including statements regarding the
benefits of the Business Combination, the anticipated timing of the
Business Combination, the markets in which X-energy operates and
X-energy’s projected future results. X-energy’s actual results may
differ from its expectations, estimates and projections (which, in
part, are based on certain assumptions) and consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions are intended to identify such
forward-looking statements. Although these forward-looking
statements are based on assumptions that X-energy and AAC believe
are reasonable, these assumptions may be incorrect. These
forward-looking statements also involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Factors that may cause such
differences include, but are not limited to: (1) the outcome of any
legal proceedings that may be instituted in connection with any
proposed business combination; (2) the inability to complete any
proposed business combination or related transactions; (3)
inability to raise sufficient capital to fund our business plan,
including limitations on the amount of capital raised in any
proposed business combination as a result of redemptions or
otherwise; (4) delays in obtaining, adverse conditions contained in
or the inability to obtain necessary regulatory approvals or
complete regulatory reviews required to complete any business
combination; (5) the risk that any proposed business combination
disrupts current plans and operations; (6) the inability to
recognize the anticipated benefits of any proposed business
combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain key employees; (7) costs related to the
proposed business combination; (8) changes in the applicable laws
or regulations; (9) the possibility that X-energy may be adversely
affected by other economic, business and/or competitive factors;
(10) the ongoing impact of the global COVID-19 pandemic; (11)
economic uncertainty caused by the impacts of the conflict in
Russia and Ukraine and rising levels of inflation and interest
rates; (12) the ability of X-energy to obtain regulatory approvals
necessary for it to deploy its small modular reactors in the United
States and abroad; (13) whether government funding and/or demand
for high assay low enriched uranium for government or commercial
uses will materialize or continue; (14) the impact and potential
extended duration of the current supply/demand imbalance in the
market for low enriched uranium; (15) X-energy’s business with
various governmental entities is subject to the policies,
priorities, regulations, mandates and funding levels of such
governmental entities and may be negatively or positively impacted
by any change thereto; (16) X-energy’s limited operating history
makes it difficult to evaluate its future prospects and the risks
and challenges it may encounter; and (17) other risks and
uncertainties separately provided to you and indicated from time to
time described in filings and potential filings by X-energy, AAC or
X-energy, Inc. with the SEC.
The foregoing list of factors is not exhaustive. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
investors as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of AAC’s
Annual Report on Form 10-K, its subsequent Quarterly Reports on
Form 10-Q, the proxy statement/prospectus related to the
transaction, when it becomes available, and other documents filed
(or to be filed) by AAC from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
These risks and uncertainties may be amplified by the conflict
between Russia and Ukraine, rising levels of inflation and interest
rates and the ongoing COVID-19 pandemic, which have caused
significant economic uncertainty. Forward-looking statements speak
only as of the date they are made. Investors are cautioned not to
put undue reliance on forward-looking statements, and X-energy and
AAC assume no obligation and do not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
securities and other applicable laws.
No Offer or Solicitation
This press release is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy, any securities or the solicitation of
any vote in any jurisdiction pursuant to the Business Combination
or otherwise, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act.
Participants in the Solicitation
AAC and certain of its directors and executive officers may be
deemed to be participants in the solicitation of proxies from AAC’s
shareholders, in favor of the approval of the proposed transaction.
For information regarding AAC’s directors and executive officers,
please see AAC’s Annual Report on Form 10-K, its subsequent
Quarterly Reports on Form 10-Q, and the other documents filed (or
to be filed) by AAC from time to time with the SEC. Additional
information regarding the interests of those participants and other
persons who may be deemed participants in the Business Combination
may be obtained by reading the registration statement and the proxy
statement/prospectus and other relevant documents filed with the
SEC when they become available. Free copies of these documents may
be obtained as described in the preceding paragraph.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230127005046/en/
X-energy Investors: XenergyIR@icrinc.com Media:
XenergyPR@icrinc.com Leon Flexman lflexman@x-energy.com 07920
143732 Cavendish Nuclear Yvonne Preston
yvonne.preston@cavendishnuclear.com 07971 304338 Ares
Acquisition Corporation Investors: Carl Drake and Greg Mason
+1-888-818-5298 IR@AresAcquisitionCorporation.com Media: Jacob
Silber +1-212-301-0376 or Brittany Cash +1-212-301-0347
media@aresmgmt.com
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