TRISO-X LLC (“TRISO-X”), a wholly owned subsidiary of 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, marked another step forward
in the licensing of its fuel fabrication facility in Oak Ridge,
Tennessee, as the Nuclear Regulatory Commission (“NRC” or
“Commission”) hosted its first public meeting for the proposed
facility. TRISO-X has requested a 40-year license to possess and
use special nuclear material to manufacture advanced nuclear fuel
at what will be the first-ever commercial-scale fuel fabrication
facility focusing on the use of high-assay low-enriched uranium
(“HALEU”).
The NRC presented its proposed 30-month review timeline at the
meeting in Oak Ridge on January 25, 2023. Approximately 70
residents, community organizations, and representatives attended
the meeting to provide the NRC input on the scope of its review and
engage directly with Commission staff. NRC representatives also
toured TRISO-X’s pilot fuel fabrication facility located at the Oak
Ridge National Laboratory as well as the proposed site of the
commercial fuel fabrication facility. The TRISO-X Fuel Fabrication
Facility (“TF3”) is expected to be a significant participant in
future advanced reactor deployment starting in the mid-2020s, and
is anticipated to create more than 400 jobs in eastern
Tennessee.
“We’re pleased to see the community so engaged and supportive of
our efforts to create sustainable economic opportunities by
building on the proud nuclear energy tradition that has existed in
Oak Ridge for decades,” said Dr. Pete Pappano, President of
TRISO-X. “This is a community and region that well understands the
potential of advanced nuclear energy, and we look forward to
ongoing engagement with the community and the NRC throughout the
license application review process.”
Tri-structural isotropic (“TRISO”) particle fuel is “the most
robust nuclear fuel on the planet,” according to the U.S.
Department of Energy (“DOE”), because it can withstand very high
temperatures without melting, which is key to its safety. TRISO-X
manufactures its own proprietary version of TRISO—also called
TRISO-X—to ensure supply, to control quality, and to reduce costs.
TRISO-X has operated a pilot nuclear fuel fabrication facility at
the Oak Ridge National Laboratory since 2016, serving as a
demonstration facility of the Company’s patented TRISO fabrication
processes.
In 2020, the DOE selected X-energy for their Advanced Reactor
Demonstration Program (“ARDP”) to receive up to $1.2 billion of
federal cost-shared funding to develop, license, build, and
demonstrate operational advanced reactors by the end of the decade.
The TRISO-X nuclear fuel produced in the Oak Ridge TF3 will be used
in X-energy’s Xe-100 high-temperature gas-cooled reactors, the
first of which are expected to be operational by 2029.
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. 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 SEC, and other customary closing conditions.
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of
advanced small modular nuclear reactors 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 SMR 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 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 filed the registration statement
on Form S-4 (the “Registration Statement”) with the Securities and
Exchange Commission (the “SEC”) on January 25, 2023, 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 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 has filed and will
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20230201005179/en/
X-energy
Investors: XenergyIR@icrinc.com
Media: XenergyPR@icrinc.com
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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