X-energy

AActiveFounded 2009🇺🇸Rockville, Maryland

CEO

Clay Sell

Overview

X-energy is developing the Xe-100, an 80 MWe high-temperature gas-cooled reactor (HTGR) that uses proprietary TRISO fuel for inherent safety and high thermal efficiency. The Xe-100 can be deployed as a single unit or in a four-pack configuration producing 320 MWe. X-energy also operates TRISO-X, a subsidiary building the first commercial-scale TRISO fuel fabrication facility in the United States. The company received a major DOE Advanced Reactor Demonstration Program award and has signed agreements with Dow Chemical for industrial heat applications.

Main Products

Xe-100

In Development

80 MWe high-temperature gas-cooled reactor (HTGR) using TRISO fuel, deployable as single unit or in a four-pack configuration for 320 MWe.

DOE ARDP-funded demonstration — advancing NRC licensing and targeting first deployment with Dow Chemical in the late 2020s.

Electrical Output80 MWe per module

Four-Pack Output320 MWe

Reactor TypeHigh-temperature gas-cooled reactor (HTGR)

CoolantHelium gas

Fuel TypeTRISO (tristructural isotropic) fuel pebbles

Outlet Temperature750°C

Key CustomerDow Chemical (industrial heat & power)

TRISO-X Fuel Fabrication

In Development

First commercial-scale TRISO fuel fabrication facility in the United States, being built in Oak Ridge, Tennessee.

Fuel fabrication facility under construction in Oak Ridge, Tennessee — targeting initial production in 2025–2026.

Production Target8 metric tons TRISO fuel/year

Fuel TypeTRISO (tristructural isotropic) particles

LocationOak Ridge, Tennessee

NRC LicenseSpecial nuclear material license issued

ServesXe-100 and other HTGR designs

What's Next

Xe-100 deployment with Dow Chemical

Deploying a four-pack Xe-100 HTGR plant at a Dow Chemical Gulf Coast manufacturing site for industrial process heat and power, the first industrial nuclear heat application in decades.

2029

TRISO-X fuel fabrication facility completion

Completing the TRISO-X fuel fabrication facility in Oak Ridge, Tennessee, the first commercial-scale TRISO fuel plant in the United States, with initial fuel production targeted for 2026.

2026

First commercial Xe-100 reactor operation

Targeting first commercial Xe-100 reactor operation as part of the DOE ARDP demonstration program, advancing through NRC design certification.

2029

Operations & Revenue

StatusPre-revenue

Development stage — no operational reactors yet. TRISO-X fuel facility under construction. Revenue limited to government contracts and engineering services.

Pipeline & Contracts

DOE ARDP Cost-Share

$1.2B from DOE's Advanced Reactor Demonstration Program to support Xe-100 development and demonstration.

Industrial Partnerships

Agreement with Dow Chemical for Xe-100 deployment at Gulf Coast manufacturing site — first industrial nuclear heat application in decades.

Key Metrics

Employees

~1,800

Est. Annual Revenue

Pre-revenue

Total Funding

$2.8B+ (incl. DOE cost-share)

Xe-100 Output

80 MWe (320 MWe in 4-pack)

TRISO-X Fuel Target

8 metric tons TRISO/year

Timeline

2024NRC licensing progress

Advances pre-application engagement with the NRC for the Xe-100 reactor design certification.

2023TRISO-X fuel facility groundbreaking

Breaks ground on the TRISO-X fuel fabrication facility in Oak Ridge, Tennessee — the first commercial-scale TRISO fuel plant in the U.S.

2023SPAC merger announced (later terminated)

Announced plans to go public through a merger with Ares Acquisition Corporation, but the deal was mutually terminated in March 2024. X-energy remains private.

2022Dow Chemical agreement

Signs agreement with Dow to deploy a Xe-100 plant at a Dow Gulf Coast manufacturing site for industrial process heat and power.

2020DOE ARDP award

Selected for a $1.2B cost-share award under the DOE's Advanced Reactor Demonstration Program to build a commercial Xe-100 plant.

2016DOE GAIN voucher

Receives DOE Gateway for Accelerated Innovation in Nuclear (GAIN) voucher for Xe-100 development.

2009Founded

X-energy is founded to develop high-temperature gas-cooled reactor technology and advanced TRISO fuel.

Funding

Round	Date	Amount	Investors
DOE ARDP cost-share	2020	$1.2B (government share)	U.S. Department of Energy
Series B	2021	$100M	Ares Management, institutional investors
Series C-1 & D	2025	$1.4B+ (combined)	Amazon, Ares Management, Citadel, institutional investors