![[x-energy-logo.png|300]] Website: [x-energy.com](https://x-energy.com) ### Introduction X-energy, founded in 2009 by Kam Ghaffarian, is a leading advanced nuclear reactor and fuel design company headquartered in Rockville, Maryland. The company focuses on developing next-generation nuclear technologies to provide clean, safe, and reliable energy solutions. With a mission to revolutionize the nuclear industry through innovative small modular reactors (SMRs) and advanced fuel designs, X-energy aims to address global energy demands while minimizing environmental impact. Employee count specifics are not publicly available in the latest data, but the company has grown significantly in recent years due to substantial funding and partnerships. X-energy is a privately held company and does not have a publicly traded ticker symbol. Its work centers on Generation IV high-temperature gas-cooled reactors and proprietary TRISO fuel, positioning it as a key player in the nuclear renaissance driven by increasing demand for carbon-free energy sources, particularly from tech and industrial sectors. ### Key Products and Technology - **Xe-100 (Small Modular Reactor, SMR)** - **Technical Specifications**: The Xe-100 is designed to produce 80 MWe per unit, with a scalable four-unit plant delivering up to 320 MWe. It operates at high temperatures for improved efficiency (approximately 40% thermal efficiency). - **Fuel Type**: Utilizes TRISO (Tri-structural Isotropic) fuel pebbles, containing uranium enriched to 20% (HALEU - High-Assay Low-Enriched Uranium), allowing for longer refueling cycles. - **Key Differentiators**: The TRISO fuel design is inherently safe, claimed to prevent meltdowns by containing fission products even under accident conditions. The modular design reduces construction costs and timelines compared to traditional reactors. - **Development Stage**: Advanced design phase with ongoing pre-application engagement with the U.S. Nuclear Regulatory Commission (NRC). Demonstration and commercial deployment are targeted for the late 2020s to early 2030s. - **Target Customers**: Utilities, industrial facilities, data centers (notably due to recent tech sector interest), and government entities seeking decarbonized baseload power. - **TRISO Fuel Fabrication** - **Technical Specifications**: Proprietary fuel production for high-temperature gas-cooled reactors, designed to withstand extreme conditions without releasing fission products. - **Fuel Type**: HALEU-based TRISO pebbles, a critical component for Xe-100 reactors. - **Key Differentiators**: X-energy is building the first commercial-scale TRISO fuel facility in the U.S., reducing dependency on foreign supply chains for advanced nuclear fuel. - **Development Stage**: Construction of the fuel fabrication facility began in 2025, marking a significant step toward commercial production. - **Target Customers**: Primarily for X-energy’s own reactors, with potential to supply other advanced reactor developers. ### Regulatory and Licensing Status X-energy is actively engaged with the U.S. Nuclear Regulatory Commission (NRC) in the pre-application phase for the Xe-100 reactor design. The company has submitted topical reports and white papers to the NRC to facilitate design certification, a critical step toward licensing. Key milestones include ongoing collaboration with the Department of Energy (DOE) under the Advanced Reactor Demonstration Program (ARDP), which awarded X-energy funding in 2020 to support design and licensing efforts. Upcoming regulatory milestones include completing the design certification application and securing a combined license for construction and operation. The estimated timeline for first commercial deployment of the Xe-100 is in the early 2030s, contingent on regulatory approvals and project execution. The construction of the TRISO fuel facility, which began in November 2025, also aligns with regulatory oversight to ensure compliance with safety and security standards ([energy.gov](https://www.energy.gov)). ### Team and Leadership - **Kam Ghaffarian (Founder and Executive Chairman)**: A serial entrepreneur with a background in technology and energy innovation, Ghaffarian founded X-energy to advance nuclear technology for global energy needs. - **Clay Sell (CEO)**: Former Deputy Secretary of Energy under President George W. Bush, Sell brings extensive experience in energy policy and nuclear industry leadership to guide X-energy’s strategic growth. - **Harlan Bowers (President)**: With a focus on operational excellence, Bowers oversees the execution of reactor deployment and fuel production initiatives. (Social media handles for leadership are not publicly verified in available data and are therefore omitted.) ### Funding and Financial Position X-energy has raised significant capital to support its ambitious goals. As of the latest updates, the company secured a $700 million Series D funding round in November 2025, led by various institutional investors, positioning it as one of the best-funded SMR developers ([TechCrunch](https://techcrunch.com/2025/11/24/x-energy-rides-nuclear-wave-raises-700m-series-d/)). Earlier in 2025, a $700 million Series C-1 round was closed, with investors including Segra Capital Management, Jane Street, Ares Management funds, and Emerson Collective ([x-energy.com](https://x-energy.com/media/news-releases)). Total funding to date exceeds $1.4 billion, reflecting strong investor confidence in X-energy’s technology and market potential. As a private company, market cap and stock performance data are not applicable. Key strategic backers include the DOE through grants and contracts under ARDP. X-energy remains pre-revenue, focusing on technology development, regulatory progress, and infrastructure buildout, with first commercial contracts expected closer to deployment timelines in the 2030s. ### Recent News and Developments | Date | Event | Details | |---------------|------------------------------------|-----------------------------------------------------------------------------------------------| | Dec 18, 2025 | Manufacturing Agreement | Signed a binding Reservation Agreement with Doosan Enerbility for steel components of 16 Xe-100 SMRs, including plans for a new fabrication facility ([x-energy.com](https://x-energy.com/media/news-releases)). | | Nov 30, 2025 | Series D Funding Round | Raised $700 million to accelerate SMR technology development and commercialization ([neutronbytes.com](https://neutronbytes.com/2025/11/30/x-energy-leaps-ahead-with-700m-in-series-d-funding/)). | | Nov 18, 2025 | Fuel Facility Construction | Began construction of the first U.S. commercial TRISO fuel fabrication facility ([energy.gov](https://www.energy.gov/ne/articles/x-energy-starts-building-construction-advanced-nuclear-fuel-facility)). | | Sep, 2025 | NASA/DOE Contract | Awarded a contract with Intuitive Machines for a one-year study on Fission Surface Power for lunar applications ([x-energy.com](https://x-energy.com/media/news-releases)). | | Feb 6, 2025 | Series C-1 Funding Round | Closed an upsized $700 million round with investors like Ares Management and Emerson Collective ([x-energy.com](https://x-energy.com/media/news-releases)). | ### Partnerships and Collaborations - **Doosan Enerbility Co., Ltd.**: A manufacturing partnership for main power system steel components for 16 Xe-100 SMRs, with Doosan committing to a new fabrication facility. This agreement secures critical supply chain capacity for X-energy’s reactor deployment. - **Department of Energy (DOE) and NASA**: Through a joint venture with Intuitive Machines (IX), X-energy is developing Fission Surface Power technology for lunar applications, enhancing its portfolio beyond [[Terrestrial Energy|terrestrial energy]]. - **First Nations Power (Canada)**: A Memorandum of Understanding to leverage Xe-100 SMRs for Indigenous inclusion in Canada’s nuclear industry, expanding X-energy’s international footprint ([x-energy.com](https://x-energy.com/media/news-releases)). - **Advanced Reactor Demonstration Program (ARDP)**: DOE funding and technical support under ARDP to advance Xe-100 design and licensing, providing both financial and regulatory momentum. ### New Hampshire Relevance X-energy’s technology holds potential relevance for [[New Hampshire]], particularly given the state’s existing nuclear infrastructure and energy needs. The proximity to [[Seabrook Station]], New Hampshire’s only nuclear power plant, and integration with the ISO New England (ISO-NE) grid could facilitate future SMR deployment. The Xe-100’s modular design and 80 MWe output per unit are well-suited for replacing aging fossil fuel plants or supporting grid stability in a region with high seasonal demand fluctuations. However, the technology readiness level (TRL) indicates deployment is unlikely before the early 2030s, which may not align with immediate NH energy transition timelines. New Hampshire’s legislative initiatives, such as HB 710, which explores nuclear energy expansion, and provisions for SMRs in state energy policy, align with X-energy’s offerings. Potential applications include grid power to support ISO-NE, powering data centers (a growing load in the Northeast), and providing industrial heat for manufacturing sectors. While no direct NH connections are documented in current data, X-energy’s focus on the U.S. market and interest from tech companies for clean energy suggest potential future engagement in the Northeast. ### Competitive Position X-energy competes with other SMR developers like [[NuScale Power]], [[[[TerraPower]]]], and [[[[Last Energy]]]]. Compared to [[NuScale Power|NuScale]], which has progressed further in NRC certification (with a design certified in 2023), X-energy’s high-temperature gas-cooled reactor and TRISO fuel offer unique safety and efficiency advantages but lag in regulatory timelines. TerraPower, backed by Bill Gates, focuses on molten salt and fast reactor designs, targeting similar industrial and grid applications, though its Natrium reactor faces comparable deployment delays. Last Energy, with a recent $100 million raise for micro-reactors, targets smaller-scale projects (5 MW) for niche markets, contrasting with X-energy’s larger 80 MWe units ([TechCrunch](https://techcrunch.com/2025/12/16/nuclear-startup-last-energy-raises-100m-for-its-steel-encased-micro-reactor/)). X-energy’s key advantage lies in its fuel innovation and recent funding surge, though risks include regulatory delays and competition for HALEU supply chains. ### Closing Note X-energy is at an advanced development stage with strong financial backing and strategic partnerships, poised for significant growth in the nuclear SMR market over the next decade. *Report generated December 24, 2025*