Project to potentially deploy up to 12 Xe-100
modules, 960 MW of Carbon-Free Power
Energy Northwest, a premier provider of carbon-free electricity,
and X-Energy Reactor Company, LLC (“X-energy”), a leading developer
of advanced small modular nuclear reactors and fuel technology for
clean energy generation, today announced the signing of a joint
development agreement (“JDA”) for up to 12 Xe-100 advanced small
modular reactors in central Washington capable of generating up to
a total of 960 megawatts of carbon-free electricity. Energy
Northwest expects to bring the first Xe-100 module online by
2030.
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Energy Northwest owns or operates numerous clean energy
generating facilities throughout the Northwest region of the United
States, including Columbia Generating Station in Richland, which is
the only commercial nuclear energy facility in the region. Under
the JDA, the Xe-100 project is expected to be developed at a site
controlled by Energy Northwest adjacent to Columbia Generating
Station.
Energy Northwest and X-energy have engaged extensively on plans
for an Xe-100 facility in central Washington since 2020. The JDA
defines and details the scope, location, and schedule under which
the commercial development of the project will move forward. The
companies will also work together to determine the best approaches
to licensing and regulatory matters, as well as the project
delivery model.
“Energy Northwest’s mission is to provide the region with clean,
reliable and affordable electricity, and X-energy’s innovative
advanced reactor technology will be a valuable addition to our
existing portfolio of carbon-free electric generating resources,”
said Bob Schuetz, CEO of Energy Northwest. “As the Northwest region
of the United States pursues a future clean energy grid, it is
clear it will need new sources of dependable, carbon-free power.
X-energy’s Xe-100 advanced reactor technology possesses many
attributes ideally suited to a carbon-constrained electric system,
and this agreement reflects our determination to deliver the
technologies to meet growing clean energy needs.”
“Energy Northwest is a leader in building the clean energy grid,
and the advancement of our partnership is expected to help meet
growing commercial and household demand for reliable carbon-free
energy across the state of Washington,” said J. Clay Sell, CEO of
X-energy. “X-energy is eager to bring the insights and learnings
from our ARDP experience to successfully deliver an Xe-100 nuclear
power plant in central Washington. Energy Northwest’s experience as
a leading nuclear operator in the region uniquely positions it to
showcase the benefits and scalability of advanced nuclear.”
Each Xe-100 module can provide 80 megawatts of full-time
electricity or 200 megawatts of high-temperature steam. X-energy’s
innovative and simplified modular design is road-shippable and
intended to drive scalability, accelerate construction timelines
and create more predictable and manageable construction costs. The
Xe-100 high-temperature gas-cooled reactor technology can power a
broad range of applications through its high-temperature steam
output that can address the needs of large regional electricity
providers as well as industrial manufacturing systems.
As previously announced in May 2023, Dow Inc. (NYSE: DOW)
selected its UCC Seadrift Operations manufacturing site on the
Texas Gulf Coast for X-energy’s first deployment of the Xe-100 as
part of the U.S. Department of Energy’s Advanced Reactor
Demonstration Program (“ARDP”). X-energy was awarded $1.2 billion
from the U.S. Department of Energy in 2021 under the ARDP in
federal cost-shared funding to develop, license, build and
demonstrate an operational advanced reactor and fuel fabrication
facility by the end of the decade.
About Energy Northwest
Energy Northwest is a Washington state public power joint
operating agency and a premier provider of carbon-free electricity.
Energy Northwest comprises 28 public power member utilities,
serving more than 1.5 million customers, and provides its members
and regional customers with safe, reliable, cost-effective,
responsible power generation and innovative energy and business
solutions. The agency owns and operates hydroelectric, solar,
battery storage, wind and the Northwest's only nuclear power
facility. Energy Northwest also delivers transportation
electrification infrastructure and explores new generation projects
to the benefit of public power.
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
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 conventional nuclear. For more
information, visit X-energy.com or connect with us on Twitter or
LinkedIn.
As previously announced on December 6, 2022, X-energy entered
into a definitive business combination agreement with Ares
Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded
special purpose acquisition company. Upon the closing of the
transaction, which is expected to be completed in the summer 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 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 a
registration statement on Form S-4 on January 25, 2023, as amended
by Amendment No. 1 thereto, filed on March 24, 2023, Amendment No.
2 thereto, filed on June 12, 2023 and Amendment No. 3 thereto,
filed on July 3, 2023 (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 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,
expectations with regards to X-energy’s partnership with Dow 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) the
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) the failure to obtain additional funding from the
U.S. government or our ARDP partner for the ARDP; (5) unexpected
increased project costs, increasing as a result of macroeconomic
factors, such as inflation and rising interest rates; (6) 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; (7) the risk
that any proposed business combination disrupts current plans and
operations; (8) 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; (9) costs related to the proposed business combination;
(10) changes in the applicable laws or regulations; (11) the
possibility that X-energy may be adversely affected by other
economic, business, and/or competitive factors; (12) the persistent
impact of the global COVID-19 pandemic; (13) economic uncertainty
caused by the impacts of the conflict in Russia and Ukraine and
rising levels of inflation and interest rates; (14) the ability of
X-energy to obtain regulatory approvals necessary for it to deploy
its small modular reactors in the United States and abroad; (15)
whether government funding for high assay low enriched uranium for
government or commercial uses will result in adequate supply on
anticipated timelines to support X-energy’s business; (16) the
impact and potential extended duration of the current supply/demand
imbalance in the market for low enriched uranium; (17) 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; (18) X-energy’s limited operating
history makes it difficult to evaluate its future prospects and the
risks and challenges it may encounter; and (19) 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/20230719503897/en/
Energy Northwest
Media: Jason Herbert jcherbert@energy-northwest.com
+1-703-622-2010
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 media@aresmgmt.com
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