Month: October 2026

ROCKVILLE, Md. – October 30, 2026 – X-Energy, Inc. (Nasdaq: XE) (“X-energy” or “the Company”), a leading developer of advanced nuclear reactors and fuel technology, today announced the completion of the U.S. Nuclear Regulatory Commission’s (“NRC”) safety review for the initial deployment of X-energy’s Xe-100 high-temperature gas-cooled reactor (“HTGR”). The proposed Long Mott Generating Station would be the first grid-scale advanced nuclear reactor at an industrial facility in U.S. history, advancing in partnership with Dow (NYSE: DOW) under the U.S. Department of Energy’s Advanced Reactor Demonstration Program (“ARDP”).

The NRC’s Final Safety Evaluation Report (“FSER”) follows a comprehensive review of the Xe-100 plant’s principal design criteria, preliminary design, safety analyses, probabilistic risk assessment, and research and development programs, documenting the NRC staff’s conclusion that the proposed plant and site provide the safety basis to begin construction under 10 CFR Part 50. The Advisory Committee on Reactor Safeguards, an independent body that advises the Commission, separately reviewed the NRC staff’s evaluation and supports issuance of the construction permit.

The Xe-100’s safety case leverages the passive physics of its TRISO-X coated particle fuel and pebble-bed core design, as well as traditional defense-in-depth systems to enable a new, broader range of applications for nuclear technology. The design’s safety profile enables applicants to pursue a compact site footprint with a 400-meter emergency planning zone compared to 10 miles for conventional light-water reactors. This allows new generation to be sited closer to the point of need, including inside the perimeter of a large industrial facility, or closer to populated areas. While future applications will be reviewed individually, the NRC’s review establishes regulatory precedents for every Xe-100 project that follows, creating replicable pathways for increased efficiency in commercial nuclear licensing.

“Licensing a new reactor is earned through the quality of the application and the rigor of the regulator’s review,” said Dragan Popovic, Chief Global Operating Officer at X-energy. “The NRC’s completion of its safety review reflects years of disciplined work by our team and the NRC staff, establishing the foundations to support every Xe-100 application that follows on the path to scale.”

Commercial licensing for X-energy’s technology is supported by both extensive pre-application engagement with the NRC dating to 2018, as well as decades of U.S. Department of Energy research on HTGR technology. The Xe-100 is the first HTGR construction permit application to use the NRC’s technology-inclusive, risk-informed, and performance-based licensing framework, building on licensing modernization proposals first developed for the DOE’s Next Generation Nuclear Plant program in 2008. TRISO-X fuel is based on TRISO fuel designs pioneered by the DOE through the Advanced Gas Reactor Program, providing both irradiation data and production specifications over 20 years of testing that are central to the fuel’s design today.

In May 2026, the NRC completed its environmental review with an Environmental Assessment and Finding of No Significant Impact. With both primary reviews complete, the project moves to the final stages of the NRC’s construction permit review. In the United Kingdom, the Xe-100 was recently accepted into Generic Design Assessment, initiating a critical step in the licensing process for U.K. deployment. Together, these regulatory milestones advance the Company’s vision of transformative energy technology to fuel the future of humanity.

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About X-energy
X-energy, Inc. is a leading developer of advanced small modular nuclear reactors and fuel technology designed to establish a new standard in clean, safe, reliable energy. X-energy’s intrinsically safe Xe-100 high-temperature gas reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects underway with Dow, Amazon, and Centrica across grid, industrial, and AI applications. Together, X-energy’s technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which X-energy intends to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “will,” “seek,” the negative of these words, or similar terms may identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These include, but are not limited to, statements regarding the NRC’s construction permit review, including the expected timing and outcome; the expectation that the proposed plant will be the first of its kind in U.S. history; the regulatory precedent established by the NRC’s review and its expected effect on the efficiency of licensing future projects; the expected safety profile, features and siting benefits of the Xe-100; the Xe-100’s Generic Design Assessment in the United Kingdom; the status and timing of X-energy’s commercial projects; and X-energy’s vision and strategy.

You should not rely on these forward-looking statements as predictions of future events. Actual results may differ materially due to a number of factors, including, but not limited to: the risk that the NRC’s review does not result in more efficient licensing of future Xe-100 projects, which will be reviewed individually, or that future sites do not qualify for a comparable emergency planning zone or environmental review pathway; design changes following the construction permit that require additional NRC review; the failure to obtain, or delays in obtaining, required licenses, permits and regulatory approvals, including issuance of the NRC Construction permit; site suitability and characterization risks; the decision of X-energy’s customers, including Dow, whether to proceed with construction; the ability of the parties to obtain project financing and achieve acceptable project economics; delays, cost increases or setbacks in the licensing, construction or deployment of X-energy’s projects; supply chain and supplier constraints; changes in government policy, funding or support for advanced nuclear energy, including under the ARDP; public or stakeholder opposition; and first-of-a-kind risks and X-energy’s limited operating experience at intended scale, including latent design or operational issues. More information about potential risks is detailed under “Risk Factors” in X-energy’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the Securities and Exchange Commission (the “SEC”), and in subsequent SEC filings, available on X-energy’s Investor Relations website at https://investors.x-energy.com/ and on the SEC website at www.sec.gov. Any forward-looking statements herein are based on assumptions believed reasonable as of, and speak only as of, the date of this press release. Except as required by law, X-energy undertakes no obligation to update these statements as a result of new information or future events.

Contact

Robert McEntyre, Corporate Communications
media@x-energy.com
+1 240.673.6565

Patricia Gil, Investor Relations
investors@x-energy.com
+1 301.558.3040

NRC Completes Safety Review of X-energy’s Xe-100 SMR | X-energy

This episode we are joined by Mr. Chris Carter – Managing Partner of NGP Energy Capital – a Dallas-based energy private equity firm that has invested since 1988, and raised over $25 billion in cumulative capital commitments. As Managing Partner, Chris oversees NGP’s efforts in sourcing, structuring, executing and monitoring investments. He chairs the Investment, Investment Process and Monitoring Committees and is a member of NGP’s Executive Committee. Chris joined NGP as an Associate in 2004. Previously, he was a summer Associate at McKinsey & Company and an Analyst with Deutsche Bank’s Energy Investment Banking Group, where he focused on financing and merger and acquisition transactions. Chris received a B.B.A. and an M.P.A. in Accounting from the University of Texas at Austin in 2002, where he was a member of the Canfield Business Honors Program. He also received an M.B.A. from Stanford University Graduate School of Business in 2008, graduating as an Arjay Miller Scholar.

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11:49 Stanford, McKinsey and returning in 2008
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ROCKVILLE, Md. – October 19, 2026 – X-Energy, Inc. (X-Energy, Inc. (Nasdaq: XE) (“X-energy” or “XE”), a Maryland-based developer of advanced nuclear reactors and fuel technology and American Electric Power (Nasdaq: “AEP”) today announced a Joint Development Agreement (“JDA”) to advance feasibility work for a proposed 960 MW Xe-100 small modular reactor (“SMR”) project in Indiana. Amazon.com, Inc. (Nasdaq: AMZN) (“Amazon”) will provide certain project development funding for the effort, marking the second commercial deployment under X-energy and Amazon’s collaboration aimed at bringing more than 5 GW of new nuclear capacity to the U.S. grid by 2039.

X-energy and AEP will evaluate the development of a 12-unit Xe-100 plant near the former site of the retired Breed Generating Station in Sullivan County, Indiana. The proposed project would redevelop the AEP-owned brownfield site for advanced nuclear power, adding clean baseload capacity to help meet growing demand for safe, reliable energy across Indiana and the region.

The proposed project combines AEP’s power generation and nuclear operating expertise, Amazon’s milestone-based development capital, and X-energy’s advanced nuclear technology to deliver a clean, safe, long-term energy solution. Building on Amazon’s investment in, and ongoing collaboration with X-energy, the project is intended to be a second grid-scale partnership to support grid reliability with new clean generating capacity, joining Energy Northwest’s Cascade Advanced Energy Facility in Washington State.

Indiana has made advanced nuclear energy a central part of its energy strategy as part of the state’s all-of-the-above approach to affordable, reliable power. Since 2025, Governor Mike Braun and the Indiana General Assembly have enacted a range of supportive state policies that better position the region for SMR deployment, including investment and manufacturing tax credits, as well as the Indiana Advanced Nuclear Community program to help communities across the state most effectively leverage the economic and workforce benefits of new nuclear development.

X-energy’s Xe-100 is an 80 MWe high-temperature gas-cooled reactor, using helium as a coolant, and powered by Tri-structural, Isotropic (“TRISO”) fuel, described by the U.S. Department of Energy as the “most robust nuclear fuel on earth” for its ability to withstand extreme temperatures without melting. The technology’s strong intrinsic safety case allows for deployment within a compact site footprint, enabling new generation to be sited closer to the point of need, and minimizing disruption to the surrounding environment.

X-energy and AEP’s proposed project in Indiana marks a third announced commercial U.S. Xe-100 project, and fourth announced worldwide within X-energy’s approximate 11.5 GW commercial pipeline. X-energy’s first deployment of the Xe-100 is in the final phases the U.S. Nuclear Regulatory Commission’s review of its construction permit application for a proposed four-unit plant that would provide both electricity and high-temperature industrial steam to a Dow manufacturing site on the Texas Gulf Coast under the U.S. Department of Energy’s Advanced Reactor Demonstration Program. Together, these commercial projects further the company’s mission to provide carbon-free, safe, reliable energy solutions capable of meeting growing power demand in the U.S. and around the world, powering human ambition wherever it leads.

Quotes

Bill Fehrman, Chairman, President and Chief Executive Officer of AEP, said, “Advanced nuclear energy has the potential to provide dependable power for over half a century while supporting economic growth in our communities. With this development plan, we are working to bring together the resources to help meet unprecedented growth in energy demand with reliable baseload power while protecting affordability for existing customers. Our agreements with Amazon and X-energy will provide all necessary capital protections and financial safeguards that we have said are essential for any potential nuclear project to move forward.”

Josh Weissman, VP of Data Center Infrastructure Capacity Delivery at Amazon, said, “At Amazon, we are committed to serving the needs of our customers and achieving our Climate Pledge goal to be net-zero carbon across our operations by 2040. This collaboration with AEP and X-energy would enable us to make progress on both while ensuring that Indiana’s communities benefit. Together, we’re looking to develop nearly a gigawatt of carbon-free power for the regional grid and pay our full costs without passing them to others. This project would also create jobs and generate tax revenues to benefit Hoosier communities for decades to come.”

J. Clay Sell, CEO of X-energy, said, “This partnership brings together the experience, ambition, and innovation needed to move a project of this significance forward. AEP’s 50years of excellence in nuclear operations, combined with the world-class expertise of Amazon and technology of X-energy, are poised to chart a new course for Indiana’s energy future. Together, we’re working to advance a clean, safe, reliable solution to meet growing energy demand and benefit Indiana and its communities for generations to come.”

Indiana Governor Mike Braun said, “Indiana is building an energy future that prioritizes affordability for Hoosier families and businesses while driving economic growth. The decision by I&M/AEP, Amazon and X-energy to explore this technology in one of Indiana’s counties represents the kind of innovation and investment that can deliver lasting benefits for our state. This project has the potential to create well-paying jobs in Sullivan County, strengthen our electric grid and further position Indiana as a national leader in advanced nuclear energy.”

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About X-energy

X-energy is a leading designer of advanced small modular nuclear reactors (“SMR”) and fuel technology developed to establish a new standard in clean, safe, reliable energy. X-energy’s intrinsically safe Xe-100 high-temperature gas-cooled reactor and TRISO-X particle fuel expand applications for nuclear technology, with commercial projects across grid, industrial, and AI. Together, X-energy’s technology drives enhanced safety, lower cost, faster construction timelines, and scalable deployment when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which X-energy intends to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “will,” “seek,” the negative of these words, or similar terms may identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These include, but are not limited to, statements regarding the proposed Xe-100 project in Indiana, including its expected size, number of units, capacity, siting, timing and anticipated benefits; the scope and results of feasibility work under the Joint Development Agreement; provision of project development funding; the parties’ collaboration to bring more than 5 GW of new nuclear capacity to the U.S. grid by 2039; the expected economic, community, reliability and customer-affordability benefits of the project; the status and timing of X-energy’s other commercial projects, including its project with Dow and the Cascade Advanced Energy Facility; X-energy’s commercial pipeline; and the expected features of the Xe-100.

You should not rely on these forward-looking statements as predictions of future events. Actual results may differ materially due to a number of factors, including, but not limited to: the possibility that feasibility work does not support moving forward with the proposed project, or that the parties do not enter into additional agreements for its development, construction or operation; the termination of the Joint Development Agreement or related funding arrangements, or the failure to achieve milestones or satisfy other conditions to which development funding is subject; the failure to obtain, or delays in obtaining, required licenses, permits and regulatory approvals; site suitability and characterization risks; the ability of the parties to obtain project financing and achieve acceptable project economics; delays, cost increases or setbacks in the licensing, construction or deployment of X-energy’s projects; the risk that X-energy’s commercial pipeline does not convert into deployed projects; supply chain and supplier constraints; changes in government policy, funding or support for advanced nuclear energy; public or stakeholder opposition; the performance of X-energy’s counterparties; and first-of-a-kind risks and X-energy’s limited operating experience at intended scale, including latent design or operational issues. More information about potential risks is detailed under “Risk Factors” in X-energy’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 filed with the Securities and Exchange Commission (the “SEC”), and in subsequent SEC filings, available on X-energy’s Investor Relations website at https://investors.x-energy.com/ and on the SEC website at www.sec.gov. Any forward-looking statements herein are based on assumptions believed reasonable as of, and speak only as of, the date of this press release. Except as required by law, X-energy undertakes no obligation to update these statements as a result of new information or future events.

X-energy, Amazon, American Electric Power Partner to Bring SMR Project to Indiana – X-energy

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