Ares Acquisition Corporation - AAC STOCK NEWS

X-energy, a developer of advanced small modular nuclear reactors, has appointed Thomas Nixon as Senior Vice President for Commercial Operations. Nixon will oversee engineering, licensing, training, and construction activities for X-energy’s Xe-100 reactor, including its first deployment at one of Dow’s U.S. Gulf Coast sites. Nixon brings extensive experience in nuclear construction and project management, having previously worked at Bechtel Corporation for over 30 years. X-energy's partnership with Dow to develop a four-unit Xe-100 facility has also been announced.

X-Energy Reactor Company has partnered with Kinectrics to establish a Helium Test Facility (HTF) in North America. This facility aims to test components of X-energy’s Xe-100 advanced small modular reactor under high-temperature and high-pressure helium conditions, enhancing its safety and reliability.

The HTF will enable design verification and data collection on critical reactor systems. The facility's construction is expected to conclude by 2025, supporting the commercialization of the Xe-100, which will generate electricity and steam. Additionally, X-energy is finalizing a business combination with Ares Acquisition Corporation, facilitating its public listing on the NYSE.

TRISO-X, a subsidiary of X-Energy, successfully tested its coated particle fuel for nuclear thermal propulsion, marking a significant milestone for nuclear-powered rockets. The test, part of DARPA's DRACO program, showcased the fuel's resilience under extreme temperatures exceeding 2,000 degrees Celsius. TRISO-X's president highlighted this achievement solidifying its leadership in fuel systems for power and space. The company is developing a Fuel Fabrication Facility in Oak Ridge, expected to be operational by 2025, and is part of a $1.2 billion funding initiative from the DOE for advanced reactors. X-Energy's merger with Ares Acquisition Corporation is anticipated to finalize in Q2 2023.

X-energy Reactor Company, a leader in advanced small modular nuclear reactors, announced that CEO J. Clay Sell will participate in two panels at S&P Global’s CERAWeek in Houston on March 9. Sell will discuss the potential of SMR technology in achieving decarbonization targets alongside Dow’s Edward Stones and other industry leaders. Recently, X-energy and Dow formed a joint development agreement to deploy their first advanced SMR in North America, aimed at reducing Dow’s carbon emissions by 5 million metric tons annually. X-energy is working towards completing its business combination with Ares Acquisition Corporation (NYSE: AAC) in Q2 2023.

X-energy Reactor Company, LLC announced its first Plant Support Center-East (PSCE) in Frederick, Maryland, aimed at enhancing the management and training for its Xe-100 reactor fleet. This facility is pivotal for the company’s Commercial Operations Services and will aid in lowering operational costs for its customers. The PSCE features a high-fidelity control room simulator for improved operations. Additionally, X-energy plans to support its first Xe-100 reactor installation with Dow at the U.S. Gulf Coast. The business combination with Ares Acquisition Corporation (NYSE: AAC) is anticipated to close in Q2 2023, with X-energy expected to trade as X-Energy, Inc. on the NYSE.

X-energy Reactor Company has appointed Dr. Benjamin T. Reinke as Vice President of Global Business Development, focusing on strategic partnerships to enhance growth and deployment of its advanced small modular reactor technology. Dr. Reinke, previously Senior Director of Corporate Strategy, has been integral in shaping the company’s strategic direction. The press release also highlights a planned business combination with Ares Acquisition Corporation (NYSE: AAC), expected to finalize in Q2 2023, aiming to list the merged entity on the NYSE. The transaction is pending shareholder approval and SEC clearance.

Dow and X-energy have announced a joint development agreement to build a four-unit Xe-100 advanced nuclear reactor facility at Dow's Gulf Coast site. This initiative is backed by the U.S. Department of Energy's Advanced Reactor Demonstration Program, with up to $50 million allocated for engineering work. The Xe-100 reactor aims to provide safe, low-carbon energy for industrial use, enhancing Dow's sustainability goals. Dow's CEO emphasized the project as a significant step in reducing carbon emissions while making reliable energy. The companies plan to license this technology for broader industrial applications.

X-energy Reactor Company, LLC has appointed Christopher Ginther and Kathleen Hyle to its Board of Directors, effective immediately. Ginther, from Ontario Power Generation, has invested $40 million in X-energy since 2021, while Hyle brings extensive governance experience from AmerisourceBergen and Bunge Limited. This leadership change coincides with X-energy's transition to a public company through a merger with Ares Acquisition Corporation (AAC), anticipated to close in Q2 2023. The Board aims to leverage their expertise to navigate growth in the advanced nuclear energy sector and achieve net-zero goals by 2040.