Ares Acquisition Corporation - AAC STOCK NEWS

X-Energy Canada has signed a memorandum of understanding (MOU) with Invest Alberta Corporation to explore economic opportunities for deploying Xe-100 small modular reactors (SMRs) in Alberta. This initiative aims to enhance local supply chains, engage with government bodies, and bolster relationships with Indigenous communities. The Xe-100 can generate up to 80 megawatts of electricity and is designed for high reliability while directly supporting heavy industries. A four-unit plant could create approximately 3,800 full-time jobs in Alberta.

X-energy Reactor Company has announced significant progress towards deploying its advanced small modular reactors, the Xe-100, in the UK. With a target for the first unit to become operational by 2030, more than 70 UK engineering firms have joined X-energy UK Holdings to support this initiative. The reactors will utilize compact technology, sourced largely from the UK (up to 80%), aimed at enhancing energy security and reducing carbon emissions. The spherical fuel pebbles used in the reactors contribute to their intrinsic safety, allowing for reliable electricity and heat production while reducing reliance on fossil fuels. Ares Acquisition Corporation (NYSE: AAC) is involved in X-energy's transition to a public company, expected in Q2 2023.

X-Energy Reactor Company and Ares Acquisition Corporation (AAC) have filed a registration statement with the SEC related to their proposed business combination, initially announced on December 6, 2022. This merger aims to establish X-energy as a public entity focused on developing advanced small modular reactors (SMR) and proprietary fuel technologies. The transaction's completion hinges on shareholder approval and regulatory compliance. X-energy emphasizes its commitment to delivering safer and more efficient nuclear energy solutions, positioning itself for growth in the clean energy sector.

Ares Acquisition Corporation (NYSE: AAC) announced the postponement of its extraordinary general meeting of shareholders from January 24, 2023, to February 2, 2023, at 9:30 a.m. ET. The meeting will address the Extension Amendment Proposal, which seeks to extend the deadline for completing a business combination from February 4, 2023, to August 4, 2023. The proposal also aims to remove restrictions on share repurchases and the minimum net tangible assets requirement. Additionally, the deadline for shareholders to submit redemption requests has been extended to January 31, 2023. Shareholders of record as of December 15, 2022, are eligible to vote.

X-energy Reactor Company announced a strategic investment of $25 million from DL E&C and Doosan Enerbility to advance its Xe-100 Generation IV small modular reactor technology. The investment is part of a larger Series C-2 financing round, which has raised a total of $148 million for a proposed business combination with Ares Acquisition Corporation (NYSE: AAC). Doosan will supply key components like the reactor pressure vessel, while DL E&C will identify global deployment opportunities for the Xe-100 plants. The business combination is expected to close in Q2 2023, subject to shareholder approval.

X-Energy Reactor Company, LLC, a leader in small modular nuclear reactor technology, announced its participation in an IPO Edge fireside chat featuring its CEO, J. Clay Sell, and Ares Acquisition Corporation's CEO, David Kaplan, on January 19, 2023. This event precedes X-energy's upcoming business combination with Ares Acquisition Corporation (NYSE: AAC), expected to be finalized in Q2 2023, transitioning X-energy to a public company under the name X-Energy, Inc. The merger aims to enhance X-energy's capabilities in delivering safe, efficient, and clean energy solutions globally.

X-Energy Reactor Company announced that CEO J. Clay Sell and Ares Acquisition Corp. CEO David Kaplan will participate in a fireside chat on January 17, 2023, at 11:00 AM ET during the Shareholder Equity Conference. The event will be webcast live, with a replay available for 90 days. This discussion follows X-energy's business combination agreement with Ares Acquisition Corp (NYSE: AAC), expected to close in the second quarter of 2023, transitioning X-energy to a public company listed on NYSE.

X-Energy Reactor Company, LLC has announced the completion of a Reactor Protection System (RPS) prototype in collaboration with Paragon Energy Solutions. This prototype enhances safety for X-energy’s Xe-100 advanced nuclear reactors and is the first deployment of Paragon’s HIPS for a Generation IV high-temperature gas reactor. The RPS is designed to automatically and safely shut down the reactor, significantly mitigating cybersecurity risks. X-energy is also working towards a public listing through a business combination with Ares Acquisition Corporation (NYSE: AAC), expected to finalize in Q2 2023.