X Energy Reactor Company, a developer of small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition today announced a definitive business combination agreement at a pre-money equity value of approximately $2 billion.
Existing X-energy equity holders will roll 100% of their equity interests into the combined company. In addition, the combined company will receive approximately $1 billion of cash held in AAC’s trust account, assuming no redemptions. Institutional and strategic investors have also invested or committed $120 million in financing. This includes an invested private round of financing, which comprises $30 million from Ares and $45 million from OPG and Segra Capital Management, a leading nuclear energy-focused hedge fund, as well as an additional commitment of $45 million from Ares to be invested concurrent with the closing of the transaction. X-energy also received approximately $58 million of interim financing throughout 2022 from existing strategic investors, including Dow and Curtiss-Wright Corporation.
Existing X-Energy investors are expected to hold over 60% of the combined company, assuming no redemptions of AAC shares. Read more.
