X-energy Awarded $148.5 Million Investment Tax Credit for First-of-a-K...

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X-energy Awarded $148.5 Million Investment Tax Credit for First-of-a-Kind TRISO-X Fuel Fabrication Facility

OAK RIDGE, Tenn. , April 23 /Businesswire/ - X Energy, LLC (“X-energy”) has been awarded a $148.5 million tax credit for the construction by its wholly-owned subsidiary, TRISO-X LLC (“TRISO-X”), of a first-of-a-kind advanced nuclear fuel fabrication facility (“TX-1”) in Oak Ridge, Tennessee. Funded by the Inflation Reduction Act of 2022, the award is part of the Qualifying Advanced Energy Project Tax Credit (48C) program jointly administered by the U.S. Department of Energy (“DOE”), the U.S. Department of the Treasury, and the Internal Revenue Service (“IRS”).

“This award is not just an investment in our technology and innovations, it’s a massive step forward for building the supply chain to advance the next generation of nuclear energy,” said X-energy CEO, J. Clay Sell. “Strengthening energy security here and around the world requires expanding secure, domestic manufacturing capabilities across the energy sector. We applaud Congress and the Department of Energy for creating opportunities to enable the delivery of TRISO-X fuel on a commercial scale.”

X-energy’s investment in the TX-1 project is expected to create approximately 400 permanent jobs and 475 construction jobs. The 215,000-square-foot TX-1 fuel fabrication facility is designed to produce up to 714,000 pebbles per year along with other nuclear fuel products. Located within the Horizon Center Industrial Park, the 110-acre TRISO-X campus is situated on land that was formerly part of the Oak Ridge National Laboratory (“ORNL”) and was part of a tract released in 1996 for private development to help diversify the region’s economic base. TRISO-X acquired the campus from the Oak Ridge Industrial Development Board in 2022.

TRISO-X has already requested a 40-year license from the Nuclear Regulatory Commission (“NRC”) to possess and use special nuclear material to manufacture advanced nuclear fuel. Its application was submitted and accepted by the NRC in 2022. The Commission currently reports that the review is 45% complete.

Tri-structural isotropic (“TRISO”) particle fuel is considered “the most robust nuclear fuel on the planet,” according to the DOE, because it can withstand very high temperatures without melting, which is key to its safety. TRISO-X manufactures its own proprietary version of TRISO fuel to ensure supply, improve quality, and reduce costs. TRISO-X has operated a pilot nuclear fuel fabrication facility at ORNL since 2016, serving as a demonstration facility of the company’s patented TRISO fabrication processes.

The U.S. Department of Energy’s Advanced Reactor Demonstration Program (“ARDP”) is supporting the initial deployment of X-energy’s Xe-100 advanced small modular reactor at Dow’s Seadrift, Texas facility. It is expected to be the first grid-scale advanced nuclear reactor deployed to serve an industrial site in North America. ARDP is also providing support for the development of TX-1, and the initial TRISO-X nuclear fuel produced in Oak Ridge will be used for the project.

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 advanced small modular nuclear 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 other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.