Articles from Ares Acquisition Corporation

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, announced today that Chief Executive Officer of X-energy, J. Clay Sell participated in a SPAC Insider podcast.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, announced today that Chief Executive Officer of X-energy, J. Clay Sell will participate in an IPO Edge Fireside Chat.

Ares Acquisition Corporation (NYSE: AAC) (“AAC”) announced today that on October 13, 2023, the U.S. Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement on Form S-4, as amended (the “Registration Statement”), AAC had filed in connection with the previously announced proposed business combination (the “Business Combination”) with X-Energy Reactor Company, LLC, a Delaware limited liability company (“X-energy”).

X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and the U.S. Department of Defense (“DoD” and “the department”) announced today an agreement to an expanded contract under the department’s Project Pele initiative to develop a transportable, cost-effective advanced nuclear microreactor prototype for use in remote military locations. X-energy expects to advance the design of its prototype – which could ultimately be used for commercial or industrial use in civilian applications – through an award of $17.49 million within an existing contract with the DoD.

X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today strategic updates to their previously announced business combination.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointment of Gregory J. Goff to the Company’s Board of Directors (the “Board”), effective immediately.

Ares Acquisition Corporation (NYSE: “AAC.U”, “AAC”, “AAC WS”) (“AAC” or the “Company”) today announced its shareholders approved a further extension of the period of time that the Company has to consummate its proposed business combination (the “Business Combination”) with X-Energy Reactor Company, LLC, a Delaware limited liability company ("X-energy") to November 6, 2023. At the extraordinary general meeting of the Company, holders of 1,392,821 of the Company's Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company's trust account in connection with the announcement of the second extension, reflecting redemptions of approximately 3.0% of the total Class A ordinary shares outstanding. As a result, approximately $482,395,329.56 will remain in the Company's trust account. Following the redemption, the Company's remaining number of issued and outstanding Class A ordinary shares was 45,604,260.

Ares Acquisition Corporation (NYSE: “AAC.U”, “AAC”, “AAC WS”) (“AAC” or the “Company”) announced today that, consistent with the payments being made to shareholders pursuant to the Company’s prior extension, the Company’s sponsor, Ares Acquisition Holdings LP (the “Sponsor”), will continue to make monthly deposits directly to the Company’s trust account of $0.0255 for each outstanding Class A ordinary share, par value $0.0001 per share, of the Company (each deposit, a “Additional Contribution”) following the approval and implementation of the Second Extension Amendment Proposal (as defined below) on the terms described below. In connection with the Additional Contributions, the Company amended and restated its existing non-interest bearing promissory note (the “Amended and Restated Note”) in favor of the Sponsor to include the Additional Contributions. This announcement is being made in anticipation of the Company’s extraordinary general meeting to be held at 9:30 a.m., Eastern Time, on August 1, 2023 (the “Shareholder Meeting”) at which shareholders will be asked to vote on a proposal to amend the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”) to extend the date by which the Company has to consummate a business combination from August 4, 2023 to November 6, 2023 (the “Second Extension Amendment Proposal”).

Energy Northwest, a premier provider of carbon-free electricity, and X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the signing of a joint development agreement (“JDA”) for up to 12 Xe-100 advanced small modular reactors in central Washington capable of generating up to a total of 960 megawatts of carbon-free electricity. Energy Northwest expects to bring the first Xe-100 module online by 2030.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today a strategic update to their previously announced business combination agreement that revises the valuation of the transaction. Under the amended terms, X-energy’s pre-money equity value has been revised to $1.8 billion from approximately $2.1 billion. By establishing a more attractive entry point for investors, X-energy and AAC believe the revised valuation reinforces the long-term value creation opportunity for, and the companies’ alignment with, shareholders.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointment of Thomas Nixon, a veteran nuclear construction and project management senior executive, as the Company's Senior Vice President for Commercial Operations. Nixon will oversee engineering, licensing, training, and construction activities for X-energy’s Xe-100 advanced small modular reactor, including its first deployment at one of Dow’s U.S. Gulf Coast sites.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced modular nuclear reactors and fuel technology for clean energy generation, and Kinectrics, a leading global provider of engineering, testing, and certification services, today announced a partnership to design, construct, and operate one of the first commercial-scale Helium Test Facilities (“HTF”) in North America. This facility will test and verify performance of critical structures, systems, and components of X-energy’s Xe-100 advanced small modular reactor in helium-based high-temperature and high-pressure environments.

TRISO-X LLC (“TRISO-X”), a wholly owned subsidiary of X-Energy Reactor Company, LLC (“X-energy”) that primarily develops and designs tri-structural isotropic (“TRISO”) particle fuel, today announced the successful test of its coated particle fuel for nuclear thermal propulsion applications, marking a major step toward a one-of-a-kind, nuclear-powered rocket. TRISO-X was tapped to develop key fuel fabrication processes as part of a team led by General Atomics Electromagnetic Systems (GA-EMS) for the first phase of the Defense Advanced Research Projects Agency’s (DARPA) Demonstration Rocket for Agile Cislunar Operations (DRACO) program, which concludes this month.

X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced that CEO J. Clay Sell will be speaking on two panels at S&P Global’s CERAWeek conference this week in Houston.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced modular nuclear reactors and fuel technology for clean energy generation, today announced plans for its first Xe-100 reactor fleet management, monitoring, and training facility in Frederick, Maryland. Called the Plant Support Center-East (PSCE), this regional center marks the first step in X-energy’s Commercial Operations Services business and will support the initial deployment of the Company’s advanced modular reactor plants.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointment of Dr. Benjamin T. Reinke to Vice President of Global Business Development. In this new role, Dr. Reinke will develop strategic business partnerships to drive the Company’s growth and deployment of its advanced small modular reactor technology.

Dow (NYSE: DOW), the world’s leading materials science company, and X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced nuclear reactors and fuel technology for clean energy generation, announced today their entry into a joint development agreement (“JDA”) to demonstrate the first grid-scale advanced nuclear reactor for an industrial site in North America.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointments of Christopher Ginther and Kathleen Hyle to the Company’s Board of Directors (the “Board”), effective immediately. Ginther is Executive Vice President of Business Strategy and Commercial Management at Ontario Power Generation (“OPG”), one of the largest clean power producers in North America. Hyle currently serves on the board of directors for AmerisourceBergen Corporation (NYSE: ABC) and Bunge Limited (NYSE: BG), where she also serves as Board Chair.

TRISO-X LLC (“TRISO-X”), a wholly owned subsidiary of X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, marked another step forward in the licensing of its fuel fabrication facility in Oak Ridge, Tennessee, as the Nuclear Regulatory Commission (“NRC” or “Commission”) hosted its first public meeting for the proposed facility. TRISO-X has requested a 40-year license to possess and use special nuclear material to manufacture advanced nuclear fuel at what will be the first-ever commercial-scale fuel fabrication facility focusing on the use of high-assay low-enriched uranium (“HALEU”).

X-Energy Canada, Inc. (“X-energy Canada”), a subsidiary of X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Invest Alberta Corporation (“IAC”) have signed a memorandum of understanding (“MOU”) to develop economic opportunities supporting the potential deployment of the Xe-100 small modular reactor (“SMR”) within the province.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, announced that more than 70 British engineering, construction and manufacturing companies this week joined X-energy UK Holdings, a wholly owned subsidiary of X-energy, and deployment partner Cavendish Nuclear, part of Babcock International group, for a program of presentations and meetings in Bristol, to explore how they can support the roll-out of advanced nuclear power stations in the UK.

Ares Acquisition Corporation (NYSE: “AAC.U”, “AAC”, “AAC WS”) (“AAC” or the “Company”) announced today that the Company’s sponsor, Ares Acquisition Holdings LP (the “Sponsor”), will make monthly deposits directly to the Company’s trust account of $0.03 for each outstanding Class A ordinary share, par value $0.0001 per share, of the Company, up to a maximum of $1.2 million per month (each deposit, a “Contribution”), in exchange for a non-interest bearing, unsecured promissory note (the “Promissory Note”) issued by the Company to the Sponsor following the approval and implementation of the Extension Amendment Proposal (as defined below) on the terms described below. This announcement is being made in anticipation of the Company’s extraordinary general meeting to be held at 9:30 a.m., Eastern Time, on February 2, 2023 (the “Shareholder Meeting”) at which shareholders will be asked to vote on a proposal to amend the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”) to, among other things, extend the date by which the Company has to consummate a business combination from February 4, 2023 to August 4, 2023 (the “Extension Amendment Proposal”).

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today the filing of a registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission (the “SEC”), which contains a preliminary proxy statement/prospectus in connection with the companies’ previously announced proposed business combination.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of advanced small modular nuclear reactor and fuel technology for clean energy generation, announced today a strategic investment from DL E&C (KRX: 375500) and Doosan Enerbility (KRX: 034020) (“Doosan”) of $25 million in a private round of financing pursuant to the Company’s previously announced Series C-2 investment round to support the advancement of the global deployment of X-energy’s Xe-100 Generation IV advanced small modular reactor.

Ares Acquisition Corporation (“AAC” or the “Company”) (NYSE: “AAC.U”, “AAC”, “AAC WS”) announced today that its extraordinary general meeting of shareholders (the “Shareholder Meeting”) originally scheduled for January 24, 2023, is being postponed to February 2, 2023. At the Shareholder Meeting, shareholders will be asked to consider and vote on a proposal: (1) to amend the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”) to extend the date by which the Company has to consummate a business combination (such extension, the “Charter Extension”) from February 4, 2023 to August 4, 2023, or such earlier date as determined by the Company’s board of directors in its sole discretion (the “Charter Extension Date” and such proposal, the “Extension Amendment Proposal”); (2) to amend the Memorandum and Articles of Association to delete: (A) the limitation on share repurchases prior to the consummation of a business combination that would cause the Company’s net tangible assets to be less than $5,000,001 following such repurchases; (B) the limitation that the Company shall not consummate a business combination if it would cause the Company’s net tangible assets to be less than $5,000,001; and (C) the limitation that the Company shall not redeem the Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), issued as part of the units sold in the Company’s initial public offering that would cause the Company’s net tangible assets to be less than $5,000,001 following such redemptions; and (3) to adjourn the Shareholder Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the Shareholder Meeting, there are insufficient Class A ordinary shares and Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares”), in the capital of the Company represented (either in person or by proxy) to constitute a quorum necessary to conduct business at the Shareholder Meeting to approve the Extension Amendment Proposal.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of small modular nuclear reactor and fuel technology for clean energy generation, announced today that Chief Executive Officer of X-energy, J. Clay Sell, and Co-Chairman and Chief Executive Officer of Ares Acquisition Corporation, Co-Founder of Ares and Co-Chairman of the Ares Private Equity Group, David Kaplan, will participate in an IPO Edge fireside chat.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of small modular nuclear reactor and fuel technology for clean energy generation, announced today that Chief Executive Officer of X-energy, J. Clay Sell, and Co-Chairman and Chief Executive Officer of Ares Acquisition Corporation, Co-Founder of Ares and Co-Chairman of the Ares Private Equity Group, David Kaplan, will participate in a fireside chat at the Shareholder Equity Conference on Tuesday, January 17, 2023 at 11:00 am ET.

X-Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of small modular nuclear reactor and fuel technology for clean energy generation, in partnership with Paragon Energy Solutions (“Paragon”), a leading specialist in the design and manufacturing of critical safety systems, today announced the completion of a Reactor Protection System (“RPS”) prototype, a key safety feature of X-energy’s Xe-100 advanced nuclear reactors. The four-division RPS prototype utilizes Paragon’s highly integrated protection system (“HIPS”) and marks the first time that Paragon has deployed HIPS to a Generation IV high-temperature gas reactor (“HTGR”), an evolution of their robust, reliable, and secure technology that is intended to further advance nuclear safety.

The Nuclear Regulatory Commission (the “NRC”) has accepted an application from TRISO-X LLC (“TRISO-X”), a wholly owned subsidiary of X-Energy Reactor Company, LLC (“X-energy”), for the first-ever fuel fabrication facility focusing on the use of high-assay low-enriched uranium (“HALEU”). The NRC’s decision to review TRISO-X’s application is an important step in bringing North America’s first commercial-scale advanced nuclear fuel facility, which will be located in Oak Ridge, Tennessee.

X Energy Reactor Company, LLC (“X-energy” or the “Company”), a leading developer of small modular nuclear reactors and fuel technology for clean energy generation, and Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company, announced today that they have entered into a definitive business combination agreement.