Ares Acquisition Corporation focuses on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The company was founded in 2020 and is based in New York, New York.
IPO Year: 2021
Exchange: NYSE
Website: aresacquisitioncorporation.com
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As a result, the extraordinary general meeting of AAC shareholders scheduled for October 31, 2023 to approve the proposed transaction will be convened and then adjourned indefinitely. AAC anticipates that the last day of trading in the Public Shares will be November 6, 2023
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 the U.S. Department of Energy (the "DOE") have signed a cooperative agreement through 2024 to further advance the development of a mobile microreactor design. The agreement, awarded through the DOE's Office of Nuclear Energy, supports X-energy's continuing work on architecture and key technologies for the preliminary design of the Company's transportable nuclear power plant. The X-energy microreactor is expected to produce three to five megawatts of electricity at a commercially competitive price. The award demonstrat
Energy Northwest expects to bring the first Xe-100 module online by 2030. s previously announced on December 6, 2022, X-energy entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE:AAC), a publicly-traded special purpose acquisition company.
Ares Acquisition Corporation (NYSE:AAC) and X-Energy Reactor Company, LLC announced a strategic update to their previously announced business combination agreement that was made in December 2022. Under the amended terms, X-energy's pre-money equity value has been revised to $1.8 billion from approximately $2.1 billion earlier. Ares Acquisition believes the revised valuation reinforces the long-term value creation opportunity for, and the companies' alignment with, shareholders. Upon closing the transaction, which is expected to be completed in summer 2023, X-energy will go public via its partnership with Ares Acquisition. The combined company will be named X-Energy and listed on the New
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. In December 2022, X-energy entered into a definitive business combination agreement with AAC.
X-energy is developing a more advanced small modular reactor ("SMR") and proprietary fuel that can safely and efficiently deliver affordable zero-carbon energy to people around the world. X-energy's intrinsically safe SMR and fuel design greatly expands applications and markets for deployment of nuclear technology relative to other SMRs and conventional nuclear. X-energy's technology significantly enhances the applicability for zero-carbon nuclear energy generation with a serviceable addressable market expected to reach approximately $500 billion by 2040 and increase to approximately $1 trillion by 2050. Supported by $1.2 billion of funding from the U.S. Department of Energy and a
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. Mr. Goff currently serves on the boards of Exxon Mobil Corporation (NYSE:XOM) ("Exxon") and Avient Corporation (NYSE:AVNT) ("Avient"). Mr. Goff is also the founder and president of G&S Energy, a company focused on creating businesses in the energy sector, and GJG Development, a real estate development company. Previously, Mr. Goff served as the Executive Vice Chairman of Marathon Petroleum Corp
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. Nixon joins X-energy from Google, where he led its global data center expansion strategy as Senior Technical Program Manager for Dat
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. "Ben is an extraordinarily talented leader who will continue to help put X-energy in the best position to deliver our technology to meet the needs of the global clean energy market," said X-energy CEO J. Clay Sell. "Since joining our company, Ben h
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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 that they have mutually agreed to terminate their previously announced business combination agreement (the "Business Combination Agreement"), effective immediately. As a result, the extraordinary general meeting of AAC shareholders scheduled for October 31, 2023 to approve the proposed transaction will be convened and then adjourned indefinitely. Additionally, the extraordinary general meeting of AAC shareholders sc
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 the U.S. Department of Energy (the "DOE") have signed a cooperative agreement through 2024 to further advance the development of a mobile microreactor design. The agreement, awarded through the DOE's Office of Nuclear Energy, supports X-energy's continuing work on architecture and key technologies for the preliminary design of the Company's transportable nuclear power plant. The X-energy microreactor is expected to produce three to five megawatts of electricity at a commercially competitive price. The award demonstra
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. Click here to hear the podcast. Among the topics Mr. Sell discusses are: How advanced small modular reactors are uniquely positioned in the energy mix for a range of utilities and industrial clients. How X-energy's focus on its proprietary nuclear fuel – TRISO-X - has brought a new business model to the space. X-energy's project on the U.S. Gulf Coast with Dow. The impact of the Inflation Reducti
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. Among the topics Mr. Sell will discuss are: global demand for clean energy; what differentiates X-energy's Small Modular Nuclear Reactor (SMR), the Xe-100, and its proprietary fuel, TRISO-X; X-Energy's market opportunity, customers and strategic partners; the role of SMRs in energy security. Date: Oct 19, 2023 Time: 1:30–2:30 P.M. (Eastern Time) Click here to register for the event. Ares Acq
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"). An extraordinary general meeting of shareholders (the "Extraordinary General Meeting") to approve the Business Combination is scheduled to be held on October 31, 2023 at 4:00 p.m. Eastern Time. The Extraordinary General Meeting will be held in p
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. The department's Strategic Cap
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" or "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 an additional $17.49 million within an existing contract with the DoD. The department's
Ares Management Upsizes Total Commitment to $80 Million with $50 million PIPE Investment X-energy Founder Kam Ghaffarian Commits Approximately $30 million X-energy's Pre-Money Equity Value Revised to $1.05 Billion Under Amended Terms, Providing a Compelling Entry Point for Investors 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. Ares Management Corporation (NYSE:ARES) ("Ares") has comm
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. Mr. Goff currently serves on the boards of Exxon Mobil Corporation (NYSE:XOM) ("Exxon") and Avient Corporation (NYSE:AVNT) ("Avient"). Mr. Goff is also the founder and president of G&S Energy, a company focused on creating businesses in the energy sector, and GJG Development, a real estate development company. Previously, Mr. Goff served as the Executive Vice Chairman of Marathon Petroleum Corp
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 approxima
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