NewQ1 2026 Clean Energy Deal Intelligence Report is live
M&AAnnouncedDecember 6, 2022

X-Energy Xe-100 SMR + TRISO fuel technology

X-Energy SPAC merger announced with Ares Acquisition Corp at $2B pre-money EV. Strategic investors include OPG, Segra, Dow, Curtiss-Wright. ~$120M committed interim financing. Deal subsequently terminated 2023; X-Energy IPO'd 2026.

$2.00B

Deal Value

Nuclear

Technology

MD

Location

Deal Details

Deal Type
Corporate M&A
Seller / Sponsor
X-Energy Reactor Company
Buyer / Financier
Ares Acquisition Corp (SPAC)
Deal Value
$2B pre-money EV (deal terminated 2023)
Stage
Growth
ISO/RTO
PJM

Related Deals

FinancingNov 2025

Xe-100 high-temperature gas-cooled SMR fleet (80 MW per module) — 144 modules ordered to date (~11.5 GW)

X-Energy Reactor Company → Jane Street (lead), Ares Management funds, ARK Invest, Corner Capital, Emerson Collective

$700M (Series D)

M&AOct 2024

X-Energy Xe-100 high-temperature gas-cooled SMR (80 MW per module) — supports planned 5+ GW US deployment by 2039 (incl. 320 MW Cascade Energy Northwest project, WA)

X-Energy Reactor Company → Amazon (lead) + Citadel founder Ken Griffin, Ares Management, NGP, University of Michigan

~$500M (Series C-1)

M&AAug 2022

X-Energy Xe-100 — 4 high-temperature gas reactors (4 × 80 MWe / 200 MWt) at Dow Seadrift TX

X-Energy Reactor Company → Dow Inc.

Undisclosed (Dow took minority equity stake)

M&AMay 2026

FH Capital acquires 75.1% controlling stake in Jinko Solar (U.S.) Industries Inc. — 2 GW solar module manufacturing facility in Jacksonville, Florida (AllianceFlorida at Cecil Commerce Center, ~650 employees) plus a growing US BESS manufacturing line. JinkoSolar Holding retains 24.9%.

JinkoSolar Holding Co., Ltd. (NYSE: JKS) → FH Capital

$191M (per Nikkei Asia)

M&AMay 2026

Salzburg Battery Energy Storage Project — 150 MW / 600 MWh standalone BESS in Midland Township, central Michigan. Permitted, advanced-stage interconnection. Targeted COD 2029-2030.

ESA Solar Energy, LLC → Ørsted

M&AMay 2026

SOLV Energy acquires Roberson Waite Electric (RWE) — Anaheim, CA-based utility substation construction, testing, commissioning, and infrastructure services contractor founded in 1975; expands SOLV’s service capabilities into regulated utility market; RWE will operate as a SOLV company retaining current leadership and customer relationships; expected to close Q3 2026

Roberson Waite Electric → SOLV Energy

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