X-energy completes key safety system prototype for Xe-100 Advanced Nuclear Reactors

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ROCKVILLE (Md.), December 21, 2022–(BUSINESS WIRE)–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.

X-energy worked with Paragon for two years to develop, deliver, install, and test the RPS prototype in the Company’s control room simulator at its Rockville, Maryland headquarters. Paragon has been selected to construct and deliver the RPS in four divisions to all Xe100 plant around the world once they are deployed.

J. Clay Sell, CEO of X-energy, stated that the completion of these crucial safety mechanisms was yet another example of the innovative nuclear technology they are bringing to market. Safety is the main objective of our company, our employees, and our products. Paragon has developed a system that’s more efficient, secure, and cheaper than the legacy systems of older nuclear power stations. Our system is designed for safe and secure operation at all times.

RPS is a combination of redundant and independent instrumentation and control parts that allows the nuclear reactor’s safe and automatic shutdown. This provides an additional layer of protection for both the plant and the environment. RPS uses Paragon’s HIPS platform based on Field Programmable Gate Array (FGPA) technology. FPGA-based systems are more robust and resilient than older nuclear power plant systems. They also reduce cyber-attacks and lower the risk of disruption. A HIPS FPGA-based platform is safer and more efficient because it is hardware-only, with no run-time code. The system’s structure and design insulate it from coding errors and reduce cybersecurity risks, thus addressing regulatory concerns about digital safety systems.

“Paragon is committed to supporting a zero-carbon energy future, and is working to develop innovative nuclear solutions that are safer, more reliable, and more cost-efficient,” said Doug VanTassell, Paragon’s President and CEO. “We are delighted to be a partner in the successful deployment of modular small nuclear reactor technology, as we enter into this long-term strategic partnership with Xenergy.

The prototype delivery is a milestone in X-energy’s progress toward completing the Department of Energy’s Advanced Reactor Demonstration Program (“ARDP”). The DOE selected Xenergy to receive $1.2 billion in federal cost-shared funding. This will allow X-energy develop, license, build and operate a Xe-100-based nuclear power plant. It is expected to be operational by the end the decade. X-energy plans to show its capabilities. Xe-100 HTGRs in the program by 2028

The Xe-100 design is a pioneering combination of scalability, innovation, modularity and higher temperatures. It also draws on decades of HTGR research experience and operating experience. The reactor is fueled by X-energy’s proprietary TRISO-X fuel, which has been called “the most robust nuclear fuel on earth” by the U.S. Department of Energy. The Xe-100 can be operated as a single 80-megawatt (MWe) unit. It is also optimized to run as a four-unit plant that delivers 320 MWe.

As before announcedX-Energy and Ares Acquisition Corporation have entered into a definitive business partnership agreement (“AAC”) that will make X-Energy a public company. The transaction is expected to close in the second quarter 2023. The combined company will be called X-Energy, Inc. Common equity securities and warrants will also be listed on the NYSE.

About X-Energy Reactor Company LLC

X-Energy Reactor Company LLC is a leader in the development of small modular reactors and fuel technology for clean electricity generation. It is redefining nuclear energy by developing safer, more efficient, and more affordable small modular reactors. This fuel will be used to provide reliable, low-carbon, and affordable energy to all people around the globe. 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. Visit www.x-energy.com for more information. X-energy.com Get in touch with us Twitter Or LinkedIn.

Paragon Energy Solutions

Paragon provides an unmatched level of commitment to tackling the nuclear industry’s most difficult challenges. Paragon is committed to safety, reliability and carbon-free electricity. The company provides premium products to nuclear power facilities that have proven to reduce direct costs, parts inventory, improve process efficiency, and solve obsolescence problems. www.paragones.com Or call (865)-966-5330 Follow Paragon LinkedIn Or Twitter.

About Ares Acquisition Corporation

AAC is an affiliated special purpose acquisition company (SPAC), which was created to effect a merger or share exchange, asset acquisitions, share purchase, reorganization, or similar business combination. AAC seeks to target an initial business combination target in any sector in North America or Europe. Visit AAC for more information. www.aresacquisitioncorporation.com.

Additional Information and Where To Find It

As part of the business combination (the”Business CombinationAAC will file a Registration Statement on Form S-4 (the “Registration Statement”) for X-energy.Registering Statement“) with Securities and Exchange Commission (the”SEC“), which will include a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been filed and declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement will include information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file documents regarding the Business Combination with SEC. BEFORE YOU MAKE ANY VOTING DECISION AAC and X-ENERGY INVESTORS AND XPERTITY HOLDERS ARE STRONGLY RECOMMENDED TO READ THE REGISTRATION SUMMARY, THE PROXY STATEMENT/PROSPECTUS, AND ALL RELEVANT DOCUMENTS FILED OU THAT WILL BE FILED WITH SEC IN CONNECTION THE BUSINESS COMBINATION, BECAUSE THEY IMPORTANT INFORMATION ABOUT ABOUT BUSINESS COMBINATION

Investors and security holder will be able obtain free copies the Registration Statement, proxy statement/prospectus, as well as all other relevant documents via AAC through the SEC’s website. www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com Send a written request to AAC at Ares Acquisition Corporation 245 Park Avenue, 44th Floor New York, NY 100167

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are identified by the use of words like “expect”, estimate,” project,” budget,” forecast,” anticipate,” plan,” intend,” plan,” may,” could,” should,” believes,” predicts,” can,” continues, and similar expressions. Although these forward-looking statement are based upon assumptions that AAC believes are reasonable, they could be wrong. These forward-looking statements are subject to significant risks and uncertainties. Actual results may differ from those expected. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business, and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.

This list is not complete. These forward-looking statement are made only for illustration purposes and should not be considered as a guarantee or assurance. Investors should not rely on them as a final statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These documents identify and address important risks and uncertainties that may cause actual events or results to differ materially with those in forward-looking statements. These risks and uncertainties could be amplified due to the conflict between Russia & Ukraine, the rising interest rates and inflation, as well as the ongoing COVID-19 pandemic that has caused severe economic uncertainty. Forward-looking statements only speak as of the date they were made. Investors should not place undue reliance upon forward-looking statement. X-energy, AAC and others assume no obligation to update or revise forward-looking statements as a result new information, future events or other factors, except as required under securities and other applicable laws.

No Solicitation or Offer

This press release is intended for informational purposes only. It is not an offer to buy securities, nor is it a solicitation to sell, subscribe or buy securities. There will also be no sale, issuance, or transfer of securities in any country that is in violation of applicable law. A prospectus meeting Section 10 of Securities Act requirements is required to make an offer of securities.

Participants in the Solicitation

AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Further information about the interests of participants and others who could be considered participants in the Business Combination can be found by reviewing the registration statement, proxy statement/prospectus, and any other documents that were filed with the SEC. These documents can be requested as free copies, as explained in the previous paragraph.

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Contacts

Media:
Robert McEntyre (X-energy).
[email protected]
(301) 358-5620

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