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Author: Amanda Bosland

Rockville Ranked 23rd Most Generous City in U.S. in GoFundMe’s 2024 Report

Posted on by Amanda Bosland

Over 15,000 Rockville residents donated to a GoFundMe this year.

GoFundMe’s 2024 Year in Help report named Rockville as the 23rd most generous city in the U.S., with over 15,000 residents contributing to fundraisers for causes like hurricane relief, Olympic dreams, and local community projects.

Per GoFundMe: “GoFundMe just released its 2024 Year in Help report, celebrating the generosity of individuals and nonprofits worldwide who helped each other throughout the year. With an average of two donations made every second, the report showcases the most generous places globally, significant moments that drove unprecedented help, and trends shaping the future of giving.

GoFundMe named Rockville the 23rd most generous city in the US!

Over 15,000 Rockville residents donated to a GoFundMe this year. Here are some of the fundraisers they supported:

More than 1.7 million people globally took action to strengthen their communities, with the number of U.S. fundraisers focused on building a “brighter future” more than doubling. In the U.S., fundraising for “essential expenses” quadrupled, while fundraising for “hope” increased by more than 50%.

Across the globe, the GoFundMe community came together in 2024 to address critical needs and champion meaningful causes worldwide:

  • Nearly $235 million raised globally for natural disaster relief and recovery efforts

  • More than 15,500 donors helped dreams come true for Olympic and Paralympic  athletes and their families.

  • More than 42 million donations to individuals

  • More than 23 million donations to nonprofits

  • Average donation amount on GoFundMe this year: $77

  • 1 in 3 GoFundMe donors are repeat donors

  • More than 2 million first-time organizers

To view the full 2024 GoFundMe Year in Help report, visit: https://www.gofundme.com/c/gofundme-2024-year-in-help

Originally published by the The MoCoShow: https://mocoshow.com/2024/12/17/rockville-ranked-23rd-most-generous-city-in-u-s-in-gofundmes-2024-report/

Rockville Ranks 9th in Top 40 Most Arts-Vibrant Communities of 2024

Posted on by Amanda Bosland

Arts-vibrant communities recognize regional artistic diversity and community success.

SMU DataArts, the National Center for Arts Research, recently unveiled its Arts Vibrancy Index for 2024, and Rockville, in conjunction with Frederick and Gaithersburg, has been named the 9th most vibrant arts community in the large metropolitan area category across the United States.

The Art Vibrancy Index analyzes communities based on metrics related to the supply and demand of arts and culture, as well as public support. It accounts for variations in population and cost of living, providing a balanced comparison across different-sized communities.

The Frederick-Gaithersburg-Rockville region has consistently ranked on the Arts Vibrancy ranking since its launch in 2015.

For a detailed overview of the criteria and to view the complete list of communities recognized, visit https://culturaldata.org/about/press-releases/arts-vibrancy-index-2024-press-release/

Rockville Home to Forbes 30 Under 30 lister

Posted on by Amanda Bosland
Parinaz Fathi of Rockville, MD

Parinaz Fathi developed VIPER, a powerful tool that can predict survival in cases of traumatic injury.

Parinaz Fathi, a Rockville native who graduated from the University of Maryland in 2015 before moving on to the University of Illinois Urbana-Champaign to complete her Ph.D.in 2020, has been named in the 2025 Forbes 30 Under 30 List in the Science category. She now works an independent research scholar (PI) at NIH.

Fathi developed VIPER (Vital Injury Protein Evaluation for Recovery), a powerful tool that can predict survival in cases of traumatic injury. Per the University of Maryland, “As an independent research scholar at the National Institutes of Health, Fathi leads a team that creates miniature organ models to study immune-related conditions, and examines how biological nanoparticles play a role in cancer and autoimmune diseases, with the goal of eventually developing therapeutic interventions. She likes creating “technology that could improve people’s health and well-being,” Fathi told NIH earlier this year.” She also received the Rising Terp Award from the Alumni Association in 2024.

Per Forbes, “Parinaz Fathi developed “VIPER,” a powerful tool that can predict survival in patients by identifying critical biomarkers linked to traumatic injuries. Now, Fathi is building tools to understand why the immune system sometimes attacks healthy tissues or ignores cancer cells, a crucial step in developing therapies for these conditions.”

Originally published by The MoCoShow: https://mocoshow.com/2024/12/11/rockville-native-parinaz-fathi-makes-2025-forbes-30-under-30-list/

Parinaz Fathi in Forbes 30 Under 30: https://www.forbes.com/profile/parinaz-fathi/?list=30under30-science/

Rockville Maintains Top Score on Human Rights Campaign’s Municipal Equality Index

Posted on by Amanda Bosland
Photo Credit: Montgomery Community Media

“The strength of our communities lies in their ability to embrace and support all residents, regardless of who they are or whom they love.”

November 22, 2024 – Rockville has scored 100 marks for the city’s commitment to the health, welfare, safety and equality of its lesbian, gay, bisexual, transgender and queer community in its seventh year of participation in, and the 13th year for, the Human Rights Campaign’s Municipal Equality Index. 

Rockville scored 99 out of 100, plus an additional four bonus points, for its nondiscrimination laws, law enforcement, employment and workplace inclusivity, leadership and services to the LGBTQ+ community. Final scores cannot exceed 100. 

“[T]he strength of our communities lies in their ability to embrace and support all residents, regardless of who they are or whom they love,” stated Kelley Robinson, president of the Human Rights Campaign Foundation. 

The 13th annual MEI scorecard, released in November, analyzes and rates 506 municipalities across the country, measuring each for the inclusivity of laws, policies and services for their LGBTQ communities. The MEI is the only nationwide assessment of municipal laws, policies and services that are inclusive of LGBTQ+ people. 

Cities rated include the 50 state capitals, the 200 largest cities in the U.S., the five largest cities or municipalities in each state, cities home to the state’s two largest public universities, 75 cities and municipalities that have high proportions of same-sex couples, and 98 cities selected by HRC and Equality Federation state groups’ members and supporters. 

Cities are rated across numerous criteria, covering citywide nondiscrimination protections, policies for municipal employees, city services, law enforcement and the city’s leadership on LGBTQ+ equality. 

Learn more about the MEI at www.hrc.org/MEI. 

Press Release originally published by Rockville Reports: https://rockvillereports.com/rockville-scores-top-marks-again-for-commitment-to-lgbtq-community/

Montgomery County, Maryland Launches Technology Innovation and Founders Funds: $10 Million in Grants Available to Support High-Growth Small Businesses

Posted on by Amanda Bosland

The Technology Innovation Fund will provide grants of up to $200,000 to early-stage businesses.

Montgomery County, Md. – Montgomery County Executive Marc Elrich announced the launch of two groundbreaking funding programs designed to support innovative early-stage businesses and underrepresented entrepreneurs: the Technology Innovation Fund and the Founders Fund. These programs offer a combined $10 million in commercialization grants to spur economic development and create equitable opportunities for growth and prosperity.

Applications for both funds now are open and will be accepted until 5 p.m. on Friday, January 31, 2025. To learn more about the Technology Innovation Fund and Founders Fund and to apply, visit: https://www.fedtech.io/accelerators/mcg.

“These programs reflect Montgomery County’s commitment to fostering innovation and equity in our economy,” said County Executive Marc Elrich. “The Technology Innovation Fund and Founders Fund are designed to help groundbreaking businesses overcome barriers, scale up, and succeed. We’re investing in the ideas and entrepreneurs that will shape the future of our County.”

About the Technology Innovation Fund

The $7 million Technology Innovation Fund will provide grants of up to $200,000 to early-stage businesses developing proprietary technology with high growth potential. Funds will support commercialization projects that bring innovative products closer to market, helping businesses to achieve significant milestones.

About the Founders Fund

The $3 million Founders Fund offers grants of up to $100,000 to early -stage entrepreneurs from historically underrepresented communities who face systemic
barriers to accessing capital. Eligible applicants must demonstrate how their proposed commercialization project will drive their business growth.

Eligibility for the Founders Fund will be assessed using Montgomery Planning’s Community Equity Index, Maryland’s Minority Business Enterprise via Maryland DOT – Certification Management System and Veteran Owned Business Enterprise Program; and the Certified as a Women or Veteran-owned business by the U.S. Small Business Administration (SBA) Women or Veteran-owned certification tools.

“I’m thrilled that these dedicated funds are now available to businesses and entrepreneurs seeking to invest and innovate in Montgomery County,” Council member Andrew Friedson said. ” I was proud to spearhead this initiative — the largest economic development package in the County’s history — to help jumpstart our local economy. These complementary funds will reduce barriers for emerging businesses and entrepreneurs, intentionally capitalize on our world-class talent with expanded opportunities, and build on our reputation as a global destination for innovation.”

Application Process

To ensure a fair and unbiased review process, applications will be evaluated by FedTech, an independent third-party organization with expertise in connecting innovative technologies to commercial markets. Awardees also will receive up to two hours of technical assistance from FedTech to further enhance their chances of success.

“The creation and allocation of these funds, combined with other resources provided by the county, underscores Montgomery County’s continued commitment to fostering business growth and innovation. As we focus on cultivating opportunities for all, we are ensuring a brighter future for generations to come” says Bill Tompkins, President and CEO, the Montgomery County Economic Development Corporation.

Montgomery County is partnering with MCEDC to facilitate the promotion and selection process. Award notifications will be made during March. If funds remain after the first round, a second application round will open in Spring 2025.
For questions, contact: MontCtyMD@fedtech.io

About Montgomery County Economic Development Corporation (MCEDC)

Montgomery County Economic Development Corporation (MCEDC) is the official public-private economic development organization representing Montgomery County, Maryland, and is funded by the Montgomery County Government. Created in 2015, MCEDC is led by a Board of Directors of business executives. Its mission is to accelerate business development, attraction, retention and expansion in key industry sectors while advancing equitable and inclusive economic growth.

About Montgomery County Government

Montgomery County, Maryland, is the largest county in the state of Maryland with over 1.1 million residents. Bordering the District of Columbia, and directly across the Potomac River from Northern Virginia, Montgomery County is the home to 18 federal agencies including National Institutes of Health (NIH), the Food & Drug Administration (FDA), the National Institute of Standards and Technology (NIST) as well as the headquarters to over 700 companies. The county offers a unique ecosystem rich in talent, groundbreaking discoveries, and a vibrant community dedicated to sustainability and bold thinking. With 40% of residents speaking a language other than English and a third of the population born outside the U.S., Montgomery County embraces diversity. This inclusive environment fosters a rich tapestry of perspectives, providing an ideal location for businesses to thrive, innovate and flourish.

Press Release originally published by Montgomery County Economic Development Corporation (MCEDC): https://thinkmoco.com/about/news/montgomery-county-maryland-launches-technology-innovation-and-founders-funds-10-million-in-grants-available-to-support-high-growth-small-businesses/

Capital Bank Named One of the Best Banks to Work for in 2024

Posted on by Amanda Bosland

Capital Bank continues to set the standard for excellence in employee satisfaction.

ROCKVILLE, Md., Nov. 21, 2024 (GLOBE NEWSWIRE) — Capital Bank has been named one of American Banker’s 2024 Best Banks to Work For. American Banker has partnered with Best Companies Group to identify banks that excel at creating positive and supportive workplaces for employees.

This year 90 banks earned a spot in the ranking of Best Banks to Work For, based on an anonymous employee survey and a thorough review of the benefits and perks offered. On the 2024 list, Capital Bank was ranked No. 79. This marks the fifth time Capital Bank has been recognized with this award showcasing their ongoing commitment to being a workplace where employees thrive. With over 400 employees, Capital Bank continues to set the standard for excellence in employee satisfaction.

We are a bank that genuinely cares, values and invests in our employees,” said Eric Suss, Executive Vice President and Chief Human Resources Officer at Capital Bank. “This commitment drives us to create programs that fuel professional growth, celebrate achievements, and foster a culture of collaboration and connection.”

Capital Bank prioritizes the growth and well-being of its employees by launching programs and initiatives focusing on aspects like employee rewards and recognition, wellness programs, and DEIB (Diversity, Equity, Inclusion and Belonging) awareness. Together their efforts provide employees with vital education, resources, and inclusive spaces to voice their thoughts and opinions.

“Our employees are the embodiment of our company culture,” said Ed Barry, CEO of Capital Bank. “While we are a growth-driven organization, a business is only as strong as its people. That’s why we prioritize fostering a healthy, supportive, and empowering work environment.”

Recently, the Bank has launched a signature initiative called Capital Bank Immersion, that provides new employees opportunities to meet with senior leaders and learn about the bank’s businesses and operations during their on-boarding process. Similarly, following Capital Bank’s acquisition of Integrated Financial Holdings, Inc. (IFH), the immersion program was used to on-board new employees together to network in locations like North Carolina, South Carolina, Indiana, and Illinois.

“The Best Banks to Work For represent institutions helping employees achieve their goals,” said Chana Schoenberger, editor-in-chief of American Banker. “These banks recognize how important it is for their staffers to be happy about the work they do and the environment in which they spend their days.”

About Capital Bank

Capital Bancorp, Inc., Rockville, Maryland is a registered bank holding company incorporated under the laws of Maryland. Capital Bancorp has been providing financial services since 1999 and now operates bank branches in six locations including Washington D.C., Reston, VA, Ft. Lauderdale, FL, Rockville, MD, Columbia, MD and N. Riverside, IL. Capital Bancorp had assets of approximately $2.6 billion at September 30, 2024 and its common stock is traded in the NASDAQ Global Market under the symbol “CBNK.” More information can be found at the Company’s website www.CapitalBankMD.com under its investor relations page.

Capital Bank’s personalized approach to business banking and the creative delivery of technology has helped fuel our continued growth. During all of our success, we have delivered meaningful client experiences by remaining true to a core operating principle: Think Big, Act Local.

About American Banker

American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation, and reform. With a banking community 850k strong, American Banker’s content connects leaders online, in person and in print every day.

About Best Companies Group

Since 2004, Best Companies Group has specialized in identifying and recognizing great employers to work for. We are an independent research firm that ranks companies based on our established research methodology. Our surveys provide actionable, hard-to-obtain data that companies use to improve employee recruitment and retention.

View original Press Release: https://www.globenewswire.com/news-release/2024/11/21/2985362/0/en/Capital-Bank-Named-One-of-the-Best-Banks-to-Work-for-in-2024.html

Comstock announces affordable housing project for Rockville development site

Posted on by Amanda Bosland
Rendering of Momentum @ Rockville Station - Image credit: Business Wire

The property, located adjacent to Metro’s Rockville Station on the Red Line, will be branded as Momentum @ Rockville Station and is slated to deliver well over 100 affordable housing units to the community.

Reston, Va., Nov. 20, 2024 – Comstock Holding Companies, Inc. (Nasdaq: CHCI) (“Comstock” or the “Company”), a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region, announced today that it is partnering with SCG Development Holdings, LLC (“SCG”) to form a joint venture that will develop an affordable housing project located on land currently owned by Comstock at 41 Maryland Avenue in Rockville, Md. (“Comstock 41”). The property, located adjacent to Metro’s Rockville Station on the Red Line, will be branded as Momentum @ Rockville Station and is slated to deliver well over 100 affordable housing units to the community.

“The City of Rockville is working to expand housing options to help support the everyday heroes of our community, including teachers, firefighters, police offices, health professional staff, and other people who help our city, county, and state run,” said Monique Ashton, Mayor of Rockville. “We look forward to working with this joint venture [Comstock and SCG] to create more high-quality, transit-oriented, affordable housing that provides a safe place for residents to thrive.”

SCG is a respected leader in affordable housing development that specializes in community-centered housing solutions. They have been involved in the successful development of more than 100 properties across the United States, including Momentum @ Shady Grove, a similar affordable housing project developed by SCG and Comstock that sits adjacent to the Shady Grove Metro station and was delivered in 2020.

Comstock and SCG entered into a definitive purchase agreement for Comstock 41, which was acquired by a subsidiary of Comstock in late 2023 for approximately $1.5 million. Pursuant to the purchase agreement, Comstock and SCG will enter into an operating agreement and a development agreement, under which Comstock will provide development management services to the joint venture. The Company will also be entitled to provide property management services once the development is ready for occupancy. The Comstock 41 transaction is expected to close upon approval of the construction plans by the City of Rockville. Financing will be arranged by SCG once the plans are approved.

“SCG is excited to announce the launch of Momentum at Rockville Station, which is currently in the planning and entitlement stages,” said Steven P. Wilson, President, SCG Development. “The development will provide much-needed affordable housing that is close to retail and office space and walkable to the Rockville Metro Station. As we navigate the planning and approval process, we are fully committed to collaborating with Comstock and local government officials to ensure the project’s success.”

Comstock and SCG will work closely together with the City of Rockville to secure approvals needed to maximize the number of affordable units the joint venture will deliver to the heart of Rockville Town Center. This adheres to the project’s vision to meet the City of Rockville’s growing housing needs and underscores the ongoing commitment of Comstock and SCG to provide accessibility to affordable, transit-oriented housing options that help foster community growth.

“We are thrilled to once again partner with SCG to deliver more high-quality, transit-oriented, affordable housing to Montgomery County’s fast-growing population,” said Christopher Clemente, Comstock’s Chairman and Chief Executive Officer. “Set alongside BLVD Forty Four and BLVD Ansel, Momentum @ Rockville Station will further expand Comstock’s footprint in the vibrant Rockville Town Center neighborhood. We’re helping to address the need for affordable transit-oriented housing.”

About Comstock

Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region. With a managed portfolio comprising approximately 10 million square feet at full build-out and including stabilized and development assets strategically located at key Metro stations, Comstock is at the forefront of the urban transformation taking place in the fastest-growing segments of one of the nation’s best real estate markets. Comstock’s developments include some of the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale public-private partnership developments. For more information visit https://comstock.com/

 

View original press release: https://ir.comstockcompanies.com/news/news-details/2024/Comstock-Announces-Affordable-Housing-Project-for-Rockville-Development-Site/default.aspx

 

Rockville Economic Development, Inc. seeks Managing Director for Maryland Women’s Business Director

Posted on by Amanda Bosland

The Maryland Women's Business Center hosts more than 120 workshops a year, interacting with more than 1,600 clients through its various services and programs.

Rockville Economic Development, Inc. (REDI) is seeking a qualified and experienced candidate for the position of Managing Director for the Maryland Women’s Business Center (MWBC).

The Managing Director for the Maryland Women’s Business Center reports directly to the Chief Executive Officer for the Rockville Economic Development, Inc. (REDI). The MWBC is funded in part through a Cooperative Agreement with the U.S. Small Business Administration, as well as other Federal and local funding sources, including hosting more than 120 workshops a year, interacting with more than 1,600 clients through its various services and programs. The Managing Director, responsible for overseeing an annual budget of $1M and leading a staff of seven, plus other contractors and volunteers, will facilitate the daily operations of the Maryland Women’s Business Center (MWBC) in Rockville, Bowie, and a satellite location in Frederick. 

Details of the position responsibilities and job requirements are included in the job description (PDF) posted here: Managing Director – Maryland Women’s Business Center job description.

To apply, qualified candidates should submit their résumé with cover letter indicating interest via email to HR@rockvilleredi.org. Application review begins on December 20, 2024.

AstraZeneca invests $3.5 billion in R&D and manufacturing in the United States

Posted on by Amanda Bosland
AstraZeneca's new manufacturing facility at 9950 Medical Center Drive, Rockville MD - Photo credit: CoStar

Investment includes $300 million manufacturing facility in Rockville set to open in 2026

Article originally published by CoStar on November 12, 2024

AstraZeneca plans to invest $3.5 billion by the end of 2026 to expand its research and manufacturing operations across the United States.

The United Kingdom-based pharmaceutical giant said Tuesday its capital commitment to the expansion includes $2 billion in new investment.

“By expanding our R&D and manufacturing footprint, we aim to enhance the development of cutting-edge therapies and support the United States leadership in healthcare innovation,” AstraZeneca’s CEO Pascal Soriot said in a statement.

The company’s plan to expand comes as demand in the U.S. for life science space, including lab, research and development, and other biotech facilities, shows signs of increasing. The sector had surged early in the pandemic then slowed dramatically as capital markets tightened and venture capitalists looked elsewhere to make investments.

With the recent addition of 3 million square feet of life science space to the sublease market, the sector’s overall availability is 30% and rents are down 9%, according to JLL’s recently released 2024 Life Sciences Real Estate Perspective and Cluster Analysis.

The company said its expansion plans include an R&D facility at Kendall Square in Cambridge, Massachusetts; a biologics manufacturing facility in Maryland; and properties involved in cell therapy manufacturing on the West and East coasts and specialty manufacturing in Texas.

AstraZeneca’s exact plans, including how much commercial property it would add, have not been disclosed in detail. In February, the company said it would invest $300 million in a manufacturing facility in Rockville, Maryland. It is expected to be operating by 2026.

AstraZeneca has said there is increased demand for its medicines across its work in oncology, biopharmaceuticals and rare diseases, driving a financial growth trajectory.

The move is the first step to achieving $80 billion in total revenue by 2030, it added. The company’s global media relations team did not immediately respond to CoStar News’ email request for comment.

The investment would add more than 1,000 jobs to the roughly 17,800 employees currently working across 17 research and development, manufacturing and commercial sites in 12 states, according to the firm.

Details on the healthcare property investment came the same day the company said its third-quarter total revenue grew 21% and core earnings per share were up 27% from the prior-year period.

“Growth looks set to continue through 2025,” the company said.

Link to article: https://www.costar.com/article/10531341/astrazeneca-plans-35-billion-expansion-of-research-manufacturing-operations-across-us

 

Amazon Invests in X-Energy to Support Advanced Small Modular Nuclear Reactors and Expand Carbon-Free Power

Posted on by Amanda Bosland

Investment solidifies X-energy’s leading role in commercializing SMR technology to revolutionize the nuclear industry.

ROCKVILLE, Md., October 16, 2024 – X-Energy Reactor Company, LLC (“X-energy”), a leader in advanced nuclear reactor and fuel technology, today announced a Series C-1 financing round of approximately $500 million, anchored by Amazon.com, Inc. (“Amazon”).  The investment will help meet growing energy demands by funding the completion of X-energy’s reactor design and licensing as well as the first phase of its TRISO-X fuel fabrication facility in Oak Ridge, Tennessee. Additionally, the funding will support future carbon-free projects that will use X-energy’s Xe-100 advanced small modular nuclear reactors (“SMRs”). Citadel Founder and CEO Ken Griffin, affiliates of Ares Management Corporation (“Ares”), NGP, and the University of Michigan join Amazon’s Climate Pledge Fund in the financing round.

Amazon and X-energy are also collaborating to bring more than 5 gigawatts of new power projects online across the United States by 2039, representing the largest commercial deployment target of SMRs to date. The efforts will help meet growing energy demands in key locations through direct project investments and long-term power purchase agreements to help power Amazon operations. Further, X-energy and Amazon plan to establish and standardize a deployment and financing model to develop projects in partnership with infrastructure and utility partners.

The companies will initially support a four-unit 320-megawatt (“MW”) project with regional utility Energy Northwest in central Washington with the option to increase that project to 12 units and 960 MW. Amazon is immediately committing a direct investment in the Energy Northwest project to fund early development work that X-energy will perform.

“This collaboration between Amazon and X-energy is a significant step toward accelerating advanced nuclear technologies that can help us bring new sources of carbon-free energy to the grid cost-effectively and safely,” said Kevin Miller, Amazon’s Vice President of Global Data Centers. “We need smart solutions that can help us meet growing energy demands while also addressing climate change. X-energy’s technology will be integral in helping achieve this, and is an important step in Amazon’s work to achieve our Climate Pledge commitment to be net-zero by 2040.”

“Nuclear is an important source of clean and reliable power that our nation needs to meet the growing demand for energy,” said Ken Griffin, Founder and CEO of Citadel, whose affiliate is one of the lead investors in this round. “X-energy provides an impactful solution to a critical challenge – and the support Amazon, Dow, and other major corporations have provided underscores its potential and merit.”

“Amazon and X-energy are poised to define the future of advanced nuclear energy in the commercial marketplace,” said X-energy CEO J. Clay Sell. “To fully realize the opportunities available through artificial intelligence, we must bring clean, safe, and reliable electrons onto the grid with proven technologies that can scale and grow with demand. We deeply appreciate our earliest funders and collaborators, notably the U.S. Department of Energy and Dow Inc. With Amazon, Ken Griffin, and our other strategic investors, we are now uniquely suited to deliver on this transformative vision for the future of energy and tech.”

X-energy’s pioneering Xe-100 advanced small modular reactor and TRISO-X fuel are among the safest and most reliable clean energy technologies. Each reactor unit is engineered to provide 80 MW of electricity and is optimized in multi-unit plants ranging from 320 MW to 960 MW. The innovative and simplified modular design is road-shippable and intended to drive geographic scalability, accelerate construction timelines, and create more predictable and manageable construction costs. X-energy’s advanced reactor technology offers remarkable efficiency and resiliency to meet the requirements of energy-intensive data centers, allowing Amazon to align its growth and carbon-free energy goals. 

X-energy is developing its initial Xe-100 plant at Dow Inc.’s UCC Seadrift Operations manufacturing site on the Texas Gulf Coast. Supported by the U.S. Department of Energy’s (“DOE”) Advanced Reactor Demonstration Program (“ARDP”), the project will be the first grid-scale advanced nuclear reactor deployed to serve an industrial site in North America, providing the site with zero-carbon emissions power and high-temperature steam. ARDP also supports X-energy’s first-in-the-nation commercial facility to exclusively manufacture TRISO fuel, which DOE calls “the most robust nuclear fuel on Earth.”

Additional Commentary
Kam Ghaffarian, Ph.D., Founder and Executive Chairman, X-energy

  • “The investments from Amazon, our Series C-1 funders, and valued partners like Dow and the U.S. Department of Energy underscore X-energy’s leadership in commercializing SMR technology and delivering the clean, safe, affordable, and reliable power our world needs now. Reaching this milestone is a testament to the dedication of the X-energy team and the essential energy solutions we’ve built. We remain focused on bringing our advanced reactor technology to market, enabling a future powered by sustainable, zero-carbon energy.” 

Allyson Satin, Partner, Ares

  • “Ares is proud to further strengthen its support for X-energy and the advancement of nuclear technologies as it enters this partnership and significantly accelerates its mission to support the transition to a lower-carbon economy. Through our work together over the last two years, we are confident in X-energy’s ability to capitalize on the rapidly increasing demand for scalable clean energy sources and drive long-term, sustainable value for its stakeholders.”

Maritza Liaw, Partner, NGP

  • “NGP recognizes the unique contribution of nuclear energy to reliable, carbon-free, baseload electricity and industrial heat. X-energy has a world-class team, well-tested reactor and fuel design, and committed collaborators in Dow and Amazon who are both leaders in their industries. We are proud to partner with X-energy to bring advanced nuclear energy to market.”

Erik Lundberg, Chief Investment Officer, University of Michigan

  • “The University of Michigan has been at the forefront of the energy transition, strategically investing in a diverse portfolio of sustainable and renewable energy and other climate solutions, including utility-scale solar, renewable fuels, and sustainable infrastructure. The U-M Investment Office is proud to partner with X-energy as part of its broader commitment to transitioning to a more sustainable economy. As part of its comprehensive approach to achieving a low-carbon future, the U-M Investment Office recognizes advanced nuclear technologies as a key component to its climate solutions investment strategy, reinforcing its commitment to long-term decarbonization goals.”

Advisors
Latham & Watkins LLP is acting as legal advisor to X-energy, and Moelis & Company is acting as exclusive financial advisor and placement agent. 

About X-energy 

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 on Twitter or LinkedIn. 

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

View original Press Release: https://x-energy.com/media/news-releases/amazon-invests-in-x-energy-to-support-advanced-small-modular-nuclear-reactors-and-expand-carbon-free-power