X-Energy (XE) Investor presentation summary

Business and commercial opportunity

• ~11.5 GW of identified projects across 144 reactors with Dow, Amazon and Centrica, assuming customers exercise contingent rights in full.

• Customer projects include a 320 MWe Dow plant in Texas, an initial 320 MWe Amazon project in Washington with potential to reach 960 MWe, and ~6 GW of planned Centrica deployments in the U.K.

• Xe-100 targets industrial heat and electricity demand; the presentation cites potential U.S., Canada and U.K. capacity additions of 158 GW and ~$2.3T in revenue potential by 2050.

• A 320 MWe plant comprises four 80 MWe reactors; the design targets steam output at 565°C and load-following from full power to 40% in minutes.

Reactor and fuel technology

• Xe-100 is designed for >95% plant availability, with four reactors feeding a common source and passive safety features intended to reduce reliance on mechanical systems.

• Helium coolant supports high-temperature heat for electricity and industrial processes; modular design and off-the-shelf, factory-built components are intended to support scalability.

• Proprietary TRISO-X pebble fuel is designed to withstand high temperatures; HALEU enables higher burn-up, and ~220,000 pebbles form each reactor core.

• The presentation cites >95% first-pass yield on kernel conversion processes in fuel pilot data and describes TX-1 as a planned commercial-scale fuel fabrication facility.

Project and regulatory progress

• TX-1 received an NRC Category II license; vertical construction completed on time in Q3 2026 and interior buildout commenced, with operations targeted to begin in H1 2028.

• TX-1 is expected to have 5 MTU throughput, enough to support up to 11 Xe-100 reactors annually; planned TX-2 throughput of 20 MTU could support up to 44 reactors annually.

• NRC completed the Dow project’s Environmental Assessment in May 2026 with a Finding of No Significant Impact; the Safety Review remained on track and the Construction Permit was expected by Q1 2027.

• Xe-100 was accepted into the U.K. Generic Design Assessment in September 2026; the anticipated review timeline is ~3 years, subject to design maturity and NRC carry-over work.

• Energy Northwest’s Construction Permit submission was scheduled for 1H 2027; the presentation’s milestone roadmap identifies project development, licensing, construction and commissioning goals through the early 2030s.