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
appointments of Christopher Ginther and Kathleen Hyle to the
Company’s Board of Directors (the “Board”), effective immediately.
Ginther is Executive Vice President of Business Strategy and
Commercial Management at Ontario Power Generation (“OPG”), one of
the largest clean power producers in North America. Hyle currently
serves on the board of directors for AmerisourceBergen Corporation
(NYSE: ABC) and Bunge Limited (NYSE: BG), where she also serves as
Board Chair.
“We are pleased to welcome Chris and Kathleen to the Board
during a time of significant growth for our Company,” said X-energy
founder and Executive Chairman Kam Ghaffarian. “Their extensive
leadership experience across industries and in various corporate
governance and oversight roles will bring important expertise to
our Board as we transition to a public company. With their thorough
knowledge and understanding of the nuclear and energy sectors, both
will be instrumental in guiding X-energy through our next phase of
advanced nuclear energy business growth.”
Ginther joins X-energy’s Board following a total of $40 million
in private investments OPG has made in X-energy since 2021,
including a $30 million investment in December 2022, and a
previously announced OPG commercial partnership with X-energy to
pursue opportunities to deploy X-energy’s advanced reactors at
industrial sites in Canada. As an energy supplier for Canada’s most
populous province, OPG is a globally recognized leader in the
development and production of clean energy and nuclear energy
projects. OPG has identified small modular nuclear reactors as a
core component of its strategy to achieve net-zero emissions by
2040.
“As a clean power operator, investor, and owner, OPG believes
X-energy’s innovative technology and approach are well placed to
advance the global delivery of nuclear energy at scale,” said
Ginther. “OPG is proud to be a leader in the development and
deployment of clean energy projects, and we are excited to provide
financial and strategic support for its decarbonization
commitments. I look forward to joining X-energy’s Board and working
closely with the other directors and the management team to realize
the Company’s vision.”
As a senior executive at OPG, Ginther is responsible for the
company’s business strategy, development, commercial structuring,
negotiations, and commercial positioning in support of OPG’s growth
strategy. Ginther began his legal career at Torys LLP in Toronto.
He has served as Vice President and General Counsel at BCE/Bell and
Chief Legal Officer at Ontario Lottery and Gaming Corporation.
Ginther received his Bachelor of Arts Degree from the University of
Western Ontario in 1983 and graduated from Osgoode Hall Law School
in 1986. He received his Master of Laws Degree from Osgoode Hall in
1999.
Hyle brings a wealth of public company governance, operational
and financial leadership experience to X-energy. Notably, she held
multiple senior positions at Constellation Energy Corporation,
where, until her retirement, she served as Senior Vice President
and Chief Operating Officer of Constellation Energy Resources, as
well as Chief Financial Officer for Constellation Energy Nuclear
Group. She also previously served as Chief Financial Officer for
ANC Rental Corp., and held the role of Treasurer at both
AutoNation, Inc. and Black & Decker Corporation. She holds a
Bachelor of Arts in Accounting from Loyola College, Baltimore,
Maryland, and is a Certified Public Accountant.
“I believe X-energy is uniquely positioned to lead the
transition to a zero-carbon economy through the deployment of its
more advanced nuclear technology,” said Hyle. “X-energy represents
a tremendous opportunity to support people, businesses, and
communities around the world with clean, reliable energy. It is
essential to quickly bring these advancements to the market, and I
am honored to help guide X-energy forward in its journey to become
a publicly-traded leader in the clean energy generation
market.”
As previously announced on December 6, 2022, X-energy has
entered into a definitive business combination agreement with Ares
Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded
special purpose acquisition company. Upon the closing of the
transaction, which is expected to be completed in the second
quarter of 2023, the combined company will be named X-Energy, Inc.
and its common equity securities and warrants are expected to be
listed on the New York Stock Exchange.
Completion of the transaction is subject to approval by AAC’s
shareholders, the Registration Statement being declared effective
by the SEC, and other customary closing conditions.
About X-Energy Reactor Company, LLC
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 with us on Twitter or LinkedIn.
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated
with Ares Management Corporation, formed for the purpose of
effecting a merger, share exchange, asset acquisition, share
purchase, reorganization or similar business combination. AAC is
seeking to pursue an initial business combination target in any
industry or sector in North America, Europe or Asia. For more
information about AAC, please visit
www.aresacquisitioncorporation.com.
Additional Information and Where to Find It
In connection with the business combination (the “Business
Combination”) with X-energy, AAC has filed the registration
statement on Form S-4 (the “Registration Statement”) with the
Securities and Exchange Commission (the “SEC”) on January 25, 2023,
which includes 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 declared effective, AAC will mail a
copy of the definitive proxy statement/prospectus, when available,
to its shareholders. The Registration Statement includes
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 has
filed and will file other documents regarding the Business
Combination with the SEC. BEFORE MAKING ANY VOTING DECISION,
INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO
READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS
CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT
WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS
COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.
Investors and security holders will be able to obtain free
copies of the Registration Statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by AAC through the website maintained by
the SEC at www.sec.gov. In addition, the documents filed by AAC may
be obtained free of charge from AAC’s website at
www.aresacquisitioncorporation.com or by written request to AAC at
Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New
York, NY 10167.
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. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue,” and similar expressions are intended to identify such
forward-looking statements. Although these forward-looking
statements are based on assumptions that X-energy and AAC believe
are reasonable, these assumptions may be incorrect. These
forward-looking statements also involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. 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.
The foregoing list of factors is not exhaustive. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on by
investors as, a guarantee, an assurance, a prediction or a
definitive 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
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
These risks and uncertainties may be amplified by the conflict
between Russia and Ukraine, rising levels of inflation and interest
rates and the ongoing COVID-19 pandemic, which have caused
significant economic uncertainty. Forward-looking statements speak
only as of the date they are made. Investors are cautioned not to
put undue reliance on forward-looking statements, and X-energy and
AAC assume no obligation and do not intend to update or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
securities and other applicable laws.
No Offer or Solicitation
This press release is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy, any securities or the solicitation of
any vote in any jurisdiction pursuant to the Business Combination
or otherwise, nor shall there be any sale, issuance or transfer of
securities in any contravention of applicable law. No offer of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act.
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. Additional
information regarding the interests of those participants and other
persons who may be deemed participants in the Business Combination
may be obtained by reading the registration statement and the proxy
statement/prospectus and other relevant documents filed with the
SEC when they become available. Free copies of these documents may
be obtained as described in the preceding paragraph.
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version on businesswire.com: https://www.businesswire.com/news/home/20230208005113/en/
X-energy Investors: XenergyIR@icrinc.com Media:
XenergyPR@icrinc.com Ares Acquisition Corporation Investors:
Carl Drake and Greg Mason +1-888-818-5298
IR@AresAcquisitionCorporation.com Media: Jacob Silber
+1-212-301-0376 or Brittany Cash +1-212-301-0347
media@aresmgmt.com
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