11:26 AM EDT, 10/16/2024 (MT Newswires) -- Amazon.com ( AMZN ) anchored X-Energy Reactor's roughly $500 million series C-1 financing round, X-Energy said Wednesday.

Joining Amazon's ( AMZN ) Climate Pledge Fund in the financing round are Citadel Founder and Chief Executive Ken Griffin, affiliates of Ares Management ( ARES ) , NGP, and the University of Michigan, X-Energy said.

The funding will help complete X-Energy's reactor design and licensing, and support the first phase of a fuel fabrication facility in Tennessee and future carbon-free projects that will use the Xe-100 advanced small modular nuclear reactors, according to X-Energy.

X-Energy also said it is collaborating with Amazon ( AMZN ) to bring over 5 gigawatts of new power projects online in the US by 2039.

Initially, the companies will support a four-unit 320-megawatt project with regional utility Energy Northwest in central Washington, with Amazon ( AMZN ) committing to directly invest in the Energy Northwest project to finance early development work that X-Energy will perform, X-Energy said.

In a separate statement, Amazon ( AMZN ) said the X-Energy investment and the Energy Northwest deal were among the agreements it signed Wednesday for nuclear energy projects. Another agreement was signed with Dominion Energy ( D ) to explore the development of a small modular reactor project.

Amazon Web Services CEO Matt Garman said nuclear energy is an "important area of investment" for the company.

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