Global Investment Surge Meets Local Ambition

GLOBAL - American advanced nuclear reactor developer X-Energy Reactor Company, LLC (“X-energy”) announced on Monday, November 24, 2025, the closure of an oversubscribed $700 million Series D financing round. The funding injection, led by investment firm Jane Street, signals powerful investor confidence in Small Modular Reactor (SMR) technology, arriving just as Kenya and other East African nations intensify their exploration of nuclear energy to meet future power demands.

This latest fundraising effort brings X-energy's total capital raised in the last year to $1.4 billion and a total of $1.8 billion since its founding. The round saw participation from new investors such as ARK Invest, Galvanize, and Point72, alongside existing backers including Ares Management and Emerson Collective. X-energy stated the proceeds will be used to expand its supply chain and commercial pipeline to support a significant order book of approximately 144 advanced SMRs, representing over 11 gigawatts (GW) of potential electricity capacity.

The SMR Revolution: A Lifeline for Big Tech

The surge in funding for companies like X-energy is directly linked to the voracious energy appetite of the technology sector, particularly for powering artificial intelligence (AI) and data centers. Tech giants are increasingly turning to nuclear power, and specifically SMRs, for the clean, reliable, 24/7 baseload electricity required to run their operations. SMRs, which are nuclear fission reactors with a capacity of 300 megawatts electric (MWe) or less, offer a smaller footprint, modular construction, and enhanced safety features compared to traditional large-scale nuclear plants.

X-energy has secured major partnerships with industry leaders, including a landmark agreement with Amazon to potentially deploy over 5 GW of power from its Xe-100 reactors across the United States by 2039. The company is also collaborating with Dow Inc. to build a four-unit plant at a manufacturing site on the Texas Gulf Coast and with Centrica for a 6 GW deployment in the United Kingdom.

The Xe-100 is a high-temperature gas-cooled reactor that uses proprietary TRISO-X fuel pebbles. X-energy claims this fuel is “meltdown-proof” as its protective coating can withstand extremely high temperatures without failing, a key safety feature. Each reactor is designed to produce 80 MWe and can be scaled in a “four-pack” configuration to deliver 320 MWe.

Kenya's Nuclear Horizon and the SMR Question

While X-energy's immediate projects are in the U.S. and U.K., this boom in SMR investment has direct relevance for Kenya. The country's Nuclear Power and Energy Agency (NuPEA) is actively pursuing nuclear energy as a cornerstone of its long-term development strategy, including Vision 2030 and the Bottom-Up Economic Transformation Agenda (BETA). Kenya aims to have its first nuclear power plant operational by 2034, with construction slated to begin in 2027.

Crucially, Kenya has shown a pronounced strategic interest in SMR technology. In May 2025, Nairobi hosted the first-ever International Atomic Energy Agency (IAEA) SMR School for Africa, a high-level training initiative for policymakers and technical experts from Kenya, Ghana, Nigeria, Uganda, and other African nations. At the event, NuPEA's Acting CEO, Serah Esendi, stated that Kenya “recognises the critical role of SMRs in bridging gaps in clean and affordable energy access, supporting industrial growth, and complementing our renewable ambitions.”

According to NuPEA, the agency is exploring funding and structuring models for SMRs in the 100-300MW range. The modular nature and smaller upfront capital cost of SMRs are seen as a potentially better fit for Kenya's grid and financing capabilities compared to massive gigawatt-scale plants. This aligns with a broader trend across Africa, where nations like Rwanda, Ghana, and Uganda are also exploring SMRs as a viable path to energy security and decarbonization.

The Path Forward: Global Tech and Local Needs

The successful financing of a major SMR player like X-energy demonstrates growing commercial viability and a maturing global supply chain for the very technology Kenya is strategically evaluating. As international partners and financing become more readily available for proven SMR designs, the pathway for Kenya's nuclear program could become clearer and more accessible. The global push by data centers for clean power could accelerate the technology's deployment and bring down costs, benefiting aspiring nuclear countries.

Kenya has advanced its nuclear ambitions to Phase 2 of the IAEA's Milestones Approach, indicating substantial progress in developing the necessary legal and regulatory infrastructure. As the country moves towards a final decision on reactor technology, the developments in the global SMR market, underscored by X-energy's recent capital raise, will be a critical factor in shaping East Africa's energy future. Further investigation is required to determine if any direct partnerships between African nations and developers like X-energy are under consideration.