MIDLAND, Michigan and ROCKVILLE, Maryland
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August 9, 2022
(press release)
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Dow (NYSE: DOW), the world's leading materials science company, and X-energy, a nuclear energy innovation company, today announced that they have signed a letter of intent which will help Dow advance its carbon emissions reduction goals through the development and deployment of X-energy's advanced small modular nuclear technology in the U.S. X-energy logoDow and X-energy will collaborate with the intent to deploy X-energy's Xe-100 high-temperature gas reactor technology at one of Dow's U.S. Gulf Coast sites – which is expected to be operational by approximately 2030. The Xe-100 reactor plant would provide cost-competitive, carbon free process heat and power to the Dow facility. Dow also intends to take a minority equity stake in X-energy, working with the company to deploy small modular nuclear technology. "Advanced small modular nuclear technology is going to be a critical tool for Dow's path to zero-carbon emissions and our ability to drive growth by delivering low-carbon products to our customers," said Jim Fitterling, Dow chairman and chief executive officer. "X-energy's technology is among the most advanced, and when deployed will deliver safe, reliable, low-carbon power and steam. This is a great opportunity for Dow to lead our industry in carbon neutral manufacturing by deploying next-generation nuclear energy." X-energy's Xe-100 is a Generation IV, high-temperature gas reactor built on decades of research, development and operating experience. Each reactor is engineered to operate as a single 80 megawatts (MW) electric unit and is optimized as a four-unit plant delivering 320 MW electric. The reactor can provide clean, reliable and safe baseload power to an electricity system or support industrial applications with 200 MW thermal output per unit of high pressure, high temperature steam. Click here to see how the Xe-100 reactor works. "Nuclear energy has always offered the promise of broad economy-wide decarbonization. Today's announcement marks an important step in turning that aspiration into reality," said Clay Sell, X-energy chief executive officer. "Dow has a remarkable 125-year history of bringing innovative solutions to the market, and their leadership is a critical driver in meeting decarbonization goals in the energy intensive industrial sector. X-energy is proud to combine our leading nuclear technology with Dow's production capabilities to deliver a global materials supply chain that is safer, cleaner, and greener than ever before." The United States Department of Energy has recognized that advanced small modular nuclear reactor technology is a key part of the Department's goal to develop safe, clean and affordable nuclear power options. In 2020, X-energy was selected by the U.S. Department of Energy's Advanced Reactor Demonstration Program to deliver a four-unit Xe-100 plant in Washington state, which will make it among the first operational grid-scale advanced reactor plants in North America. Small modular nuclear represents a key technology to enable energy-intensive industries to decarbonize. And this announcement marks an additional step in Dow's efforts to deliver 30% reduction in scope 1 and 2 carbon emissions since 2005 by 2030, on its path to achieving carbon neutrality by 2050. In 2021, Dow announced plans to build the world's first net-zero (scope 1 and 2 emissions) carbon emissions integrated ethylene cracker and derivatives site in Fort Saskatchewan, Alberta. It also builds on Dow's efforts to continue transitioning its sites and operations globally to cleaner power. Last year, the Company expanded its access to renewable power to more than 900 MW and obtained more than 25% of its purchased electricity from renewable sources. Today, Dow is among the top 20 users of clean energy among global corporations. Dow's comprehensive "INtersections" ESG report provides more detail on the Company's continued efforts to reduce carbon emissions around the world. About Dow About X-energy
Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance (ESG) leadership to achieve profitable growth and deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications. Dow operates 104 manufacturing sites in 31 countries and employs approximately 35,700 people. Dow delivered sales of approximately $55 billion in 2021. References to Dow or the Company mean Dow Inc. and its subsidiaries. For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.
X-energy is a nuclear energy innovation company focused on the development of next-generation, zero-carbon nuclear energy. Based in Rockville, Maryland, X-energy designs and deploys advanced nuclear reactors and manufactures its proprietary TRISO-X fuel to improve the delivery of safe, affordable energy to people around the world. To learn more please visit https://x-energy.com or connect with us on Twitter, LinkedIn or Instagram.
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