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Elementl Power has signed a preliminary agreement to form a development partnership of up to $750 million with a consortium led by DS Investment Partners (DSIP), a Seoul-based investment firm focused on energy, technology, healthcare, and strategic infrastructure. The agreement takes the form of a letter of intent and term sheet and does not constitute a final investment decision by any party.

The South Korean consortium would fund a portion of the partnership's projected capital and hold a significant minority interest. The agreement also allows for participation from additional strategic and financial investors. Definitive documentation, regulatory approvals, and other customary closing conditions must be satisfied before the arrangement is finalised.

Scope and Use of Capital

The partnership is structured to provide a portion of the capital required for up to three of Elementl Power's advanced reactor projects to reach final investment decision. Eligible uses of funds include permitting, grid interconnection, and long-lead item procurement — activities that typically define the critical path for new nuclear builds.

Elementl Power Chairman and CEO Chris Colbert stated: "Once finalized, this partnership would expand our early-stage project capital, increase our access to South Korea's nuclear supply chain and engineering expertise and enhance our position as the financial and development partner best equipped to deliver new nuclear."

Ohio BWRX-300 Project

One of the three projects covered by the proposed partnership is a 1.5 GW development in Ohio that will deploy GE Vernova Hitachi Nuclear Energy's BWRX-300 small modular reactors. The project is sited on a 700-acre parcel along the Ohio River in Letart Township, southern Ohio, acquired from American Municipal Power.

Construction is targeted for 2030, with completion of the first unit projected for 2034, subject to approvals from the Nuclear Regulatory Commission and the Ohio Power Siting Board. No offtake customer or power purchase agreement has been publicly identified for the project at this stage.

Existing Backers and Related Agreements

Elementl Power's existing investor base includes Energy Impact Partners and accounts advised by T. Rowe Price Group. In May 2025, the company signed a separate agreement with Google under which Google committed early-stage development capital toward three projects, each with a minimum capacity of 600 MW and an option for commercial offtake upon completion.

DS Investment Partners is part of a Seoul-based financial group. Samsung C&T Engineering & Construction Group was noted as a potential future strategic participant in the consortium but is not an investor in the current round.

Regulatory Milestone Reached

The Nuclear Regulatory Commission has formally completed its safety review of X-energy's Xe-100 high-temperature gas-cooled reactor, issuing a Final Safety Evaluation Report that marks the conclusion of both primary reviews required for a Construction Permit under 10 CFR Part 50. X-energy announced the development, describing the report as a foundational step toward breaking ground on the proposed Long Mott Generating Station in Texas.

The FSER documents the NRC staff's conclusion that the proposed plant and site provide an adequate safety basis to proceed with construction. The review encompassed the Xe-100's principal design criteria, preliminary design, safety analyses, probabilistic risk assessment, and associated research and development programs.

Independent Advisory Body Endorses Findings

Separately, the Advisory Committee on Reactor Safeguards — an independent body that advises the Commission — reviewed the NRC staff's evaluation in October and supported issuing the construction permit. The committee's endorsement adds a further layer of independent technical validation to the licensing process.

Design Characteristics and Siting Implications

The Xe-100's safety case is built around the passive physics of its TRISO-X coated particle fuel and pebble-bed core design, supplemented by traditional defense-in-depth systems. A notable consequence of this safety profile is a significantly reduced emergency planning zone of 400 metres, compared with the 10-mile radius required for conventional light-water reactors.

That compact footprint opens siting options that are not available to conventional designs, including placement within the perimeter of large industrial facilities or in closer proximity to populated areas. The Long Mott Generating Station, if constructed, would be the first grid-scale advanced nuclear reactor deployed at an industrial facility in United States history.

X-energy's development of the Xe-100 has been conducted under a cost-shared arrangement with the Department of Energy's Advanced Reactor Demonstration Program.

Precedent for Future Xe-100 Projects

Although each future application will be subject to individual NRC review, the regulatory work completed for Long Mott is expected to establish replicable precedents that could improve licensing efficiency for subsequent Xe-100 deployments. Supply-chain participants and project developers tracking the advanced reactor pipeline will note that the completion of the FSER represents a concrete, documented pathway under existing Part 50 regulations rather than a new licensing framework.