00:00It's been about a year since I last saw you and sat down and here we are. Big IPO. Big
00:07IPO.
00:09Just reflect on it. You know it's really been it was great seeing you a year ago at South by
00:15Southwest
00:15but we've really had a good three year run at X Energy in terms of customer acquisition
00:22with Dow, Amazon, Centrica, Energy Northwest. In terms of our regulatory achievements we got our
00:29fuel facility license that's under construction in Oak Ridge, Tennessee. We proceeded with our first
00:34license for our fuel plant in Texas. We expect to get that around the end of this year. So it's
00:40been
00:40a year of great progress and a great time for us to enter the public markets. What are the status
00:46of
00:46those of those customer relationships? You know one of the things that you and I went through is
00:51the reality of this technology right and how quickly it gets built into the real world.
00:56What is the reality of it right now? Well our first project comes online in in the 2030s
01:02but it'll be the first of many many many to come. And the key with our technology as you'll remember
01:08is it allows us to reinvent the way we build nuclear power plants to completely change the
01:14way we build them. We start with a remarkably safe plant, the safest technology that's available.
01:20It's a meltdown proof fuel. The the the plant is elegant. It's relatively simple, less concrete,
01:27less steel, less parts, and it's easier to build. And we have a backlog of over 140 units between just
01:35our
01:35first three customers. And so that gives gives us a pathway to build and build and replicate. And we all
01:43know. I mean replication is the key to mastery. Replication building the same plant over and over
01:50again is the key to making nuclear incredibly economic, incredibly boring, and incredibly
01:57financeable. And that's what we're about at X Energy. You're about to start trading in a big IPO. Don't
02:03make this boring, Clay. Just to update our audience, the IPO price at $23 at dollars a share. What I'm
02:10seeing on the Bloomberg terminal is indications you're opening around $28 a share. We'll see how
02:15that goes. The chronology is important. I think the Dow project happens first and then Amazon. Is that
02:22correct? Yeah, the Dow project will come first and immediately followed by the Amazon project.
02:30How real is the regulatory approval of this? The foundation? You and I have talked about the need
02:35to codify a lot of this. Yeah. Do you have the support from the federal side of the government
02:40to get moving in the way that you want to? The policy support from the federal government has
02:44been key to launching this new era of nuclear. And a key part of that was the reform of the
02:50Nuclear
02:51Regulatory Commission. Historically, you know, the NRC had a very bad reputation of being slow,
02:56cumbersome, a lot of red tape, making it very difficult to build new plants. But on a bipartisan
03:02basis, legislation has been passed to reform the NRC. Then President Trump came in and he put
03:07an amazing leader as the new chairman of the NRC, someone who has both the will and now the authority
03:13to move appropriately projects through the regulatory space. So again, real quick, we got our fuel. Yeah,
03:19we got our fuel plant license and then we get then we'll get our first power plant license, you know,
03:26by the end of this year in record time on both. The company does or does not yet have the
03:33license
03:33from the NRC for its design? We have the license to operate our fuel plant. We will receive the license
03:40license to begin construction on our first power plant around the end of this year.
Comments