ROCKVILLE, Md.–(BUSINESS WIRE)–X-Energy Reactor Company, LLC, a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation, today announced the appointments of Christopher Ginther and Kathleen Hyle to the Company’s Board of Directors, effective immediately. Ginther is Executive Vice President of Business Strategy and Commercial Management at Ontario Power Generation, one of the largest clean power producers in North America. Hyle currently serves on the board of directors for AmerisourceBergen Corporation (NYSE: ABC) and Bunge Limited (NYSE: BG), where she also serves as Board Chair.
“We are pleased to welcome Chris and Kathleen to the Board during a time of significant growth for our Company,” said X-energy founder and Executive Chairman Kam Ghaffarian. “Their extensive leadership experience across industries and in various corporate governance and oversight roles will bring important expertise to our Board as we transition to a public company. With their thorough knowledge and understanding of the nuclear and energy sectors, both will be instrumental in guiding X-energy through our next phase of advanced nuclear energy business growth.”
Ginther joins X-energy’s Board following a total of $40 million in private investments OPG has made in X-energy since 2021, including a $30 million investment in December 2022, and a previously announced OPG commercial partnership with X-energy to pursue opportunities to deploy X-energy’s advanced reactors at industrial sites in Canada. As an energy supplier for Canada’s most populous province, OPG is a globally recognized leader in the development and production of clean energy and nuclear energy projects. OPG has identified small modular nuclear reactors as a core component of its strategy to achieve net-zero emissions by 2040.
“As a clean power operator, investor, and owner, OPG believes X-energy’s innovative technology and approach are well placed to advance the global delivery of nuclear energy at scale,” said Ginther. “OPG is proud to be a leader in the development and deployment of clean energy projects, and we are excited to provide financial and strategic support for its decarbonization commitments. I look forward to joining X-energy’s Board and working closely with the other directors and the management team to realize the Company’s vision.”
As a senior executive at OPG, Ginther is responsible for the company’s business strategy, development, commercial structuring, negotiations, and commercial positioning in support of OPG’s growth strategy. Ginther began his legal career at Torys LLP in Toronto. He has served as Vice President and General Counsel at BCE/Bell and Chief Legal Officer at Ontario Lottery and Gaming Corporation. Ginther received his Bachelor of Arts Degree from the University of Western Ontario in 1983 and graduated from Osgoode Hall Law School in 1986. He received his Master of Laws Degree from Osgoode Hall in 1999.
Hyle brings a wealth of public company governance, operational and financial leadership experience to X-energy. Notably, she held multiple senior positions at Constellation Energy Corporation, where, until her retirement, she served as Senior Vice President and Chief Operating Officer of Constellation Energy Resources, as well as Chief Financial Officer for Constellation Energy Nuclear Group. She also previously served as Chief Financial Officer for ANC Rental Corp., and held the role of Treasurer at both AutoNation, Inc. and Black & Decker Corporation. She holds a Bachelor of Arts in Accounting from Loyola College, Baltimore, Maryland, and is a Certified Public Accountant.
“I believe X-energy is uniquely positioned to lead the transition to a zero-carbon economy through the deployment of its more advanced nuclear technology,” said Hyle. “X-energy represents a tremendous opportunity to support people, businesses, and communities around the world with clean, reliable energy. It is essential to quickly bring these advancements to the market, and I am honored to help guide X-energy forward in its journey to become a publicly-traded leader in the clean energy generation market.”
As previously announced on December 6, 2022, X-energy has entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company. Upon the closing of the transaction, which is expected to be completed in the second quarter of 2023, the combined company will be named X-Energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.
Completion of the transaction is subject to approval by AAC’s shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.
About X-Energy Reactor Company, LLC
X-Energy Reactor Company, LLC, is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.
About Ares Acquisition Corporation
AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.
