X-Energy to Benefit From Another Amazon Project, UBS Says

MT Newswires Live00:03

X-Energy (XE) should benefit from another project with Amazon (AMZN) amid strong demand for clean energy from hyperscalers, UBS said in a note Monday.

The firm and American Electric Power (AEP) reported Monday a deal to advance feasibility work for a 960-megawatt small modular reactor project with Amazon as the primary off-taker.

The project represents Amazon's second deployment under its deal with XE to build over 5 gigawatts of nuclear capacity by 2039, the report said.

"The announcement is a significant positive for XE and further underscores Amazon's role as a significant committed customer of XE," the report said.

The note said the project is also showing that demand for clean energy is outstripping available supply.

UBS kept its buy rating and a $34 price target.

Price: 10.57, Change: +0.03, Percent Change: +0.28

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