Latest news with #Maryland-based
Business Wire
12 hours ago
- Business
- Business Wire
X-energy Strengthens Presence in Maryland with New State-of-the-Art Testing and Training Facility, Offices
ROCKVILLE, Md.--(BUSINESS WIRE)--X-energy Reactor Company, LLC ('X-energy' or the 'Company'), a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation today announced the purchase of a property in Frederick, Maryland that will house the Company's newest integrated test and training facility to validate key components and systems of X-energy's Xe-100 advanced small modular reactor for commercial deployment. This follows a $6.15 million incentive agreement with Maryland Gov. Wes Moore and local leaders to support X-energy's continued growth in Maryland, including the retention and expansion of X-energy's headquarters in Montgomery County, and an expanded presence in Frederick County with the new state-of-the-art test facility. X-energy's expansion in Montgomery and Frederick counties is an investment in Maryland and in our state's vital energy and sustainability sector. -Maryland Governor Wes Moore Share X-energy's new 90,000 square foot non-nuclear test & training facility will ensure key components of the Xe-100 perform safely and reliably under real-world conditions before full-scale manufacturing and deployment. Once fully renovated, the building will house a helium test facility ('HTF') for full-scale integrated systems testing in a pressurized helium environment, as well as an experimental test facility ('XTF') for testing and prototyping of critical reactor components and materials. The facility will also provide training for Xe-100 operators and maintenance technicians using a state-of-the-art, full-scale plant control room simulator similar to the advanced training simulator currently operating at X-energy's Plant Support Center, also in Frederick. 'X-energy's expansion in Montgomery and Frederick counties is an investment in Maryland and in our state's vital energy and sustainability sector,' said Gov. Moore. 'While X-energy works to power our future, we will work hand in hand to make sure all Marylanders feel the benefits of clean energy for years to come and enhance our competitive edge across the region.' Under the agreement, X-energy will receive a total of up to $6.15 million in state and local support in the form of job creation tax credits, conditional loans, and grants. The Company has partnered with real estate broker Avison Young to purchase the site in Frederick County. Major renovations will begin this year, and initial testing at the XTF is expected to begin in early 2026. X-energy will also expand its headquarters in Montgomery County to support its growing Maryland-based team, moving its operations from two locations in Rockville to a centralized location at Washingtonian Center in Gaithersburg. 'X-energy was founded in Maryland, and we are proud to call this state our home as we enter a period of unprecedented growth,' said J. Clay Sell, CEO of X-energy. 'We look forward to working with Governor Moore and his team to build on the state's long history of nuclear innovation by making Maryland a national leader in next-generation nuclear technology.' X-energy is advancing its initial Xe-100 plant at Dow Inc.'s UCC Seadrift Operations manufacturing site on the Texas Gulf Coast. Once complete, the plant is expected to provide the site with safe, reliable, and clean power and industrial steam. X-energy is also advancing its second plant in central Washington with Energy Northwest in collaboration with Amazon. This project is part of a larger strategy with Amazon to bring more than five gigawatts of new power projects online by 2039, furthering the company's mission to provide scalable, secure, clean energy solutions that meet the growing demand for energy across the U.S. and around the world. Additional Quotes 'As X-energy focuses on providing solutions for the clean energy industry, the company is recommitting to its local workforce with two significant investments in Maryland,' said Maryland Department of Commerce Secretary Harry Coker, Jr. 'These new facilities will play a major role in enhancing the company's clean energy efforts, and with employees rotating between Gaithersburg and Frederick, X-energy's impact will be felt all throughout the Capital Region.' 'We're excited that X-energy is doubling down on Montgomery County,' said Montgomery County Executive Marc Elrich. 'This expansion is a win for our residents, bringing hundreds of good-paying jobs and strengthening our position as a center for innovation in clean energy and advanced technology. We are committed to supporting industries that help address climate change while creating more opportunities for our highly skilled and diverse workforce. I appreciate Governor Moore's leadership in making sure Maryland remains competitive for these types of transformative projects, and I want to thank X-energy for choosing to keep growing right here in Montgomery County.' "We are thrilled to welcome X-energy's expansion in Frederick. This significant investment strengthens our tech sector and brings valuable job opportunities to our community,' said Frederick County Executive Jessica Fitzwater. 'X-energy's innovative work in nuclear reactor and fuel design aligns perfectly with our commitment to fostering cutting-edge industries and sustainable growth in Frederick County." 'We are thrilled that X-energy has chosen to remain in Montgomery County,' said Chair of the Montgomery County Economic Development Corporation Board Elana Fine. 'This is the result of a strong partnership with X-energy, built over many months of close collaboration. Together we aimed to align their growth goals with the unique assets and incentives Montgomery County offers—including the MOVE Grant and the Montgomery County Job Creation Fund. This decision reflects the shared commitment to innovation that defines our business community.' 'We're proud to welcome X-energy's latest expansion here in Frederick County. Their cutting-edge work in advanced energy technology not only strengthens our region's innovation economy but also positions us at the forefront of clean energy solutions,' said Frederick County Director of the Division of Economic Opportunity Lara Fritts. 'This investment underscores our county's commitment to supporting companies that are solving global challenges and creating high-quality jobs for the future.' 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 or connect with us on X or LinkedIn.
CBS News
a day ago
- Business
- CBS News
Illinois ComEd customers may be paying for electrical waste, company says; utility disputes claim
A company that measures and tracks electrical grids across America says that the ComEd grid in Illinois has the highest electrical waste in the country, and customers are paying for it. Ever since a supplier rate change took effect, ComEd customers have reported seeing their bills double or more. Maryland-based Whisker Labs has installed nearly 1 million Ting sensors nationwide, and about 51,000 in the greater Chicago area. The sensors measure and track electrical grid resiliency and energy efficiency in regards to power delivered to homes. "This is effectively another surcharge that nobody knows about," said engineer and CEO Bob Marshall. Marshall developed the Ting sensors to help prevent electrical fires after his sister-in-law's home burned down from one in 2015. But the network of sensors also monitors the power quality going into all of the homes where Ting sensors are installed. That measurement is made through a metric called Total Harmonic Distortion, which measures the level of "noise" or "distortion" in the electricity. The higher the THD levels, the less energy efficient the electricity is and the more damage it could cause to appliances and devices, according to Whisker Labs. The company says industry standards specify that THD levels should remain below 8%. "They all measure the same thing, the same way," he explained. "Chicago is very unique. Usually, I mean, less than 2% of homes across the country have distorted power. But 40% of the home in Chicago have distorted power, and that is costing consumers. It can cost several hundred dollars per year." Marshall said the distorted power means Chicago customers could be paying for energy waste. He said they see a similar pattern in the Denver area, but he said it's not as bad as the distortion they're measuring in ComEd territory. ComEd said in a statement that it "strongly questions" Whisker Lab's claims, in part because the company hasn't shared their original data, and called their claims about "harmonics" causing electrical bills to be higher "unsubstantiated." Marshall said energy waste is worse in Chicago neighborhoods where the map shows red, maroon and purple. Suburbs like Northbrook, Schaumburg and Country Club Hills also show significant distortion, according to their data. "We can't speak to the cause. I mean, we know it's originating on the grid. It's not coming from individual homes because there are particular communities that have this problem," Marshall said. ComEd didn't offer a theory for why the sensor readings look different for our area, but said in a statement that Illinois customers have some of the lowest average electricity bills in the Midwest. "Our hope is to use data for good to help utilities, help communities understand where there are challenges on the grid, and address them proactively before they cause damage or catastrophes," Marshall said. Marshall noted that when it comes to power outages, they've found that ComEd's reliability is pretty good compared to the rest of the country. ComEd strongly questions many of Whisker Lab's claims about harmonics and about the capability of their in-home sensors both because many of the metrics they reference are not recognized by the electric power industry and because Whisker Labs has refused to share either its methodology or original measurement data with us. The Ting sensors used by WL are a measure of electrical signals in the home, not the grid or its reliability. Further, their claims about harmonics inflating customer bills are unsubstantiated. In fact, ComEd's investments in the grid, as well as its work to manage costs, have contributed to our Illinois customer having among the lowest average electricity bills in the Midwest.
Yahoo
a day ago
- Business
- Yahoo
McCormick Earnings Preview: What to Expect
With a market cap of $19.2 billion, McCormick & Company, Incorporated (MKC) is a global leader in the manufacture, marketing, and distribution of spices, seasonings, condiments, and flavorful products for both consumers and the food industry. Operating through its Consumer and Flavor Solutions segments, the company serves retail, foodservice, and industrial customers across the Americas, EMEA, and Asia-Pacific regions. Analysts expect the Hunt Valley, Maryland-based company to report adjusted earnings of $0.82 per share in Q3 2025, down 1.2% from $0.83 per share in the year-ago quarter. The company has surpassed Wall Street's earnings estimates in three of the last four quarters while missing on another occasion. More News from Barchart Tesla Just Signed a Chip Supply Deal with Samsung. What Does That Mean for TSLA Stock? Dear Microsoft Stock Fans, Mark Your Calendars for Aug. 1 Here's What Happened the Last Time Novo Nordisk Stock Was This Oversold Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! For fiscal 2025, analysts expect the spices and seasonings company to report an adjusted EPS of $3.04, up 3.1% from $2.95 in fiscal 2024. In addition, adjusted EPS is projected to grow 8.9% year-over-year to $3.31 in fiscal 2026. Shares of MKC have decreased 5.2% over the past 52 weeks, lagging behind both the S&P 500 Index's ($SPX) 17.1% increase and the Consumer Staples Select Sector SPDR Fund's (XLP) over 3% rise over the same period. McCormick stock jumped 5.3% on Jun. 26 after the company reported Q2 2025 adjusted earnings of $0.69 per share, beating analyst estimates, and posted $1.7 billion in revenue, which met expectations. The Consumer segment outperformed with a 3% revenue increase driven by organic sales growth, while adjusted operating income rose 10% across both business segments, aided by lower SG&A expenses. Investor optimism was also fueled by management reaffirming full-year guidance, projecting 1% - 3% constant-currency revenue growth and a 3% increase in operating income and EPS at the midpoint. Analysts' consensus view on McCormick's stock is moderately optimistic, with a "Moderate Buy" rating overall. Among 14 analysts covering the stock, six recommend "Strong Buy," one suggests "Moderate Buy," six advise "Hold," and one "Strong Sell." As of writing, the stock is trading below the average analyst price target of $85.40. On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
Forbes
2 days ago
- Business
- Forbes
6 Best Nuclear Power Stocks And ETFs To Buy And Power Your Portfolio Growth
As long as large AI cloud services providers are eager to buy nuclear energy, these investments ... More could enrich your portfolio. As power hungry AI cloud services providers seek ever more energy, nuclear energy is enjoying a revival. While younger people who did not live through the near-meltdowns such as Chernobyl (1986) and Three Mile Island (1979) are bullish, the regulatory and financial barriers to building nuclear power plants remain formidable. Nevertheless, capital providers see these barriers as worth hurdling. With annual investment in nuclear power doubling to $60 billion since 2020, nuclear power could energize your portfolio. For example, Microsoft signed a 20-year agreement to use power from Three Mile Island, and Meta signed a similar deal with another nuclear power facility. To profit from this trend while considering the risks, read on for three publicly-traded stocks and three exchange traded funds which could rise along with demand for nuclear energy. What Is The Current State of Nuclear Power? With concerns about energy security and climate change on the rise, nuclear power is experiencing a resurgence. Roughly 400 reactors are now operating in 31 countries providing about 5% of the world's electricity. What's more, new nuclear reactors are being constructed. Of the 63 nuclear reactors being built, many deploy new technologies such as Small Modular Reactors – which are safer and smaller – and advanced Generation IV reactors, wrote Goldman Sachs. Another positive is the support for nuclear power from younger people who lack a direct memory of previous disasters and recognize nuclear's 'role in decarbonization efforts,' reports Strats Research. Nevertheless, nuclear faces significant challenges, including the following: 3 Top Nuclear Power Stocks To Buy Now 1. Constellation Energy (CEG) Baltimore, Maryland-based Constellation Energy Corporation produces and sells electricity, natural gas, energy-related products and sustainable solutions in the Mid-Atlantic, Midwest, New York, ERCOT and other power regions. Constellation is a top choice because it is the largest operator of nuclear reactors in the United States and a major provider of carbon-free electricity. The company's focus on nuclear power provides a reliable source of baseload electricity and makes it an attractive partner for technology companies needing consistent power for data centers. For instance, Meta recently announced a 20-year nuclear agreement with Constellation. 2. Cameco (CCJ) Saskatoon, Saskatchewan-based Cameco Corporation provides uranium through three segments: Uranium, Fuel Services and Westinghouse. The Uranium segment explores for, mines, mills, purchases and sells uranium concentrate. The Fuel Services segment refines, converts, and fabricates uranium concentrate. The Westinghouse segment makes nuclear reactor technology equipment and provides products and services to commercial utilities and government agencies, reported Yahoo! Finance. As one of the world's largest uranium producers, Cameco is a top choice because it is likely to benefit from increasing nuclear fuel demand. The company has substantial high-grade uranium reserves and long-term contracts with utility companies, providing a degree of stability. Cameco also has an ownership stake in Westinghouse Electric, providing exposure to nuclear reactor construction, according to SeekingAlpha. 3. NuScale Power (SMR) Corvallis, Oregon-based NuScale Power provides a small modular reactor technology system -- the NuScale Power Module. The NPM, a water reactor, can generate 77 megawatts of electricity. Founded in 2007, NuScale operates as a subsidiary of Fluor Enterprises, according to Yahoo! Finance. NuScale is a top choice due to the company's leadership in SMR technology, which offers potential benefits in scalability, safety, and faster deployment compared to traditional large reactors. The company's SMR design is the first to be certified by the U.S. Nuclear Regulatory Commission, giving it a potential first-mover advantage in this emerging technology, according to 24/7 Wall Street. 3 Top Nuclear Power ETFs To Buy Now 1. VanEck Uranium and Nuclear ETF (NLR) One year price change: 48.7% Top five holdings: The VanEck Uranium and Nuclear ETF The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index of equity securities and depositary receipts issued by uranium and nuclear energy companies, according to Yahoo! Finance. The ETF is a top choice because it offers broader exposure to the nuclear energy sector beyond just uranium miners. It includes uranium miners, nuclear power plant builders and maintainers, nuclear electricity producers, and related equipment and technology. The fund's exposure to utilities can make a portfolio more defensive. 2. Range Nuclear Renaissance Index ETF (NUKZ) Business One year price change: 50% Top five holdings: Range Nuclear Renaissance Index ETF normally invests in securities of nuclear fuel and energy – particularly in the areas of advanced reactors; utilities; construction and services; and/or fuel. Under normal circumstances, the fund invests at least 80% of its net assets in securities of nuclear companies. The ETF is a top choice because it tracks a custom index reflecting the nuclear industry broadly. It offers significant exposure to advanced reactor technology, including a large position in Oklo, which makes small modular reactors. NUKZ has shown strong performance and offers exposure to the developing advanced nuclear technology sector, according to TipRanks. 3. Global X Uranium ETF (URA) One year price change: 54.6% Top five holdings: Global X Uranium ETF normally invests at least 80% of its total assets in the securities of the underlying index that tracks the broad based equity market performance of global companies involved in the uranium industry, according to Yahoo! Finance. URA is a top choice because it is the largest and most popular nuclear ETF by assets under management. It provides broad exposure to the uranium and nuclear energy value chain, including uranium producers, nuclear component manufacturers and service providers. This ETF also offers direct exposure to the physical uranium commodity, which is unique among nuclear ETFs. Bottom Line With investment in nuclear power doubling over the last five years, should you invest in companies and ETFs that track its growth? Despite the risks of nuclear power – which include enormous capital requirements, regulatory and political hurdles and the risk of nuclear accidents – the stocks and ETFs highlighted above may offer upside opportunity. As long as large AI cloud services providers are eager to buy nuclear energy, these investments could enrich your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Hines, Sumitomo partner on waterfront apartments near DC
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. Property: Potomac Shores multifamily development Developers: Hines, Sumitomo Forestry, Chuo-Nittochi Group Architect: Lessard Design Inc. Location: Dumfries, Virginia Units: 365 Cost: Withheld Houston-based developer Hines is joining forces with two Japanese real estate groups — Sumitomo Forestry and Chuo-Nittochi Group — to add a 365-unit apartment project to the Potomac Shores master-planned community south of Washington, D.C., in Dumfries, Virginia. The partnership recently closed on the development site, located one block from a future Virginia Railway Express train station, and expects to start construction in late July. The as-yet-unnamed project is set to be completed in 2027. The five-story wood-frame building will include a mix of studio and one-, two- and three-bedroom units, along with 31,000 square feet of indoor and outdoor community spaces. Amenities will include a coworking lounge, a children's play area, a pool and cabanas, a fitness center, a rooftop lounge and outdoor recreation areas. Bethesda, Maryland-based Coakley & Williams Construction is the project's general contractor. The 2,000-acre Potomac Shores community, developed by New York City-based Biddle Real Estate Ventures, is located along 2 miles of the Potomac River shoreline. The upcoming multifamily project will be the only one of its kind in Potomac Shores, joining single-family home developments by Ryan Homes and Stanley Martin Homes, both based in Reston, Virginia, and Fort Mitchell, Kentucky-based Drees Homes, according to the property website. 'This water- and transit-oriented multifamily development is uniquely positioned as the only rental community within an already established mixed-use master-planned community,' said Andrew McGeorge, senior managing director at Hines, in the release. 'With minimal multifamily construction expected in 2025, the market has a heightened demand for high-quality, newly constructed apartment homes like this one.' The Hines project will be located near the Potomac Shores town center, which includes over 3.7 million square feet of commercial and retail space. The property also encompasses 850 acres of open space, a trail network in progress, a newly renovated golf course and elementary, middle and high schools. The Potomac Shores rail station is expected to be completed in late 2026, providing access to Washington, D.C.; Quantico, Virginia; and Arlington, Virginia. Recommended Reading JPI-Sumitomo deal closes Sign in to access your portfolio
