X-energy, the Rockville, Md.–based small modular reactor/nuclear fuel developer, and Ares Acquisition Corporation (AAC), a publicly traded special-purpose acquisition company, have agreed to terminate their business combination agreement, effective immediately, the companies announced this week.

The Nuclear Regulatory Commission recently presented its proposed 30-month licensing review timeline of TRISO-X’s planned fuel fabrication facility at the project’s first-ever public meeting in Oak Ridge, Tenn.

TRISO-X, a subsidiary of X-energy, has requested a 40-year license to possess and use special nuclear material to manufacture advanced fuel. The facility would be the first-ever commercial-scale fuel fabrication plant focused on using high-assay low-enriched uranium (HALEU).