Holtec signs deal with Hyundai Engineering to build US modular reactor fleet

Holtec International Inc. has signed an agreement with an engineering and construction firm to build a fleet of small modular nuclear reactors, beginning with two units at the Palisades plant in Michigan.

Holtec is targeting commercial operation for the new units in 2030, the company said in a Feb. 25 news release and at a ceremony at Palisades in Covert Township, Michigan.

Holtec signed an agreement with Hyundai Engineering & Construction Co.Ltd. to build a 10-GW fleet of SMR-300s in North America through the 2030s. The agreement is an expansion of a partnership that began in 2021.

The first Holtec SMR-300s will be co-located with the existing 800-MW Palisades plant, which is on track to restart after an extended outage following a 2022 shutdown.

Since announcing initial plans for the Palisades SMR-300 Project in 2023, Holtec has invested more than $50 million to date in site development and environmental work, keeping to the company's schedule to begin the formal US Nuclear Regulatory Commission construction permitting process in early 2026.

"The key to making SMR deployment faster and more cost-effective isn't just learning from the industry — it's applying those lessons directly to each new project," said Rick Springman, Holtec president of global clean energy opportunities. "With Holtec's in-house manufacturing and Hyundai E&C as our construction partner, we control most of the process, allowing us to refine and improve with every reactor we build."

Holtec's SMR-300 design is a pressurized light water nuclear reactor, with each unit designed to produce 300 MW. The design uses gravity as the motive force to run its safety systems, according to the company.

Former Palisades owner Entergy Corp. permanently closed the plant in May 2022 amid market challenges and sold it to Holtec for decommissioning. Palisades came online in 1971, according to S&P Global Market Intelligence data.

The US Energy Department finalized a $1.52 billion loan guarantee for Palisades in September 2024.