Holtec and Hyundai Team Up to Revitalize Michigan's Nuclear Power

In a significant development for the nuclear energy sector, Holtec International has signed an agreement with Hyundai Engineering & Construction (Hyundai E&C) to build small modular reactors (SMRs) at the Palisades nuclear plant in Covert, Michigan. The collaboration, reported by CNBC, aims to revitalize the decommissioned plant and expand its capacity, marking a crucial step in the broader effort to deploy a 10-gigawatt fleet of SMRs in North America.

Holtec, a leading nuclear technology company, is no stranger to the nuclear industry. With a strong background in decommissioning and manufacturing nuclear components, the company has set its sights on restarting the Palisades plant and expanding its capacity through the deployment of SMRs. The agreement with Hyundai E&C, a global leader in engineering and construction, will enable Holtec to leverage Hyundai's expertise in EPC and construction management capabilities for major projects, enhancing the likelihood of successful project delivery.

The Palisades plant, which shut down in 2022, is set to restart operations by October 2025, subject to federal approval. The addition of two 300-megawatt SMRs, designed by Holtec, will nearly double the plant's capacity, providing a significant boost to Michigan's clean energy infrastructure. The SMRs, known as SMR-300s, are designed to produce a minimum of 300 MW (net-electric) power under adverse climate conditions and water-challenged regions, with a thermal output per reactor well above 1000 MW.

The filing of the Construction Permit Application (CPA) for the two Holtec Palisades SMRs is targeted for 2026, shortly after the existing Palisades plant returns to service. The target commissioning date for the first SMR-300 plant is mid-2030, subject to the U.S. Nuclear Regulatory Commission's (NRC) regulatory reviews and oversight of Holtec's SMR, which is likely to be the nuclear industry's first.

The partnership between Holtec and Hyundai E&C is a strategic move that aligns with both companies' long-term goals. For Holtec, the collaboration enables the company to leverage Hyundai's global reach and construction expertise to accelerate the deployment of SMRs both domestically and internationally. For Hyundai E&C, the partnership provides an opportunity to expand its clean energy portfolio and solidify its position as a total solution provider for clean energy projects.

The revitalization of the Palisades plant and the deployment of SMRs at the site are expected to have a significant positive impact on the local economy and the broader clean energy sector. The project is supported by the State of Michigan's commitment to expanding in-state carbon-free generation, as well as by the broad-based federal, state, and community support for repowering the Palisades Nuclear Power Plant.

In conclusion, the agreement between Holtec International and Hyundai Engineering & Construction to build small modular reactors at the Palisades plant marks a significant milestone in the nuclear energy sector. The collaboration between these two industry leaders is poised to revitalize Michigan's nuclear power infrastructure, expand clean energy generation, and create new economic opportunities in the region. As the project progresses, it will be crucial to monitor the regulatory challenges and potential hurdles that may arise, as well as the broader impact of SMR deployment on the U.S. nuclear energy landscape.