Holtec International, a US-based company, has initiated its Mission 2030 project to construct two small modular reactors, known as SMR-300s, at the Palisades Nuclear Power Plant (NPP) site in Michigan. Each SMR-300 is a pressurized water reactor capable of generating approximately 300 megawatts of electricity or 1050 megawatts of thermal energy for industrial use. The design leverages established technology and fuel standards from the US and UK, with recent updates incorporating forced flow alongside gravity-driven circulation in the reactor’s primary system.

The Palisades NPP, originally an 805-megawatt facility, ceased operations in May 2022 after 50 years, managed by Entergy. Following its closure, the plant was defueled and sold to Holtec in June 2022, with initial plans for decommissioning by 2041. However, Holtec secured federal funding to restart the facility, aiming for operations to resume before the end of 2025. The Mission 2030 project will place two SMR-300 units alongside the existing Palisades NPP.

During the SMR launch event at the Palisades site, Holtec highlighted progress in preparatory work and signed an expanded partnership with South Korea’s Hyundai Engineering & Construction (Hyundai E&C). This agreement aims to develop a 10-gigawatt fleet of SMR-300s across North America by the 2030s, starting with Palisades. Hyundai E&C plans to finalize the site design by mid-2025 and begin construction by late 2025. Announced in 2023, the Palisades SMR-300 project targets commercial operation by 2030, with Holtec investing $50 million in site studies, including environmental assessments and soil analysis.

Holtec is also advancing SMR deployment plans globally, including up to 5 gigawatts in the UK and multiple units in Ukraine. The company views the Palisades project as a benchmark for future SMR-300 installations. The US Nuclear Regulatory Commission construction permitting process is scheduled to start in early 2026, while the SMR-300 undergoes a design assessment in the UK.

The updated agreement with Hyundai E&C builds on a 2021 collaboration, enhancing the SMR-300 program through insights gained at Palisades. Holtec’s President of Global Clean Energy Opportunities, Dr. Rick Springman, stated: “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.” Hyundai E&C CEO Han-Woo Lee added: “Hyundai E&C has established its US subsidiary, Hyundai America, and has been making diversified investments in US power projects and SMR-300 technology.”

Holtec CEO Kris Singh praised Hyundai E&C’s expertise in nuclear construction and acknowledged Mitsubishi Electric’s role in providing advanced control systems for the SMR-300 units. The collaboration aims to streamline construction, support local economies, and establish a foundation for expanding SMR technology worldwide.