Partners: Hyundai E&C is coming off a lead construction role at the four-unit Barakah plant in the United Arab Emirates, and Holtec expects the partnership “will enable rapid scaling of the SMR-300 program based on learnings from the first-of-a-kind SMR-300 project at Palisades.” The two companies first signed a collaboration agreement in 2021.
Holtec CEO Kris Singh hailed the collaboration, stating, “Hyundai E&C has the most distinguished credentials as a constructor of nuclear power plants, having built and commissioned the largest reactor complex in the last decade in the UAE on schedule, which is a rare achievement in our industry. Our own vertically integrated supply capability and a world-class project management organization, which has established a solid track record of completing numerous complex projects around the world without cost overruns, gives us the confidence that our ‘Mission 2030’ will be realized in full measure.”
Singh also highlighted the contributions of Mitsubishi Electric, headquartered in Kobe, Japan, as “the third pillar of our SMR coalition.” Mitsubishi will provide the control system for Holtec’s SMR-300s.
Design and engagement: Holtec had engaged with the Nuclear Regulatory Commission for several years on pre-application work for a similar, smaller design—the SMR-160—before announcing a shift to the SMR-300 in late 2023.
Holtec has designed the SMR-300 for a lifetime of 80 years and an output of 1,050 MWt, or about 300 MWe, using conventional PWR fuel. The design relies on forced circulation (with passive safety systems) and a once-through steam generator. The reactor pressure vessel sits underground and submerged, with an annular water-filled reservoir between the containment and the containment enclosure serving as the ultimate heat sink. Air-cooled condensers can provide cooling in arid environments.
Holtec plans to use 10 CFR Part 50 to license its reactors, seeking a limited work authorization, a construction permit, and ultimately an operating license from the NRC. Holtec plans to begin the application process in early 2026 once the shut-down Palisades reactor has restarted.
Licensing for the SMR-300 is also under way in the United Kingdom, and in August 2024 announced that the first part of the UK’s Generic Design Assessment process was complete after 10 months of review.
Investments: Holtec acquired the Palisades site in May 2022 just after previous owner Entergy shut the plant down. Plans to decommission Palisades were soon shifted to restart, and Holtec first announced its plans to build SMR-300s at Palisades in 2023. Since then, the company has invested over $50 million in site and environmental studies, established a groundwater monitoring program, and completed soil borings.
Holtec has secured a customer for its planned output. A power purchase agreement between Holtec and Wolverine Power Cooperative announced in 2023 included a “contract expansion provision to include up to two small modular reactors.”
Hyundai’s reach: Holtec and Hyundai E&C, which is based in Seoul, South Korea, have also announced a memorandum of understanding for SMR-300 deployments in the United Kingdom. Separately, Hyundai E&C has engaged with partners for nuclear construction in eastern Europe.
Han-Woo Lee, Hyundai E&C CEO said, “Hyundai E&C has established its U.S. subsidiary, Hyundai America Inc., and has been making diversified investments in U.S. power projects and SMR-300 technology. To ensure the successful completion of this project, we will work closely with the U.S. government and leading local companies to build a systematic supply chain, create high-quality jobs in the U.S., and develop strategies for mutual growth with local communities, ultimately pioneering a new era in the global SMR industry.”
