Holtec International, a U.S.-based nuclear energy company and key partner of Hyundai Engineering & Construction, has applied for a federal grant to support its small modular reactor (SMR) project in Michigan.
On April 24, Holtec announced that it submitted an application for the U.S. Department of Energy’s (DOE) “First Mover” grant under the Advanced Reactor Demonstration Program (Gen-3+ SMR program). The initiative is designed to accelerate early commercialization of SMR technology, with total funding reaching up to $900 million.
The First Mover grant will provide up to $800 million to a maximum of two consortia, which must include utilities, reactor suppliers, construction companies, and power purchasers. Holtec is one of two known applicants, along with GE Hitachi.
Holtec and Hyundai E&C plan to build two SMR-300 units at the former Palisades Nuclear Power Plant site in Covert, Michigan. Pending regulatory approvals, construction is expected to begin in the coming years, with operations targeted for 2030-2031. The SMR-300 is a 300-megawatt reactor designed for flexible deployment across various geographic and environmental conditions.
Hyundai E&C, a major South Korean construction and engineering company, signed a partnership agreement with Holtec in 2021 to jointly pursue SMR development and deployment. Their cooperation also extends to nuclear decommissioning and interim spent fuel storage systems.
Holtec holds over 100 patents across core nuclear technology sectors, including reactor design, materials, and manufacturing. With 19 subsidiaries and operations on five continents, the company leads the global market in spent nuclear fuel storage and holds the top market share in U.S. nuclear decommissioning.
Separately, Holtec has secured a $46 million loan to support the restart of the Palisades Nuclear Plant, originally built in 1971 with a capacity of 800 megawatts. The plant was shut down in 2022 due to financial difficulties faced by its former operator, Entergy, and was later acquired by Holtec, which is now conducting refurbishment work for its planned reactivation.
