Wedoany.com Report-Feb 27,Holtec International has begun its Mission 2030 project, focusing on deploying two small modular reactors, known as SMR-300 units, at the Palisades site in Michigan. The company has also expanded its partnership with South Korea’s Hyundai Engineering & Construction through a new agreement signed to support this effort. Announced in 2023, the Palisades SMR-300 project aims for commercial operation by 2030. Holtec has already invested USD50 million in site preparation, including environmental assessments and soil studies.

The company is advancing plans to introduce its SMR technology globally, targeting up to 5 GW of capacity in the UK and multiple units in Ukraine. The Palisades project is intended to serve as a model for this technology’s rollout worldwide. Holtec plans to submit construction permit applications to the U.S. Nuclear Regulatory Commission in early 2026. The expanded deal with Hyundai E&C aims to support a broader goal of building a 10 GW fleet of SMR-300 reactors across North America by the end of the 2030s. Hyundai E&C expects to finalize site design by mid-2025 and start construction near the end of 2025.

Holtec CEO Kris Singh stated: "Hyundai E&C has the most distinguished credentials as a constructor of nuclear power plants ... our own vertically integrated supply capability and a world-class project management organisation, 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 realised in full measure." He also acknowledged Mitsubishi Electric as a key partner providing advanced control systems for the SMR-300 units.

Hyundai E&C CEO Han-Woo Lee added: "Hyundai E&C has established its US subsidiary, Hyundai America Inc, and has been making diversified investments in US power projects and SMR-300 technology. To ensure the successful completion of this project, we will work closely with the US government and leading local companies to build a systematic supply chain, create and develop high-quality jobs in the US, and develop strategies for mutual growth with local communities, ultimately pioneering a new era in the global SMR industry."

The SMR-300, a pressurized water reactor generating 300 MW of electricity or 1050 MW of thermal power, has been in development since 2011. The Palisades plant, previously operated by Entergy, ceased operations in May 2022 after 50 years and was sold to Holtec that June, initially for decommissioning by 2041. Holtec later secured federal funding to restart the facility and signed a power purchase agreement with Wolverine Power Cooperative and Hoosier Energy, aiming to resume operations by late 2025.