In Development
SMR-300
Holtec's Gen III+ pressurized water small modular reactor platform, intended for first deployment as the dual-unit Pioneer 1 & 2 project at Palisades and for follow-on projects such as Cottam in the UK.
Holtec International is a vertically integrated nuclear technology and services company whose core businesses include used-fuel storage and transport systems, plant decommissioning, manufacturing, and nuclear project execution.
Latest update Oct 19, 2026
01
Overview
Its flagship growth program is the restart of the Palisades plant in Michigan, which would be the first U.S. nuclear plant to return from decommissioning to operations status: on August 30, 2026 Holtec began loading fuel into the 204-assembly reactor core, the most visible physical milestone yet. Engineering News-Record reported on September 18, 2026 that the plant was still in Mode 6 (refueling) with no grid-restart date, while Holtec communications describe Palisades as an 805 MW unit. Its other flagship program is the SMR-300 small modular reactor platform, which Holtec is advancing at Palisades and in the UK with EDF. Holtec is also pursuing a large SMR-300 program in India - where a March 2025 U.S. DOE 10CFR810 authorization lets it share the design with partners Tata Consulting Engineers, Larsen & Toubro, and its Holtec Asia subsidiary - with a February 2026 plan to build up to 200 SMR-300s from an expanded manufacturing hub in Gujarat, and in Rwanda, where a May 2026 Comprehensive Development Agreement with the country's Atomic Energy Board targets up to roughly 5 GW of capacity, Holtec's first sub-Saharan African market. After a confidential filing in February 2026, Holtec publicly filed a Form S-1 on July 10, 2026 for a Nasdaq / Nasdaq Texas IPO under the ticker HNUC. On September 8, 2026 Holtec launched the IPO roadshow at $15 to $18 per share for 50 million Class A shares (up to $900 million, plus a 7.5 million-share greenshoe), targeting a valuation of up to $10.2 billion. On September 17, 2026 Holtec postponed the offering after talks with its banking syndicate, citing a retreat in IPO and nuclear-sector markets driven primarily by uncertainty over data-center development. On September 25, 2026 Holtec Nuclear filed Form RW withdrawing File No. 333-297395; the registration had not been declared effective and no securities were sold. CEO Kris Singh told the Financial Times, as reported by Engineering News-Record on September 18, that Holtec has other capital options and could return to the IPO market in three to six months depending on conditions. Holtec's SMR-300 pipeline now spans Palisades, the Green River, Utah revival project, a newly cleared Oyster Creek, New Jersey site (NRC approved the plant's license termination plan on July 30, 2026, opening the way for four more SMR-300 units there), the Cottam, UK proposal with EDF, and Rwanda - and on August 4, 2026 Holtec signed a non-binding memorandum of agreement with Entergy and Hyundai Engineering & Construction to evaluate further SMR-300 projects across Entergy's Gulf South territory. On September 15, 2026 Holtec said the NRC had granted an August 28 exemption authorizing permanent support-of-excavation and cutoff-wall work for Pioneer 1 and 2 at Palisades before a Limited Work Authorization is issued. Engineering News-Record also reported on September 18 that the NRC was targeting completion of its final safety evaluation and environmental impact statement for Pioneer by March 31, 2027. On September 30, 2026 Holtec submitted the Pioneer 1 and 2 Preliminary Safety Analysis Report, completing construction-permit Part 2, and said a draft safety evaluation for the limited-work authorization is anticipated in December 2026. The same day Palisades Energy filed emergency license amendment PNP 2026-052 to retrieve fuel assembly DD41 and asked for approval by October 2. ANS Nuclear Newswire reported on October 8 that the public comment period expired that afternoon while the NRC was still reviewing the request.
sec.govUpdated Oct 13, 2026
Analysis · 5 min read · Sep 29, 2026The long view on Holtec International: strategy, technology and what to watch02
What's next10
2026
Palisades nuclear plant restart
Target2026 (no firm date)
Holtec has closed out the last of Palisades' major restart construction projects and, on August 30, 2026, began loading fuel into the reactor core - 204 assemblies of new and partially used fuel - marking the most visible physical step yet toward restart. Engineering News-Record reported on September 18, 2026 that the 805 MW plant was still in Mode 6 (refueling) with no announced grid-reconnect date. An August 31 NRC inspection report then cited two green, non-cited radiation-protection violations from December 2025-March 2026 work, including a February airborne-radioactivity event in which required notifications and dose evaluations were not completed; the NRC assigned very low safety significance and issued no penalties. A federal court dismissed the original anti-restart lawsuit on July 3, 2026, but the environmental coalition (Beyond Nuclear, Don't Waste Michigan and allies) appealed that dismissal to two federal circuit courts of appeals in late August 2026, keeping a legal challenge alive without blocking restart activity so far. Extensive NRC-coordinated tests and inspections remain, after which the unit must be returned to criticality and reconnected to the grid. Completion has slipped from late 2025 and then from February 2026; CEO Kris Singh still expects a 2026 restart, ahead of a March 2027 power-supply contract, but Holtec has declined to set a firm date. Success would make Palisades the first U.S. nuclear plant to return to service after entering decommissioning.
2026
NRC decision on the Palisades DD41 retrieval amendment
TargetNot issued by the requested Oct 2, 2026 date; comment closed Oct 8
2026
Price and list the HNUC IPO
TargetQ4 2026-Q1 2027 window (Singh, via ENR/FT); SEC registration remains on file
Holtec postponed the Nasdaq IPO on September 17, 2026 after the September 8 roadshow at $15 to $18 per share for 50 million Class A shares (up to $900 million, plus a 7.5 million-share option), which had targeted a valuation of up to $10.2 billion under ticker HNUC. The company said it will maintain its SEC registration statement, keep implementing public-company reporting processes, and evaluate opportunities to access public markets when timing and conditions are appropriate. Engineering News-Record reported on September 18 that CEO Kris Singh told the Financial Times Holtec has other capital-raising options and could return to the IPO market in three to six months depending on market conditions. No new pricing or listing date has been announced.
Mar 31, 2027
Pioneer 1 & 2 construction permit review
TargetMarch 31, 2027 (NRC final SE and EIS, per ENR); mid-2027 (Part 2 filing)
Advance the SMR-300 through U.S. licensing: SMR, LLC filed Part 1 of a phased construction permit application (a limited work authorization request plus a comprehensive environmental report) for the dual-unit Pioneer 1 & 2 plant on December 31, 2025; the NRC accepted it for docketing on February 27, 2026 and, on June 15-16, 2026, opened the formal environmental-review phase. On August 28, 2026 the NRC granted an exemption authorizing permanent support-of-excavation and cutoff-wall systems, excavation, dewatering, and ground improvement before a Limited Work Authorization, which Holtec announced on September 15; the exemption does not commit the NRC to issue an LWA or construction permit. Engineering News-Record reported on September 18, 2026 that the NRC is targeting completion of its final safety evaluation and environmental impact statement by March 31, 2027. Holtec has asked the NRC to complete its Part 1 review by December 31, 2026, and the NRC expects SMR, LLC to file Part 2 of the construction permit application by mid-2027.
2027
Complete the HI-TEST SMR-300 validation facility at Idaho National Laboratory
Target2027 (system dedication / start of testing)
Holtec said August 25-27, 2026 that fabrication of key components is under way for HI-TEST, a one-third scale test rig at Idaho National Laboratory (backed by the DOE's Advanced Reactor Demonstration Program) with two test loops designed to replicate accident scenarios and steam-generator behavior. An ANS Nuclear Newswire report dated September 1, 2026, citing INL scientist Piyush Sabharwall, said the project is on track to start testing in 2027. The facility will physically corroborate the SMR-300's generation capacity, resilience, and design margin under steady-state and transient conditions, with data intended to support future power uprates; Holtec is targeting system dedication in 2027 ahead of testing.
2029
Build four SMR-300s at the decommissioned Oyster Creek site
Target2029 (decommissioning complete); 2036 (SMR-300 commercial operation)
Following the NRC's July 30, 2026 approval of the License Termination Plan for the retired Oyster Creek Generating Station in Lacey Township, New Jersey (decommissioning more than 50% complete at approval, targeted for full completion by 2029), Holtec plans to build four SMR-300 units there (about 1.36 GW combined), targeting commercial operation in 2036. The project would be Holtec's third U.S. SMR-300 site after Palisades and Green River, Utah, and is projected to support roughly 4,000 construction jobs and 400+ permanent positions.
Early 2030s
UK and international SMR-300 deployment pipeline
Convert UK GDA Step 2 progress and the EDF Cottam partnership (Heads of Terms signed June 2026 for up to four SMR-300s, ~1.3 GW at the former Cottam coal site in Nottinghamshire) into site-specific licensing and follow-on international deployments that can reuse the UK and U.S. regulatory work, alongside the Green River, Utah SMR-300 project, the planned Gujarat, India manufacturing hub, and a May 2026 Comprehensive Development Agreement with Rwanda's Atomic Energy Board (targeting up to ~5 GW, Holtec's first sub-Saharan African market). As of September 16, 2026, no new UK GDA Step 3 request or Cottam licensing filing has been announced since the June 2026 Heads of Terms.
Date not announced
Gulf South SMR-300 evaluation with Entergy and Hyundai E&C
TargetNo target date announced (non-binding evaluation)
On August 4, 2026 Holtec, Entergy, and Hyundai Engineering & Construction signed a non-binding memorandum of agreement to jointly evaluate potential dual-unit SMR-300 projects across Entergy's Gulf South service territory (Alabama, Florida, Louisiana, Mississippi, and Texas), driven by rising industrial, manufacturing, and AI-data-center load growth. The framework covers assessing customer demand, candidate sites, and commercial structures; no site selection, binding commitment, or timeline has been announced as of September 16, 2026.
Date not announced
Retrieve Palisades tipped fuel assembly
TargetLicense amendment and retrieval before fuel loading resumes
Date not announced
File a successor HNUC registration if Holtec returns to public markets
TargetNo new filing announced
03
Latest news15
NRC approves a one-time lift for a tilted Palisades assembly
On October 13, 2026 the NRC issued Amendment No. 283 to the Palisades renewed license, effective immediately, so Holtec licensee Palisades Energy can use a one-time alternative method to move fuel assembly DD41 from the reactor cavity to the spent fuel pool and resume fuel loading. The amendment must be implemented within 10 days. The American Nuclear Society, citing the license request, said the assembly tilted about 30 degrees on August 30 after the refueling machine released it and that fuel loading has been stalled. The NRC issuance does not say the lift has been completed.
Holtec withdraws HNUC IPO registration with the SEC
Holtec Nuclear Corp. filed a Form RW on Sept. 25 asking the SEC to withdraw its July 10 Form S-1 (File No. 333-297395) under Rule 477. CEO Krishna Singh wrote that the company no longer wishes to conduct a public offering at this time, that the registration was never declared effective, and that no securities were issued. The withdrawal goes beyond the Sept. 17 postponement, which had said Holtec would keep the registration on file.
Holtec pauses Palisades fuel loading after a tipped assembly
The NRC confirmed on September 21, 2026 that it is reviewing a tipped fuel assembly at Holtec's Palisades restart in Covert, Michigan. Holtec said the assembly tilted from upright on August 30 after the fuel-handling machine had already released it, and that fuel loading remains paused while it prepares a license amendment for retrieval. NRC spokeswoman Viktoria Mitlyng said the assembly was not dropped, there was no radiological release, and workers and the public were not affected.
Holtec postpones HNUC IPO, keeps SEC filing
Holtec Nuclear Corporation said on September 17 that it is postponing its Nasdaq IPO after talks with its banking syndicate, citing a two-week retreat in equity and nuclear-sector markets driven primarily by uncertainty over data-center development plus higher rates, trade tensions, and inflation fears. The roadshow launched September 8 at $15 to $18 per share for 50 million Class A shares, targeting proceeds of up to $900 million and a valuation of up to $10.2 billion under ticker HNUC. Holtec said it will keep its SEC registration statement on file, keep advancing the Palisades restart and Pioneer SMR-300 plan, and revisit public markets when conditions improve; CEO Kris Singh told the Financial Times the data-center link created a perfect storm for nuclear sentiment.
Holtec International World Nuclear News The Philadelphia Inquirer
NRC lets Holtec start Pioneer excavation work early
Holtec announced September 15 that the NRC granted an August 28 exemption authorizing permanent support-of-excavation and cutoff-wall systems for Pioneer Units 1 and 2 at Palisades before a Limited Work Authorization. The work covers diaphragm walls, soldier-pile soil-mix walls, perimeter cutoff walls, excavation, dewatering, and ground improvement for the nuclear island, turbine island, and balance of plant, a combined 680 MW SMR-300 project. An August 25 environmental assessment found no significant impact; the exemption is not a construction permit.
Holtec sets $15 to $18 range for Nasdaq IPO
Holtec Nuclear Corporation launched the roadshow for its Nasdaq IPO on September 8, 2026, offering 50 million Class A shares at $15 to $18 each to raise up to $900 million at a valuation of up to $10.2 billion, plus a 30-day option for 7.5 million more shares. The Camden, New Jersey company intends to list on Nasdaq and Nasdaq Texas under HNUC. J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup and BofA Securities are joint lead book-runners.
NRC cites Palisades for radiation-protection lapses
An NRC inspection report dated August 31, 2026 found two very-low-significance (green) violations at Holtec's Palisades plant for failing to follow radiation-protection rules during restart work. Inspectors said staff did not take all required steps after elevated airborne radiation on two February days, did not notify the Radiation Protection Manager when stop-work criteria were met, and dismissed lapel-monitor readings as cross-contaminated without a documented evaluation. Spokesman Nick Culp said some workers received greater-than-expected doses but none approached federal occupational limits, and that Palisades completed a root-cause review and corrective actions. The NRC issued no penalties.
Holtec begins fuel loading at Palisades reactor
Holtec announced on August 31, 2026 that it has started loading nuclear fuel into the reactor vessel at its Palisades Nuclear Power Plant in Michigan, placing the plant in Mode 6 under its technical specifications. The 204-assembly core, a mix of new and partially used fuel, is designed to support the plant's roughly 800-megawatt-electric output and follows more than two years of inspection, refurbishment, and equipment upgrades. Palisades is on track to become the first commercial U.S. nuclear plant to return to service after entering decommissioning, though Holtec has not given a firm restart date.
Holtec's SMR-300 test facility takes shape at Idaho lab
Holtec International said August 27 that fabrication of key components is under way for HI-TEST, a one-third scale test rig at Idaho National Laboratory backed by the DOE's Advanced Reactor Demonstration Program. The facility's two test loops will replicate accident scenarios and steam-generator behavior to validate the SMR-300 design's generation capacity and margin, with Holtec targeting system dedication in 2027 ahead of testing that could support future power uprates.
Holtec, Entergy and Hyundai E&C to evaluate Gulf South SMRs
Holtec International, Entergy and Hyundai Engineering & Construction signed a non-binding memorandum of agreement on August 4 to jointly evaluate potential dual-unit SMR-300 projects across Entergy's Gulf South service territory in Alabama, Florida, Louisiana, Mississippi and Texas. The framework will assess customer demand, candidate sites and commercial structures for the roughly 340 MWe-per-unit reactor, extending the Holtec-Hyundai SMR-300 partnership already underway at Palisades in Michigan to serve data-center and industrial load growth in the region.
NRC clears Oyster Creek closeout, Holtec plans four SMR-300s
The NRC approved Holtec's License Termination Plan for the retired Oyster Creek Generating Station in New Jersey on July 30, the final regulatory milestone in decommissioning the site. Holtec plans to build four SMR-300 small modular reactors there with about 1.36 GW of combined capacity, targeting commercial operation in 2036 and projecting roughly 4,000 construction jobs, making Oyster Creek Holtec's third U.S. SMR-300 site after Palisades and Green River, Utah.
Holtec's Palisades restart clears final major refurbishment phase
Holtec International said on July 2 that its Palisades nuclear plant in Michigan has closed out the last of its major refurbishment projects, transitioning from large-scale construction to routine testing, inspection and operational-readiness work ahead of restart. A key final accomplishment was placing the plant's turbine-generator on turning gear following extensive inspection and maintenance, though more than 5,000 individual work activities remain. Palisades would be the first U.S. reactor to return to service after entering decommissioning, and the progress prompted the Holtec/Hyundai team to begin site-construction planning for the planned Pioneer 1 and 2 SMR-300 units.
Holtec and EDF pitch four SMR-300 reactors for UK's Cottam site
Holtec International and EDF submitted a joint proposal to the UK Government on June 23 to deploy up to four SMR-300 small modular reactors at the former Cottam coal power station in Nottinghamshire, totaling roughly 1.3 GW of clean generating capacity. The companies also signed Heads of Terms to form a joint venture to advance the project. The plan builds on Holtec's UK Generic Design Assessment for the SMR-300 and would make Cottam a second deployment site after the twin Pioneer units Holtec is pursuing at Palisades in Michigan.
NRC opens environmental review of Holtec's Palisades SMRs
The U.S. Nuclear Regulatory Commission launched its environmental review of Holtec's plan to build two SMR-300 small modular reactors at the Palisades site in Covert, Michigan, opening a public comment period that runs through July 15 under docket NRC-2026-0265. The twin 340-MWe pressurized-water units, dubbed Pioneer-1 and -2, would sit alongside the 777-MWe Palisades reactor Holtec is restarting, following the company's December submission of the first part of a two-part construction permit application. Holtec expects to file Part 2 by roughly mid-2027.
Holtec SMR-300 picked for revived Utah Green River nuclear project
A newly formed joint venture between Blue Castle Holdings and Fulcrum Point Holdings will deploy Holtec International's SMR-300 pressurized-water reactors at the long-dormant Blue Castle site in Green River, Utah, the partners said in early June, reviving a project that had spent 19 years collecting environmental, seismic, and groundwater data. The plan calls for two to four SMR-300 units producing a combined 600 to 1,200 MW, and Holtec's air-cooling design is well suited to the arid Emery County site where water is scarce. The revival falls under Utah's 'Operation Gigawatt' clean-energy initiative.
04
Products2
05
Key metrics
- Employees
- ~4,150
employees and contractors, per Sept 8, 2026 Form S-1/A, as of June 30, 2026
- Est. annual revenue
$269.9M revenue for the six months ended June 30, 2026 (down from $286.6M in H1 2025) with gross operating profit rising to $118.5M (from $78.8M); FY2025 revenue was $576.6M (down from $765.5M in 2024), per the Sept 8, 2026 Form S-1/A
- IPO Status
- Withdrawn
On Sept 25, 2026 Holtec Nuclear filed Form RW (accession 0001193125-26-402799) requesting withdrawal of File No. 333-297395 because it no longer wishes to conduct a public offering at this time. The S-1 had not been declared effective and no securities were sold. The Sept 17 postponement had said the registration would stay on file. No successor registration was found.
- Revenue (H1 2026, per S-1/A)
$269.9M for the six months ended June 30, 2026 (down from $286.6M in H1 2025), with gross operating profit up to $118.5M (from $78.8M); FY2025 revenue was $576.6M (down from $765.5M in 2024), per the Sept 8, 2026 Form S-1/A
- U.S. Dry Storage Output Share
- ~75%
approximately 75% of operating U.S. sites, plus more than 90% of the U.S. wet-storage market, as of Jun. 30, 2026, per the Sept 8, 2026 S-1/A
- SMR-300 Output
- ~320-340 MWe
(net) per unit - Holtec's product FAQ cites approximately 320 MWe, while its August 2026 press releases (e.g. the Entergy/Hyundai Gulf South MOA) cite approximately 340 MWe (net) per unit; NRC materials describe a 300 MWe(e) rated design
- Reactors Served by Holtec Dry Storage
More than 150 commercial nuclear reactors worldwide as of June 30, 2026 (Sept 8, 2026 S-1/A); earlier company materials cited 155
- Palisades Fuel Loading
Paused after the Aug 30 tipped assembly DD41. Retrieval LAR PNP 2026-052 filed Sept 30, 2026; approval and physical retrieval remain open.
- Palisades fuel-retrieval LAR
- Filed Sept 30, 2026 as PNP 2026-052
(ML26273A469). Emergency approval by Oct 2 was requested and was not the outcome reported that day.
06
Operations & revenue
Operating status
Operational; Palisades fuel loading paused; DD41 recovery approved, lift not announced
On October 13, 2026 the NRC issued Amendment No. 283 to DPR-20. It is effective on issuance and must be implemented within 10 days. It authorizes a one-time move of fuel assembly DD41 from the reactor cavity to the spent fuel pool so fuel loading can resume. It does not report that the move has occurred. WLKI reported on October 16 that Holtec has not announced when the work will begin or whether the plant can return to service this year. Fuel loading stopped on August 30. The plant is not reported as generating. This status replaces an October 13 note that no amendment had been found. It does not restate the withdrawn HNUC registration or the Pioneer PSAR; those remain on the timeline. An October 19 check of the NRC amendment, ANS Nuclear Newswire, and follow-up reports found no statement that the lift had been completed.
Revenue streams
Used Fuel Storage & Transport Systems
Holtec's dry storage and transport platforms remain the company's core revenue engine, with dry storage systems at approximately 75% of operating U.S. sites, more than 90% of the U.S. wet-storage market, and a client base of more than 150 commercial nuclear reactors worldwide as of June 30, 2026 (Sept 8, 2026 S-1/A).
Nuclear Decommissioning & Site Services
Holtec provides decommissioning, site services, engineering, and owner's engineer support across retired and transitioning nuclear assets, including workstreams tied to Palisades and legacy shutdown sites.
Palisades Restart & Future Plant Operations
Holtec is executing the Palisades restart with DOE-backed financing, positioning the plant to resume power sales from an 800+ MWe unit once final restart conditions are met.
SMR-300 Development & Project Delivery (future)
Holtec is monetizing the SMR-300 through licensing, EPC-style project development, and strategic partnerships, starting with Pioneer 1 & 2 at Palisades and the Cottam program with EDF in the UK, extending to India, where a March 2025 U.S. DOE 10CFR810 authorization lets Holtec share the design with Tata Consulting Engineers, Larsen & Toubro, and Holtec Asia toward manufacturing up to 200 units, and further to Rwanda (a May 2026 Comprehensive Development Agreement targeting up to ~5 GW) and a non-binding Gulf South, U.S. evaluation with Entergy and Hyundai E&C signed August 2026.
HI-CLOUD Data Center Redevelopment (future)
Holtec's HI-CLOUD initiative redevelops decommissioned nuclear plant sites into utility-ready data center campuses, anchored by the former Indian Point Energy Center in New York (initial 200 MW target, infrastructure scalable toward up to 2,000 MW), paired with Holtec's own Green Boiler thermal-storage and HI-THERM solar (CSP plus PV) technologies for on-site cooling and power.
07
Track record
How past announced dates turned out.
1/2announced dates hit on time
- 1 Hit
- 1 Slipped
- 0 Missed
- Hit
Submit Palisades fuel-assembly retrieval LAR to the NRC
Target Filing date not announced · Resolved Sep 30, 2026
Palisades Energy filed PNP 2026-052 on September 30, 2026 (ADAMS ML26273A469), asking for emergency approval by October 2. ANS Nuclear Newswire reported on October 8 that the comment period expired that afternoon. NRC issuance and physical retrieval remain open.
- Slipped
Price and list the HNUC IPO
Target Pricing expected Sept 17, 2026; listing expected Sept 18 (provisional) · Resolved Sep 17, 2026
Holtec postponed the HNUC IPO on September 17, 2026 after talks with its banking syndicate, citing a two-week retreat in IPO and nuclear-sector markets driven primarily by uncertainty over data-center development. It said it will keep the SEC registration statement on file and evaluate a later offering when conditions improve; no new pricing date was announced.
08
Timeline35
2026
NRC issues Amendment 283 for Palisades DD41 recovery
On October 13, 2026 the NRC issued Amendment No. 283 to Renewed Facility Operating License DPR-20. It is effective on issuance and must be implemented within 10 days. It authorizes a one-time alternative method to remove fuel assembly DD41 from the reactor cavity and move it to the spent fuel pool, so fuel loading can resume. Staff processed the September 30 request as exigent under 10 CFR 50.91(a)(6). The letter does not report that the lift has occurred. WLKI reported on October 16 that Holtec has not announced when the work will begin.
Submits Palisades DD41 retrieval LAR; NRC comment window closes unapproved
On September 30, 2026 Palisades Energy submitted a license amendment request for one-time retrieval of fuel assembly DD41, which the LAR says was placed in core location H-1 and tilted to about 30 degrees after the refueling machine released it, with the lower tie plate in H-1 and the upper tie plate against the core shroud. Holtec requested emergency processing with approval by October 2. The NRC news index lists S-26-007 on October 6 as reviewing the Palisades license amendment with a public-comment opportunity. ANS Nuclear Newswire dated October 8 said that comment period expired that afternoon and that the agency verified the fuel rods remain intact. ISSSource, quoting the NRC public notice, said the plant remains in Mode 6. This run found no later NRC approval or retrieval.
Submits Pioneer 1 and 2 PSAR, completing CPA Part 2
On September 30, 2026 Holtec said it submitted the Preliminary Safety Analysis Report for Pioneer Units 1 and 2, completing the second phase of the construction-permit application after the December 2025 LWA and environmental-report filing. The post says Palisades is in the final stages before repowering and names no grid-restart date.
Withdraws HNUC Form S-1 registration
On Sept. 25, 2026 Holtec Nuclear filed a Form RW (accession 0001193125-26-402799) requesting withdrawal of File No. 333-297395 under Rule 477. CEO Krishna Singh wrote that the company no longer wishes to conduct a public offering at this time. The S-1, first filed July 10, had not been declared effective and no securities were sold.
Palisades reconnects to the 345-kV switchyard
On September 11, 2026 Palisades reconnected to the 345-kV switchyard after restoration work coordinated with ITC, which owns the high-voltage transmission system serving the plant. Holtec's September 21 progress report said final commissioning and testing continue and that the switchyard will ultimately carry Palisades power to the grid. The reconnection is independent of the paused fuel-loading work.
Palisades fuel loading paused after tipped assembly
The NRC confirmed it is reviewing a Palisades fuel-loading incident in which one assembly tilted from upright on August 30 after the fuel-handling machine had disengaged. Holtec said fuel loading remains paused while it prepares a license amendment for retrieval. The NRC said the assembly was not dropped, there was no radiological release, and workers and the public were not affected.
HNUC IPO postponed; SEC registration stays on file
On September 17, 2026 Holtec Nuclear Corporation postponed its planned Nasdaq IPO after discussion with its banking syndicate, saying a two-week retreat in equity markets and the nuclear sector, driven primarily by uncertainty over data-center development plus higher policy rates, trade tensions, and inflation fears, had impaired investor confidence in new offerings. The September 8 roadshow had targeted 50 million Class A shares at $15 to $18 (up to $900 million, plus a 7.5 million-share option) and a valuation of up to $10.2 billion under ticker HNUC. Holtec said it will maintain its SEC registration statement, keep advancing Palisades and Pioneer, and evaluate public-market timing when conditions improve. CEO Kris Singh told the Financial Times the company's nuclear business is viewed as connected to data centers and that the mix was a perfect storm for nuclear sentiment.
NRC exemption lets Pioneer 1 & 2 start support-of-excavation work
On September 15, 2026 Holtec announced that the NRC granted an August 28 exemption authorizing installation of permanent support-of-excavation and cutoff-wall systems for Pioneer Units 1 and 2 at Palisades before a Limited Work Authorization is issued. The work covers diaphragm walls, soldier-pile soil-mix walls, perimeter cutoff walls, excavation, dewatering, and ground improvement for the nuclear island, turbine island, and balance of plant. The NRC's August 25 environmental assessment found no significant impact; the exemption does not commit the agency to issue an LWA or construction permit.
2026
IPO roadshow launches at $15 to $18 a share
On September 8, 2026 Holtec Nuclear Corporation launched the roadshow for its proposed Nasdaq IPO of 50 million Class A shares at an expected $15 to $18 each, targeting a valuation of up to $10.2 billion and proceeds of up to $900 million, plus a 30-day option for 7.5 million more shares. The company intends to list on Nasdaq and Nasdaq Texas under HNUC. J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup and BofA Securities are joint lead book-runners; Morgan Stanley, Cantor, BMO Capital Markets and Oppenheimer are also on the syndicate. The S-1 is filed but not yet effective.
NRC cites Palisades for two radiation-protection violations
An NRC inspection report dated August 31, 2026 found two very-low-significance (green) violations at Palisades for failing to follow radiation-protection rules during restart work. Inspectors said staff did not take all required steps after elevated airborne radiation on two February days, did not notify the Radiation Protection Manager when stop-work criteria were met, and dismissed lapel-monitor readings as cross-contaminated without a documented evaluation. Spokesman Nick Culp said some workers received greater-than-expected doses but none approached federal occupational limits, and that Palisades completed a root-cause review plus corrective actions. The NRC issued no penalties.
Fuel loading begins at Palisades
On August 30, 2026, Holtec begins loading nuclear fuel into the Palisades reactor vessel - 204 fuel assemblies, a mix of new fuel and partially used fuel from the plant's pre-2022 operating history - marking the most visible physical step yet toward making Palisades the first U.S. nuclear plant to return to service after entering decommissioning. Holtec says extensive tests and NRC-coordinated inspections remain before startup, and has not given a specific restart date; separately, in late August 2026 the anti-restart environmental coalition (Beyond Nuclear, Don't Waste Michigan, and allies) appealed the July 3, 2026 district-court dismissal of their lawsuit to two federal circuit courts of appeals.
NRC grants excavation exemption for Pioneer 1 & 2; draft EIS due fall 2026
On August 25, 2026 the NRC issues an environmental assessment and finding of no significant impact granting Palisades SMR, LLC an exemption to begin support-of-excavation (SOE) wall construction for the Pioneer 1 & 2 SMR-300 site before a Limited Work Authorization is issued, finding no significant environmental impact from the early work. The NRC states it expects to publish the draft environmental impact statement for Pioneer 1 & 2 for public comment in fall 2026, ahead of Holtec's requested Part 1 review completion by December 31, 2026.
MOA with Entergy and Hyundai E&C for Gulf South SMR-300s
On August 4, 2026 Holtec, Entergy, and Hyundai Engineering & Construction signed a non-binding memorandum of agreement to jointly evaluate potential dual-unit SMR-300 projects across Entergy's Gulf South service territory - Alabama, Florida, Louisiana, Mississippi, and Texas - to serve large industrial, manufacturing, and AI-data-center load growth. The framework will assess customer demand, candidate sites, and commercial structures, extending the Holtec-Hyundai SMR-300 delivery partnership already underway at Palisades to a fourth potential U.S. region alongside Palisades, Green River, and Oyster Creek.
NRC approves Oyster Creek license termination plan; four SMR-300s planned
On July 30, 2026 the NRC approved Holtec's License Termination Plan for the retired Oyster Creek Generating Station in Lacey Township, New Jersey - the final regulatory milestone in decommissioning the site, which was more than 50% complete at approval and which Holtec's plan targets finishing by 2029. Holtec plans to build four SMR-300 small modular reactors at Oyster Creek with a combined capacity of about 1.36 GW, targeting commercial operation in 2036 and projecting roughly 4,000 construction jobs and 400+ permanent positions, adding a third U.S. SMR-300 site alongside Palisades and Green River, Utah.
Palisades safety leadership team named ahead of restart
On July 20, 2026, Holtec announces Palisades' post-restart safety leadership team: Fadi Diya, formerly Senior Vice President and Chief Nuclear Officer at Ameren Missouri (Callaway Energy Center) with roughly four decades in the nuclear industry, becomes Palisades' Chief Nuclear Officer effective July 27, 2026, and the plant's Nuclear Safety Review Board is set to convene starting August 3, 2026 - staffing milestones that follow the early-July 'watershed moment' close-out of major restart construction work.
Holtec files public S-1 for Nasdaq IPO (HNUC)
On July 10, 2026, Holtec Nuclear Corporation publicly filed a Form S-1 registration statement with the SEC for a proposed IPO of Class A common stock, intending to list on Nasdaq and Nasdaq Texas under the symbol HNUC - an upgrade from its February 2026 confidential filing. J.P. Morgan, Guggenheim Securities, Goldman Sachs, Citigroup, and BofA Securities are joint lead book-runners. The S-1 disclosed $989M of revenue for the 12 months ended March 31, 2026 and $983.6M of 2025 capital expenditures (largely Palisades restart and SMR-300 development); Renaissance Capital estimated the offering could raise about $2 billion, with the share count and price range still to be set.
Federal court dismisses lawsuit seeking to block Palisades restart
On July 3, 2026, the U.S. District Court for the Western District of Michigan dismissed a lawsuit brought in November 2025 by three anti-nuclear groups - Beyond Nuclear, Don't Waste Michigan, and Michigan Safe Energy Future - that sought to halt the Palisades restart. The court found it lacked jurisdiction because the Hobbs Act vests the U.S. Courts of Appeals with exclusive authority to review final NRC licensing orders, removing a legal overhang from the restart effort.
Palisades restart reaches 'watershed moment'
On July 2, 2026 Holtec announced the Palisades restart had reached a watershed moment as the last of the plant's major projects were closed out and the site transitioned from large-scale construction to the routine maintenance, testing, inspection, and operational-readiness work required before startup. Final accomplishments in this project phase included placing the turbine-generator on turning gear after extensive refurbishment and installing and testing a new fuel-handling machine to complete the upgraded fuel-handling system; more than 5,000 individual work activities remain before the 800 MWe unit - the first-ever U.S. plant to reopen after entering decommissioning - can restart.
Holtec and EDF propose four SMR-300s for UK's Cottam site
On June 23, 2026 Holtec and EDF submit a joint proposal to the UK Government to deploy up to four SMR-300 reactors at the former Cottam coal power station in Nottinghamshire - roughly 1.3 GW of capacity - and sign Heads of Terms to form a joint venture to advance the project. It builds on Holtec's UK Generic Design Assessment for the SMR-300 and marks the company's first concrete UK deployment plan, a second site after the twin Pioneer units in Michigan.
NRC opens environmental review of Pioneer 1 & 2 SMR-300 new-build
On June 16, 2026 the U.S. Nuclear Regulatory Commission announces it will prepare an environmental impact statement for Holtec's application to build two SMR-300 reactors - Pioneer 1 & 2 - at the Palisades site in Michigan, formally launching the environmental review portion of the construction-permit process for the first-of-a-kind U.S. SMR-300 deployment. Public scoping closed July 15, 2026. Engineering News-Record reported on September 18, 2026 that the NRC is targeting completion of its final safety evaluation and environmental impact statement by March 31, 2027.
SMR-300 selected for Utah's Green River project
A newly formed joint venture between Blue Castle Holdings and Fulcrum Point Holdings selects Holtec's SMR-300 to revive the long-dormant Blue Castle nuclear site in Green River, Utah, swapping out the project's legacy reactor design after 19 years of environmental, seismic, and groundwater groundwork. Holtec's May 28, 2026 release and World Nuclear News (May 29) describe two to four SMR-300 pressurized-water reactors producing a combined 600 to 1,200 MW, with the design's air-cooling well suited to the arid Emery County site; the revival falls under Utah's 'Operation Gigawatt' clean-energy initiative. As of September 20, 2026 the project remains pre-NRC-application: no construction-permit filing, financing package, or named offtaker has been announced.
Rwanda signs comprehensive SMR-300 development agreement
On May 19, 2026, at the Nuclear Energy Innovation Summit for Africa, Holtec International (via Holtec Europe director Rafael Marin) and the Rwanda Atomic Energy Board (CEO Dr. Fidele Ndahayo) sign a Comprehensive Development Agreement to advance deployment of the SMR-300 in Rwanda, targeting up to roughly 5 GW of potential capacity and covering site assessments, feasibility studies, and data collection - Holtec's first announced sub-Saharan African market and a sixth international SMR-300 target alongside the UK, India, and the U.S. sites.
Palisades primary system passivation complete
Holtec completes passivation of the Palisades primary system - bringing the reactor coolant system back to operating temperature and pressure for the first time since the plant's 2022 shutdown - alongside inspection of 300+ pipes and welds and restoration of the main turbine generator, leaving fuel loading and grid reconnection as the final restart steps.
Holtec announces that SMR-300 completed Step 2 of the UK Generic Design Assessment while the Pioneer 1 & 2 construction permit application remains under NRC review in the U.S.
Holtec details plan to build 200 SMR-300s in India
Building on a March 2025 U.S. DOE 10CFR810 authorization that lets it share SMR-300 technology with Tata Consulting Engineers, Larsen & Toubro, and its Holtec Asia subsidiary, Holtec detailed plans in February 2026 to stand up a dedicated SMR manufacturing hub in Gujarat - expanding its existing Dahej facility - to build up to 200 SMR-300 units for the Indian market, aiming to serve roughly one-third of India's ~600 administrative districts. Holtec said it would soon open discussions with India's Atomic Energy Regulatory Board (AERB) to secure design approval for the 300 MWe reactor.
Holtec confidentially files for IPO
Holtec confidentially files for a U.S. initial public offering. Reporting indicates the privately held company is seeking a valuation above $10 billion and plans to float a minority stake to fund nuclear-plant restarts and global SMR-300 deployment. The confidential filing was superseded on July 10, 2026 when Holtec Nuclear Corporation publicly filed a Form S-1 for a Nasdaq/Nasdaq Texas listing under ticker HNUC (see below); as of an August 21, 2026 S-1/A amendment the offering remained unpriced with shares and price range still to be set.
2025
DOE backs Pioneer 1 & 2 SMR-300 project
Holtec's dual-unit Pioneer 1 & 2 project at Palisades wins a $400M DOE First Mover award to support first-of-a-kind SMR-300 deployment in the U.S.
Palisades returns to operations status
After NRC approval in July, Palisades officially transitions from decommissioning back to operations status on August 25, 2025, authorizing fuel receipt and restart preparations.
HI-CLOUD data center redevelopment initiative announced
Holtec announces HI-CLOUD, an initiative to convert decommissioned nuclear plant sites into utility-ready data center campuses, anchored by the former Indian Point Energy Center in New York with an initial 200 MW target and infrastructure capable of scaling toward up to 2,000 MW, paired with Holtec's Green Boiler thermal-storage and HI-THERM concentrated-solar-plus-photovoltaic technologies.
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Funding
$1.9Bdisclosed across 2 rounds with a stated amount
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