Hyundai E&C and Holtec Plan to Construct SMR until 2029

Hyundai E&C and Holtec will commence construction of a small modular reactor (SMR) in the mainland U.S. by 2026. With the goal to complete the project within 3 years and start electricity production by 2029, the order is expected to exceed 3 billion of USA dollars.

In his interview, Dr. Kris Singh, chairman of Holtec, stated that first SMR will be constructed on the Palisades nuclear power site in Michigan. The Palisades plant in Michigan was permanently shut down in May 2022, but with the U.S. government recommending a “restart,” Holtec is pushing for the construction of the SMR on the remaining site. Kris Singh has mentioned that 2 to 4 SMRs will be built noting the advantage that no new environmental assessment is required.

Hyundai E&C will be in charge of nuclear power plant construction. In November 2021, they signed a Teaming Agreement with Holtec for the development of SMR and a joint business venture.