Wherever you find a pressurised or boiling water reactor operating reliably—whether in the U.S., Brazil, Belgium, or India—you’re likely to find Holtec’s fingerprints. From its origins in auxiliary heat exchangers standardised across the U.S. fleet, Holtec has grown into a global platform spanning spent fuel management, decommissioning, manufacturing, and clean energy deployment.
Its core businesses are operationally complex and deeply embedded in the nuclear value chain, generating recurring revenues from long-established contracts. In 2024, Holtec delivered over 170 spent fuel systems and safely loaded 126—more than any competitor worldwide. Its systems, deployed internationally, ensure the safe transport and long-term storage of used nuclear fuel. Additional deployments, such as earthquake-resistant storage at Diablo Canyon and repair operations in Brazil, show Holtec’s ability to execute consistently across jurisdictions.
This cash-generating base uniquely positions Holtec among SMR developers. While many rely on external capital and speculative breakthroughs, Holtec manufactures, delivers, and operates advanced energy systems at scale today. Its industrial maturity gives it the ability to fund innovation from existing operations—comparing more closely to Rolls-Royce than to VC-backed entrants.
A major strategic differentiator is Holtec’s use of nuclear decommissioning as a launchpad for future deployment. Through its subsidiary Holtec Decommissioning International (HDI), the company turns retired nuclear sites into platforms for new infrastructure. Projects like Oyster Creek, Pilgrim, and Indian Point have proven Holtec’s ability to remediate sites within 8 to 15 years—faster than the decades-long norm—while maintaining regulatory control. These grid-connected, licensed assets are ideal for future clean energy systems.
Nowhere is this strategy clearer than at the Palisades Nuclear Plant in Michigan. Acquired by Holtec after its 2022 shutdown, the site was initially slated for decommissioning. Instead, Holtec initiated the first commercial restart of a decommissioned U.S. reactor. In 2023, Palisades Energy LLC was formed to lead operations. Backed by a $1.52 billion loan from the Department of Energy and long-term power contracts with Wolverine Power and Hoosier Energy, the plant is set to return 800 MW of carbon-free baseload power to the grid by the end of 2025.
The regulatory response has been supportive. In early 2025, the NRC issued a draft Environmental Assessment and a Finding of No Significant Impact (FONSI). Licensing exemptions and amendments progressed quickly. By mid-2025, Palisades Energy had secured operator training accreditation, completed emergency drills, and passed technical readiness reviews. These milestones significantly de-risked the restart and boosted confidence across stakeholders.
Beyond the restart, Palisades will host two SMR-300 units under Holtec’s Mission 2030 programme. Alongside the large-scale plant, this installation will form the nucleus of a broader clean energy buildout across the U.S. Holtec plans to deploy up to 10 GW of SMR capacity across North America in partnership with Hyundai Engineering & Construction. The Oyster Creek site in New Jersey is next in line, with up to four SMRs planned by the mid-2030s.
The SMR-300 is a Generation III+ pressurised water reactor using standard low-enriched uranium fuel. It draws on globally available supply chains to reduce risk and incorporates passive safety systems that make it ‘walk-away safe’. Supported by Holtec’s Camden, NJ manufacturing base and Hyundai’s construction experience, the modular design aims for fast, low-cost deployment. Licensing is progressing in the U.S. and UK, and Holtec has approval to export the design to India. Deployment discussions are also underway in Ukraine and Utah.
Supporting the SMR programme are two complementary technologies: the Green Boiler and HI-THERM. The Green Boiler is a modular thermal storage system that absorbs excess heat from solar, nuclear, or industrial sources and produces steam on demand. It supports grid balancing and retrofitting of retiring coal plants. HI-THERM uses heliostat arrays to capture solar energy and convert it into high-grade thermal input. Together, these technologies enable integrated energy campuses that combine baseload and variable renewable power.
To fund its ambitions, Holtec plans to go public in early 2026, targeting a valuation above $10 billion. This would mark one of the largest IPOs in the nuclear sector in recent years. Crucially, Holtec is not pre-revenue—it will enter public markets with proven technology, industrial-scale manufacturing, and strong cash flow. Its model combines the reliability of legacy systems with the innovation needed to meet 21st-century energy goals.