Palisades SMR‑300 (Mission 2030)

Executive Overview

The Palisades SMR-300 (Mission 2030) is a two-unit 640 MWe SMR-300 project being developed by Holtec International at the 270-acre Palisades Nuclear Generating Station site in Covert Township, Van Buren County, Michigan — adjacent to the existing Palisades reactor (805 MWe, shut down May 2022), which Holtec is separately restarting as the first U.S. nuclear plant ever brought back from decommissioned status. The SMR-300 units are entirely new construction. The DOE awarded $400 million to Holtec Government Services as part of an $800 million cost-shared package (with $400 million separately to TVA for Clinch River). EPC partner is Hyundai Engineering & Construction. Offtakers are Wolverine Power Cooperative (two-thirds of output) and Hoosier Energy (remainder) under long-term PPAs. On December 31, 2025, Holtec submitted Part 1 of its NRC construction permit application — a Limited Work Authorization (LWA) — seeking approval to begin early site preparation activities; the NRC accepted the application for docketing on February 27, 2026. Holtec has requested NRC approval of Part 1 by December 31, 2026. Part 2 of the full construction permit application is expected no later than mid-2027. Unit 1 COD is targeted for 2030, Unit 2 for 2031.

How It Works & Differentiation

The SMR-300 is a 1,050 MWth / 320 MWe net pressurised water reactor using standard PWR 17×17 fuel assemblies with an 18-month fuel cycle and an 80-year design life. Each unit occupies approximately 20 acres. The two-part NRC 10 CFR Part 50 licensing process begins with the LWA, which authorises limited early construction activities before the full construction permit is issued. The key commercial differentiator is use of standard light water reactor technology and standard nuclear fuel — avoiding HALEU supply chain dependency — while achieving factory fabrication for major components and modular on-site assembly. At 320 MWe net per unit, the SMR-300 is one of the larger SMR designs globally, competitive with mid-scale baseload applications where a full 1,000 MWe conventional unit would be oversized. Holtec has stated its intent to begin preparatory civil construction work for the SMRs as soon as the Palisades existing reactor is reconnected to the grid.

Commercialization & Traction

The Wolverine/Hoosier Energy PPAs are the first committed long-term utility offtake agreements for any SMR-300 deployment. The $400 million DOE award confirms federal commitment to Palisades as one of two U.S. SMR pilot programmes. The Palisades existing reactor restart — targeting grid reconnection in early 2026 after a delay from the original end-2025 target, driven primarily by steam generator tube repairs — directly gates the start of SMR site preparation, creating a sequenced development programme on a single site. The site's existing nuclear infrastructure (spent fuel management systems, grid connections, workforce community) provides permitting and development advantages. Hyundai E&C's US subsidiary Hyundai America Inc. has been established to manage the domestic construction operation.

Scalability & Strategic Context

The 10 GW North American fleet target by 2040 implies approximately 32 SMR-300 units. The Palisades LWA, when issued, will be the first NRC construction authorisation for the SMR-300 design, establishing the regulatory template for all subsequent fleet units. International plans include up to 5 GW in the UK — supported by a signed MOU with EDF to build at the former Cottam coal site — and multiple units in Ukraine. Hyundai E&C's nuclear construction pedigree — the firm has built reactors in South Korea and the UAE — is the primary risk mitigation for Holtec's construction execution credibility.