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Hyundai E&C inks deal with Holtec to build 300-megawatt SMRs in Michigan

Published: 26 Feb. 2025, 16:41 Updated: 26 Feb. 2025, 19:10

LEE JAE-LIM
[email protected]

Hyundai Engineering & Construction CEO Lee Han-woo, right, and Holtec International CEO Kris Singh pose for a photo at the signing ceremony for the two companies' expanded partnership in the U.S. state of Michigan on Feb. 25. [HYUNDAI ENGINEERING & CONSTRUCTION]

Hyundai Engineering & Construction (E&C) will break ground on two 300-megwatt small modular reactor (SMR) units in the U.S. state of Michigan by the end of this year with U.S.-based Holtec International, as part of its strategy to strengthen its market presence in the country amid rising energy demand.

The Korean builder has also secured exclusive rights to Holtec’s future SMR projects globally as part of the Extended Teaming Agreement the two companies signed in Michigan on Tuesday.

The agreement entails the establishment of a dedicated joint venture, where they will co-manage the Palisades SMR project and other future deals to be secured in the North American region.

The signing ceremony was held at a “Mission 2030” event held by the two companies, attended by Hyundai E&C CEO Lee Han-woo and Holtec International CEO Kris Singh. The initiative aims for commercial operation of the SMR facility by 2030.

The site in Covert, Michigan, holds the Palisades nuclear power plant that was shut down in 2022 under different ownership. Holtec acquired the site in June 2022.

Hyundai E&C has been conducting feasibility studies, including geotechnical surveys and environmental impact assessments, with the engineering design for the project to be completed by the second quarter of 2025.

During his keynote speech, Singh emphasized Hyundai E&C’s proven expertise in nuclear plant construction, citing the “on-time, on-budget” completion of the Barakah nuclear power plant in the United Arab Emirates.

Lee highlighted the company’s commitment to expanding its U.S. presence, citing the establishment of the builder’s entity in the country, Hyundai America, in 2022.

“Hyundai E&C aims to build a robust supply chain in the United States and collaborate with the U.S. government and local businesses to create high-quality jobs and drive regional economic growth,” Lee said.

BY LEE JAE-LIM [[email protected]]