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A Michigan nuclear plant is looking to make history not once but twice over: First by restarting a reactor shuttered in 2022 and second with newly solidified plans to build the nation’s first small modular reactors.

Holtec International — the nuclear company best known for decommissioning shuttered plants and manufacturing the canisters that store spent fuel — bought the Palisades nuclear plant on the southeastern shore of Lake Michigan a month after utility giant Entergy took the financially troubled single-reactor facility offline.

Last year, the Department of Energy’s Loan Programs Office finalized a deal to give Holtec $1.52 billion to bring the 55-year-old, 800-megawatt pressurized water reactor back online. The company wants to plug the facility back into the grid by the end of this year.

Now Holtec plans to nearly double the electricity output from Palisades by building two of its own small modular reactors, or SMRs, at the site.

On Tuesday, top executives gathered at the facility in Covert Township, Michigan, to unveil blueprints for adding a pair of its proprietary SMR-300s and announce Hyundai Engineering and Construction Co. — the South Korean firm already working with the Florida-based Holtec to develop its 300-MW units internationally — as its partner in the debut U.S. project. Completing the reactor would be a first not just for the country but the company. While Holtec has disassembled reactors, it has yet to build one, much less its own design.

“If we can’t do it, I don’t know who else is going to do it,” Rick Springman, the president of Holtec’s Global Clean Energy Opportunities division, told Canary Media ahead of the event. ​“I really think we can be the horse America can ride to a clean-energy future and to enable AI and everything else we want to do in this global competition.”

First, Holtec will need the Nuclear Regulatory Commission’s approval of its reactor design.

So far, the U.S. federal regulator has only approved one SMR, Oregon-based NuScale Power’s 50 MW unit. The first plant designed around NuScale’s reactors, a 720 MW station built on property owned by the Idaho National Laboratory to provide power to ratepayers in Utah, was scrapped in November 2023 amid rising costs.

2024 marked a breakout year for nuclear power in the U.S., as Congress passed new legislation to streamline reactor regulations, Microsoft put up $16 billion to reopen the mothballed unit at Pennsylvania’s Three Mile Island, and SMR developers lined up major deals with Amazon and Google.

Yet no SMR developer got the green light from the NRC to become the nation’s second certified design.

“Most of our competitors are essentially offering the technology but don’t want to take any risk,” Springman said.

In other words, those developers will design and license the technology and make money off the intellectual property, he said, but utilities and construction firms must provide the financing, time, and materials.

“You have this stagnation where no one wants to stand behind the project,” Springman said. ​“Enter Holtec. We can manufacture the parts, build the plant, and arrange the financing for the project. We can also manage the spent fuel … and we can decommission the plant at end of life. We can do the entire spectrum of the project. There’s no U.S. company that can offer all of that.”