United States: Holtec Wins Michigan Funding Despite Lawsuit Claims

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Matt Rourke/AP

Holtec International has cinched funding from the US state of Michigan to restart its single-unit Palisades nuclear power plant, but is facing potential reputational damage from a legal case and pushback from anti-nuclear groups as it awaits a decision on federal funds. Over the past decade, Holtec has expanded from its traditional business in spent fuel and nuclear waste management to actually purchasing a number of shuttered US reactors slated for decommissioning, and with growing subsidies for nuclear generation, it is now mulling both restarts and the deployment of its own small modular reactors (SMRs) at these retired reactor sites. However legal allegations of fraud from a former senior executive now threaten to jeopardize not only Holtec’s SMR partnership with South Korean firm Hyundai Engineering and Construction (Hyundai E&C) but also Holtec's ambitions for reactor restarts and a first-of-a-kind SMR at its Oyster Creek site in its home state of New Jersey.

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