Holtec is a U.S.-headquartered, multinational technology company specializing in
the energy sector, with its principal focus on nuclear power generation and an
expanding presence in adjacent clean energy generation solutions and
long-duration energy storage. Our founder, Dr. Krishna P. Singh, a widely
recognized inventor and entrepreneur, has led the Company since its inception in
1986. We believe that our established position in multiple sectors of the
nuclear power industry has been facilitated by our sustained development of
innovative technologies, covered by 217 granted patents worldwide as of
March 31, 2026, that help protect our IP from unauthorized appropriation by
others, as well as other confidentially held IP. Our innovative solutions extend
across a full spectrum of disciplines applicable to nuclear power plants,
including design, engineering validations, licensing, manufacturing, site
construction, commissioning, operations and decommissioning. We provide SSCs and
specialty services to the nuclear power industry for our global clients, many of
whom are Fortune 500 companies and among the largest in their respective
countries. As a vertically integrated, turnkey nuclear technology company, we
deliver our goods and services to our customers while maintaining control of all
key elements of product delivery, which we believe makes us uniquely positioned
to address the growing needs of the global nuclear market. We operate on five
continents through 13 operation centers and have a client base that includes
more than 150 commercial nuclear reactors, as of March 31, 2026.
We are a leader in the nuclear energy sector in four primary business activities
that cut across our legacy operations, our SMR development program and our
relatively new renewable energy program: (i) provision of goods and services for
the management, storage and transportation of spent nuclear fuel; (ii) restart
of decommissioned nuclear power plants and provision of decommissioning services
to shutdown nuclear power plants; (iii) development and turnkey supply of SMRs,
which are engineered to provide 24/7, clean energy; and (iv) development and
deployment of our solar and energy storage technologies that will complement our
SMR-300 clean energy solution. We believe that we are the only company in North
America that provides a broad range of SSCs and specialty services to the
nuclear power industry, is licensed to operate a nuclear reactor and has the
distinction of pioneering the restart of a shuttered nuclear plant, a milestone
previously viewed by many as unattainable in the United States. Our main
business lines to date, comprising decommissioning services, spent fuel storage
and transportation solutions and related services, include businesses
characterized by long-duration, contracted cash flows with highly rated, stable
counterparties. Since our inception, we have been conservatively managed with
limited indebtedness. We have grown from a small, niche nuclear supplier in the
1980s to a leading nuclear company, with more than 90% U.S. market share in wet
spent fuel storage and approximately 75% U.S. market share in dry spent fuel
storage for operating plants as of March 31, 2026, which speaks to our proven
ability to expand into and lead new markets.
Our goal is to replicate this success in the developing SMR sector by utilizing
our established turnkey project delivery model to deliver the SMR-300 to our
customers with engineered passive safety features that are designed to make the
SMR-300 Walk-away-safe and with other design attributes to make the SMR-300
universally deployable and land-efficient. We are a leading SMR developer that
owns the Palisades nuclear plant and has access to four other nuclear sites
(Oyster Creek, Pilgrim, Indian Point and Big Rock Point) in the United States,
which we expect will serve as prequalified locations to deploy our SMR-300
plant, subject to receipt of required regulatory licenses and other approvals
for our SMR technology. We were also the only SMR developer selected by the DOE
in December 2025 for its coveted Tier 1 First Mover Award, which we expect will
provide us a $400 million grant to accelerate deployment of our first dual-unit
SMR-300 plant (named Pioneer One and Pioneer Two) at our existing Palisades site
in Michigan, subject to certain conditions, including the negotiation and
execution of a funding agreement. Based on our knowledge of the emerging SMR
industry, we believe that Pioneer One and Pioneer Two will be among the first
SMRs commercially operating in the United States.
We operate three advanced manufacturing plants, one each in New Jersey,
Pennsylvania and Ohio, that feature over one million square feet of aggregate
production capacity. These plants enable us to serve our diverse, global client
base through timely deliveries and rigorously quality-controlled SSCs and
specialty services. We also maintain a commercial relationship with Holtec Asia,
an affiliate owned and controlled by our founder. Holtec Asia operates a
manufacturing facility in Gujarat, India that supplies air-cooled condensers and
is a leader in renewable energy technologies. Our relationship with Holtec Asia
provides us with access to its technical capabilities and supports our efforts
to pursue opportunities in the large SMR market in India and other parts of Asia
and Africa. We believe that the combination of our substantial IP portfolio and
our advanced domestic manufacturing facilities positions us to capture a wide
range of opportunities across the entire nuclear lifecycle, from new build
reactor operations to recommissioning of shuttered plants and life extension of
existing nuclear plants. Our capabilities and certifications position us to play
a critical role in the supply chain for both traditional light-water reactors,
including Western- and Russian-designed systems and evolving next-generation
reactor technologies.
With a strong commitment to public health and safety, research and development
and social and environmental responsibility underpinned by a global footprint
spanning North America, Europe, Asia, Africa and South America, we are
well-positioned to contribute to the Trump administration’s ambition to expand
commercial nuclear energy generation. We believe that our integrated
capabilities, innovative technologies and project execution track record make us
a trusted partner to deliver on our commitments to our global clients, which
include utilities, governments, off-takers and industrial companies. Our ability
to maintain customer relationships will depend, in part, on our continued
performance, regulatory compliance and cost competitiveness.
Our business model varies by the industry sector, but in all instances, it is
supported by our vertically integrated delivery model, extensive regulatory
experience and innovation-driven approach. Our leading position in spent fuel
storage was attained by our turnkey, single-responsibility delivery model, which
enabled us to capture additional financial margin while simultaneously
mitigating our customers’ risks. While this model may allow us to capture
additional margin, it may also increase our responsibility for design,
procurement and construction risks. Our advanced cloud-based project management
and quality assurance systems, refined through nearly four decades of sustained
use, further enhance operational efficiency and risk management strategies,
supporting a track record of hundreds of completed projects delivered on-time.
In decommissioning, we led the industry in pioneering the “acquire the plant and
decommission” model, making us the largest owner of shuttered nuclear reactor
units in the United States as of March 31, 2026. Pursuant to NAMCO Restructuring
Phase I, which will have been completed prior to the closing of this offering,
certain decommissioning assets and associated liabilities have been transferred
from NAMCO to DEAMCO, a subsidiary of our affiliate, Holtec Holdings. Following
the completion of NAMCO Restructuring Phase II, which remains subject to NRC and
certain other regulatory approvals and may not be completed prior to the closing
of this offering, we expect to continue to generate decommissioning services
revenues pursuant to a contractual services arrangement with DEAMCO, the new
owner of these assets. We also expect to collaborate with DEAMCO to pursue
future development opportunities at these sites, including the potential
deployment of our SMR-300 reactors.
We intend to lead the licensing, procurement, construction and commissioning of
SMR-300 plants to address the growing global shortage of baseload, carbon-free
power. In addition to the full-scope procurement and construction of SMR-300
plants, we have established a fully integrated project development subsidiary,
Energetics, to lead commercial development of SMR-300 projects, starting at the
nuclear plant sites we currently own. Our project development capability builds
on the Palisades restart project where we have successfully managed the off-take
arrangements, permits and project financing, and have established ourselves as
an INPO-accredited and NRC certified nuclear operator. The recommissioning of
the shuttered Palisades nuclear plant, which would be the first restart of a
shuttered nuclear power plant in the United States, is in the final stages with
all major upgrades completed and a limited number of minor modifications
required for restart. These minor modifications must be completed with the same
care and rigor as the major modifications to ensure long-term reliable plant
performance. The completion of the remaining modifications and final
commissioning of the Palisades restart project is expected in 2026, in advance
of our commitment date with our counterparties of March 2027.
We believe our depth and breadth of experience—spanning more than 40 years of
successfully executing complex nuclear projects—positions us to effectively
address the project execution challenges and quality issues that have negatively
affected nuclear plant construction for decades. Consistent with our
full-spectrum capabilities, through Energetics we offer both a
Build-Own-and-Operate model and a Develop-to-Deploy model to the industry. We
believe this flexibility differentiates us from our domestic competitors and
allows us to better compete with government-owned foreign suppliers. In
collaboration with Hyundai E&C, we expect to utilize our vertically integrated
capability to deliver reactors to our own sites as well as to our global
customers. We believe that our nuclear plant operational capabilities and
certifications will be valuable to countries that are in the early stages of
developing nuclear power programs. Our plant operational capabilities, however,
are not expected to be utilized extensively in the United States or in other
countries that currently operate established nuclear facilities. While we have
an established operating history of executing highly complex nuclear projects,
nuclear projects are capital-intensive undertakings that require extensive
regulatory approvals and ongoing compliance with applicable laws and regulations
as well as multi-stakeholder project delivery and management, and they may be
subject to significant delays, cost overruns or other uncertainties beyond our
control.
Our full product portfolio is broad, premised on a combination of our existing
mature product lines and new or maturing technologies that are future-focused or
nascent in their state of development. Our mature product offerings include
high-density racks for wet storage of spent fuel, high-capacity dry storage and
transport systems for used nuclear fuel and high-level waste, air-cooled
condensers and advanced heat exchangers. Our SMR-300 reactor is, as of the date
of this prospectus, in a pre-construction stage reflective of completed
technical design, site selection, partial financing via the DOE LGA Facility and
site preparation work, and we believe the SMR-300 could be among the first SMRs
to be commissioned in the United States. Our Holtec Green Boiler (HGB), which is
an innovative, high-capacity, long-duration thermal energy storage system, and
our HI-THERM HCSP, our hybrid solar energy capture system, are both recently
developed technologies that could drive significant long-term growth
opportunities. While our current business and projected future growth are not
dependent on the commercial success of these technologies, we expect they will
provide incremental growth opportunities through our sales efforts and licensing
arrangements with Holtec Asia.
Holtec Asia currently expects to test the Holtec Green Boiler as a scale-model
prototype in 2026, and we expect demonstration testing to begin on our HI-THERM
HCSP following successful prototype testing of the Holtec Green Boiler. As of
the date of this prospectus, the SMR-300, Holtec Green Boiler and HI-THERM HCSP
have each achieved technical design, but none have been commercially deployed to
date and each remain subject to successful commercialization.
We also provide specialized solutions to the DOE and the DOD, while also
delivering integrated security and cybersecurity solutions for critical
infrastructure and data centers. We believe that our extensive footprint in the
area of supply of critically important equipment and systems for Russian-origin
nuclear reactors will make us an attractive partner for countries that may be
wary of reliance on Russian supply chains.
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Our principal executive offices are located at 1 Holtec Boulevard, Camden, New
Jersey 08104, and our telephone number at that address is (856) 797-0900. Our
website address is www.holtecinternational.com.
