Holtec Files with SEC for IPO

• Holtec Files with SEC for IPO
• NJ Launches Procurement Process for 1,100 MW of Nuclear Power
• Hyundai E&C, FANCO to Collaborate on SMR Project
• Blue Energy Gets Equity Deal with Constellation for Shipyard Construction Methods 
• Newcleo Files Regulatory Engagement Plant with NRC
• TerraPower Sets Export Goals for the UK
• Realta Fusion Selects Wisconsin Site for HQ and R&D facility
• Inertia Fusion Energy Company Opens HQ in Livermore
• Japanese Startup Helical Fusion Signs Construction Agreement 
• Fusion Industry Attracts Record Annual Funding of $4.48 Billion

Holtec Files with SEC for IPO

Holtec Nuclear Corporation announced that it has publicly filed a registration statement on Form S-1 with the Securities and Exchange Commission (SEC) relating to the proposed initial public offering of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Holtec intends to list its Class A common stock on The Nasdaq Stock Market under the symbol “HNUC.”

The company said it would use IPO proceeds to fund its SMR-300 reactor program, expand manufacturing capacity, and support other growth initiatives.

Holtec for years was known as a firm that made canisters to store spent nuclear fuel. It branched out into decommissioning nuclear power plants including Oyster Creek in New Jersey and the Palisades Plant in Michigan. 

The effort to restart the 800 MW Palisades plant has made progress but the actual start date has been pushed back several times. Holtec said recently in a press statement that it is getting closer to meeting these milestones but again declined to set an actual date for restart. The firm received a $1.5 billion loan from the Department of Energy to complete the restart.

Holtec is also decommissioning two large reactors at the Indian Point, NY, site. Despite some calls to restart the plants, an estimate to do so was deemed to be too costly by the State of New York which is pursuing an initiative to build at least one 1,000 MW scale plant in upstate New York possibly near other currently operating reactors in Oswego, NY.

Separately, Holtec is planning to build two 300 MW PWR type small modular reactors at the Palisades site. It has also said it is considering, but has not decided whether to also build one or more SMRs at the Oyster Creek site on New Jersey’s Atlantic ocean coastline. Holtec’s SMR effort was awarded a $400 million grant from the Department of Energy in December 2025. The company says it will put the two units in revenue service in the early 2030s.

The firm has manufacturing plants that make components for nuclear power plants in Camden, NJ, and Dahel, India. The Camden, New Jersey-based nuclear supplier had net income of $17.8 million on revenue of $165.3 million for the three months ended March 31, compared with net income of $25.4 million on revenue of $177.7 million a year prior, according to its filing with the US Securities and Exchange Commission.

& & &

NJ Launches Procurement Process for 1,100 MW of Nuclear Power

• Governor Mikie Sherrill said the focus is on one or more 1,000 MW plants at a site in the far southwestern corner of the state on the banks of the Delaware River.

Following the initiative in neighboring New York to build new nuclear power plants, Gov. Mikie Sherrill signed the Power NJ Act. It launched New Jersey’s procurement process for new nuclear energy projects. The legislation passed both houses of the state legislature unanimously with bipartisan support. It directs the New Jersey Board of Public Utilities and the New Jersey Economic Development Authority to jointly oversee a competitive process to procure at least 1,100 megawatts of new nuclear generation.

According to news media reports, Governor Sherril says she prefers building 1,000 MW class reactors at pre-approved locations. 

“The one that I think is the most shovel-ready is Salem,” Land adjacent to the Salem and Hope Creek plants holds a Nuclear Regulatory Commission early site permit, issued in 2016 — one of only six federally pre-approved sites for new nuclear development in the country. The permit does not lock in a specific reactor design, but plant owner PSEG’s application contemplated units as large as two Westinghouse AP1000s.

Sherril did not offer a similar warm welcome to developers of small modular reactors or microreactors. She said in a press interview she wants to see “a little proof of concept” from them. 

That said, with the strong support of the state legislature, the governor took a victory lap. 

“We are putting New Jersey on a path to an affordable and secure energy future. “I am excited to launch our state’s process to procure new, advanced nuclear power that will provide clean, reliable energy at scale for generations to come and meet our growing energy demands – from powering our small businesses, schools, and hospitals, to strengthening grid capacity and reliability for extreme weather that is becoming unfortunately all too frequent.”

State officials quickly addressed consumer concerns about cost overruns that have plagued construction of new nuclear power plants. They point out that the new law includes a virtual cascade of belt and suspenders requirements that purport to prevent ratepayers from paying for projects during construction or covering project cost overruns. 

On the positive side the plan requires firms responding to the RFI to offer workforce training through New Jersey colleges, community colleges, and trade schools. Manufacturing of components for a one pr two 1,000 MW class nuclear reactor will stimulate economic growth in the state. Thomas’ Register lists 22 firms in the state that have this as their primary business. Others are likely to re-locate there.

One firm that is likely to be interested in this work is Holtec International which has a manufacturing facility in Camden, NJ, that makes “weldments” which are products that involve the welding together of two dissimilar metals. Thef firm received major tax breaks from the state to build the factory.

Developers must secure federal financing, demonstrate a net benefit to ratepayers, and participate in multiple public comment periods and hearings before a project can receive final approval. The legislation also requires the state government to consider independent assessments from the Division of Rate Counsel throughout the review process.

The law requires the state government to issue a request for expressions of interest within 180 days. Developers will then have 60 days to submit proposals, followed by a 90-day qualification period. Negotiations with qualified developers could continue through April 2028. A final investment decision will require that the project demonstrates a net benefit to ratepayers, reasonable costs and secured federal financing.

Sen. John Burzichelli (D-NJ), a prime sponsor of the bill, said in a press statement the state needs “someone to come up with about $24 billion” to fund two new reactors at the southwestern New Jersey nuclear site. He said the capital requirements “heavily favor entrenched market leaders capable of securing federal backing.” 

The governor’s office said that federal financing programs could guarantee or finance up to 80% of a project’s cost or $19.2 billion. A $24 billion price tag for two 1,150 MW Westinghouse AP1000 PWR type nuclear reactors comes in at $10,400/kw. By comparison, South Korea’s KHNP has said it will deliver a new 1,000 MW PWR to the Czech Republic’s Dokovany site for $9,000/kw. 

& & &

Hyundai E&C, FANCO to Collaborate on SMR Project

(WNN) South Korea’s Hyundai Engineering & Construction has signed a framework agreement with First American Nuclear Company of the USA for cooperation on the EAGL-1 advanced small modular reactor project slated to be built at a site in Indiana.

First American Nuclear Co’s (FANCO’s) EAGL-1 is a lead-bismuth cooled fast-spectrum small modular reactor (SMR) which can operate in a closed-fuel cycle in which used fuel is continuously reprocessed and reused. FANCO submitted a regulatory engagement plan for the 240 MWe SMR to the Nuclear Regulatory Commission last April.

FANCO says its system will focus on mixed-oxide fuel and other transuranic fuels sourced from existing US Department of Energy stockpiles, although the EAGL-1 system is also capable of operating on high-assay low-enriched uranium. The company said the reactor’s “fuel-agnostic” approach means it can avoid major supply chain bottlenecks while helping reduce the nation’s stockpile of long-term nuclear waste. 

Its BridgePower solution offers customers the ability to generate immediate power using off-the-shelf gas fired package boilers that feed steam turbines, and later seamlessly transitions to nuclear energy by replacing the boilers with the EAGL-1 reactor, using the same turbine infrastructure, with minimal equipment and modification costs.

Under the new agreement, Hyundai E&C and FANCO will collaborate on the early stages of the project, including the design of the balance of plant (all support components and auxiliary systems of nuclear power generation necessary to deliver energy) for the EAGL-1 nuclear power plant, support for BridgePower solutions, constructability reviews, and modularization strategies. The partners also plan to explore implementation measures to participate as an engineering, procurement, and construction (EPC) partner in the EAGL-1 Project in the future.

FANCO has announced plans to create a nuclear energy park in partnership with the state of Indiana and is planning to establish a next-generation nuclear cluster linking nuclear manufacturing facilities with energy complexes, so the cooperative relationship between the two companies is expected to expand further in the future.

“This contract is significant in that it provides Hyundai E&C with an opportunity to participate in the US next-generation SMR project from initial design review to EPC execution, and expands its reactor cooperation network within the US,” a Hyundai E&C official said. 

“Through strategic cooperation with FANCO, we will support the successful commercialisation of EAGL-1 and further solidify our leading position in the rapidly growing US SMR market.”

In May, FANCO and Canadian engineering firm AtkinsRéalis formed a strategic alliance to establish a scalable framework for deploying FANCO’s EAGL-1 SMR and associated fuel facilities, with AtkinsRéalis providing engineering services.

& & &

Blue Energy in Equity Deal with Constellation for Shipyard Construction Methods for New Nuclear Plants

Blue Energy, a developer of prefabricated nuclear power plants, announced a strategic equity investment from Constellation Technology Ventures, the venture arm of Constellation (NASDAQ:CEG), the operator of the largest fleet of nuclear power plants in the United States. The amount of the equity investment was not disclosed. 

Earlier this year, Blue Energy announced it raised $380 million from an independent funding round led by VXI Capital and Engine Ventures and forged a strategic partnership with GE Vernova to develop a multi-gigawatt gas-to-nuclear project utilizing GE Vernova gas turbines and BWRX-300 small modular reactors. .

The investment reflects a growing confidence in Blue Energy’s strategy to utilize shipyard manufacturing and project financing to deploy GE Vernova Hitachi’s BWRX-300 which it said  has the potential to accelerate new nuclear development.

It also marks the first investment by Constellation Technology Ventures in a U.S. nuclear developer planning to build small modular reactors.

“With demand for near-term power rising, Constellation’s investment will help Blue Energy meet America’s needs by making new nuclear development predictable, rapidly scalable, and project financeable for the first time in history. This relationship helps us leverage an established operator, proven technology, and innovative, project-financeable deployment models to expand access to nuclear energy,” said Jake Jurewicz, Blue Energy CEO and Co-Founder. 

“Constellation is committed to exploring innovative pathways that can help accelerate the deployment of advanced nuclear technologies in the United States and allocate risk appropriately,” said David Dardis, Constellation Senior Executive Vice President and Chief External Affairs and Growth Officer. 

Blue Energy’s model is designed to address one of the biggest challenges facing the nuclear industry: how to finance and deploy new nuclear generation at the speed required to meet growing demand. By employing an innovative large-format robotic prefabrication and assembly method inspired by offshore oil & gas and LNG projects, the company plans to unlock project financing for the first time in the nuclear sector and accelerate deployment timelines.

& & &

Newcleo Files Regulatory Engagement Plant with NRC

(WNN) Nuclear energy company Newcleo, with its HQ in France, made a new move to help open up the U.S. market. It has submitted a regulatory engagement lan to the Nuclear Regulatory Commission for the LFR-AS-200, the commercial 200 MWe version of its lead-cooled fast neutron reactor.

To support the development and licensing of its reactor technology, Newcleo has established an extensive international research and development program, in collaboration with national laboratories in Italy, France and Japan.

“The program provides a robust experimental foundation for the reactor’s safety case and future licensing application,” the company said. 

“Through purpose-built research facilities, Newcleo conducts physical testing of lead-cooling technologies, materials, components and reactor systems under representative conditions. The resulting experimental data are used to validate safety calculations and computational models, support materials qualification, and demonstrate the performance of key engineering solutions. This combination of advanced modelling and direct experimental evidence strengthens the technical basis for Newcleo’s engagement with the NRC.”

The LFR-AS-200 is a 200 MWe lead-cooled fast reactor designed to provide stable, low-carbon electricity and process heat for industrial users, including data centers, hydrogen production facilities, cement and steel manufacturers.

The reactor uses lead as a coolant, combining inherent safety features with efficient energy conversion and a compact plant footprint. It is designed to operate using Newcleo’s proprietary mixed-oxide (MOX) fuel, produced from recovered or surplus nuclear materials. 

By pairing a fast-neutron spectrum with MOX fuel, Newcleo says its proposed technology enables the conversion of legacy nuclear materials and used nuclear fuel into clean, reliable, and competitively priced energy, while reducing the final volume and radiotoxicity of used nuclear fuel.

& & &

TerraPower Sets Export Goals for the UK

• First British office expected to be in Liverpool, close to regulator carrying out Natrium nuclear plant design assessment

(NucNet)TerraPower said in an interview published by NucNet it aims to export its Natrium reactor to the UK by the early to mid-2030s. The company recently established a UK subsidiary, TerraPower UK Ltd, and announced the beginning of a UK regulatory review for its 345-MW Natrium reactor. The review will assess the safety, security and environmental implications of the Natrium technology.

In the interview with NucNet, TerraPower’s vice-president for government affairs, Andrew Richards, said the company was encouraged by recent policy steps in the UK, including a nuclear framework that aims to promote a new era of British nuclear energy generation.

“We’ve had a lot of really positive engagements with the government, and there does seem to be a strong interest to deploy advanced nuclear technology in the United Kingdom. So we do see some promise there to be able to proceed with exporting Natrium.”

TerraPower is building its first Natrium sodium-cooled fast reactor at a coal power plant site in Kemmerer, WY. The nuclear plant is expected to become operational by 2031.

Richards said the company was working with the UK government to help develop some level of local supply chain in the UK, as it would do in other countries such as South Korea, where TerraPower also expects to deploy its reactors.

Crucially, Richards said that by the time a reactor was launched in the UK, the company would expect to have guaranteed a “robust supply” of high-assay low-enriched uranium (HALEU) required for its reactors. TerraPower said that fuel for its Kemmerer plant would be sourced through its partnership with ASP Isotopes, an American company with operations based in South Africa. TerraPower’s long-term aim, however, is to buy fuel sourced in the US.

Update on TerraPower’s META Deal

Discussions were also continuing with technology giant Meta, which has an agreement with TerraPower to acquire up to eight reactors by 2035. Richards said, “We don’t have any sites to announce yet, but I can tell you that we are working very closely with Meta to find out where it would best fit.”

& & &

Realta Fusion Selects Wisconsin Site for HQ and R&D facility

• Decision drives major investment in former Oscar Mayer property

After an extensive, national, two-year search, Realta Fusion, a Madison-based fusion energy startup founded in 2022, said it will locate its corporate headquarters and next-generation research facility at OM Station, site of the former Oscar Mayer food plant in Madison, WI. 

Realta will convert more than 200,000 square feet of vacant space into a state-of-the-art facility that includes offices, manufacturing, and research and development functions. The company expects to create more than 600 technical and non-technical jobs at the facility.  The announcement followed a decision by the Madison Common Council to approve a $2.8 million Jobs TIF loan for the company.

UW–Madison is one of the top fusion energy research universities in the country and has already given rise to three fusion companies — Realta, SHINE Technologies and Type One Energy. 

Additionally, Wisconsin and the region have a high concentration of advanced precision manufacturing companies that will play a major role in this emerging industry, particularly given the proximity of Realta and other fusion companies. 

Realta is developing compact, scalable, modular energy systems based on the magnetic mirror fusion concept. In June announced a world-first achievement when it demonstrated direct energy conversion from its WHAM fusion device.

& & &

Inertia Fusion Energy Company Opens HQ in Livermore

Livermore-based company Inertia officially opened its headquarters this month, marking progress on its mission to commercialize fusion energy. According to a report by the Livermore Vine, an nonprofit online news service in Livermore, CA, Inertia fusion plans to break ground by 2030 on a utility-scale fusion energy power plant. The firm said it intends to have a plant operating by mid-2030 to produce  energy. The research and process development required to reach Inertia’s goal is slated to occur at the 50,000 square-foot headquarters in partnership with the LLNL. Inertia intends to build a fusion energy power plant that produces 1.5 GW of electricity. 

Inertia’s plan builds upon the achievement of fusion ignition, first accomplished in 2022 at the Lawrence Livermore National Laboratory’s National Ignition Facility. In the experiment, controlled nuclear fusion produces more energy than is input by laser.

The fusion energy company must first create the world’s most powerful and efficient laser as well as the first fusion target factory, Inertia CEO and co-founder Jeff Lawson said in an interview with the Livermore Vine during the grand opening of the facility.

Lawson said the market for fusion energy is for more than just electricity for homes. He said the future of energy is also in data centers and industrial processes such as the production of cement, steel and fertilizer, he said.

“We can take all of those industries, make them cheaper, more cost effective and make them green with fusion energy,” Lawson said. 

& & &

Japanese Startup Helical Fusion Signs Key Reactor Construction Agreement 

(NucNet) Japanese fusion energy startup Helical Fusion has teamed up with the country’s construction veteran company Hazama Ando to build Helix Kanata, the startup’s pilot plant, by the 2030s.  

The two companies also announced that Hazama Ando has become an official partner in the Helix program, its roadmap to commercially viable fusion. Through the MOU, the two companies will examine construction-related requirements and project execution approaches for future fusion power facilities, including the Helix Kanata, fusion plant.

In 2023 Helical Fusion published a peer-reviewed paper outlining the design of its power plant concept. Helical Fusion is the sole inheritor of the helical fusion technology developed by Japan’s National Institute for Fusion Science. 

Helical fusion is an advanced magnetic confinement approach to fusion that uses twisted, helical electromagnetic coils to trap high-temperature plasma. In October 2025 Helical Fusion said it had completed a critical performance test of a high-temperature superconducting (HTS) coil, marking a major milestone towards realising commercial nuclear fusion energy.

& & &

Fusion Industry Attracts Record Annual Funding of $4.48 Billion

• 56 fusion companies raised a total of $4.48bn in the 12 months leading to July 2026, says Fusion Industry Association’s (FIA) 2026 report
• Annual total is the highest since the survey began in 2021 and 69% higher than 2025’s total
• Total fusion funding reported since 2021 stands at $14.24 billion, a seven-fold increase

Annual funding for the fusion industry saw a record year of $4.48 billion raised in the 12 months leading to July 2026, according to The Global Fusion Industry in 2026 Report by the Fusion Industry Association (FIA). The fusion sector has reported a total of $14.24 billion since the annual survey began in 2021 and now employs over 16,000 people.  

Now in its sixth year, the report aims to provide a comprehensive view of fusion sector growth and progress towards commercial fusion. This year, the FIA surveyed 56 fusion companies – up from 23 in 2021 – with six new entrants since last year, while three companies withdrew. 

This year’s figures include major funding rounds such as Commonwealth Fusion Systems (CFS), which raised an $863 million Series B2 round in August 2025; Inertia Enterprises, which raised a $450 million  Series A in February 2026; Helion Energy, which raised $465 million in June 2026; and Proxima Fusion, which raised $516 million in July 2026. 

Also included this year, for the first time, was incoming investment from companies announcing plans to join the public markets. Two companies, TAE Technologies and General Fusion, are preparing to join the NASDAQ exchange in 2026 and both received hundreds of millions of dollars in new investment as part of the process of going public.  

According to the FIA report, their participation in the stock market demonstrates increasing confidence in commercial fusion, bringing new investment, along with a different type of scrutiny to the sector.

Siting and Power Purchase Agreements

Market demand for fusion energy is growing, with this year’s report asking about siting and power purchase agreements (PPAs) for the first time. Six companies already have a siting agreement, with another four actively evaluating options. Five companies have a PPA, offtake agreement, or similar commercial commitment, with two more in discussions. 

These agreements are being accelerated by AI’s energy demands – led by Microsoft’s PPA with Helion Energy in 2023 and Google’s deal with CFS in June 2025 – reducing market risk by ensuring both buyers and sellers are ready to go as soon as fusion is commercially viable. 

Diverse Approaches 

Fusion companies continue to focus on diverse technological approaches, including magnetic confinement (48%), inertial confinement (21%), magneto-inertial (14%), and several others. 

The geographical diversity of private fusion is also growing. While American-based companies dominate (28), including all five that have raised over $1 billion, they are joined by companies from 12 other nations, including four each in the UK, Germany, and China, and three each in India, France, and Japan.

Commercial Fusion by the 2030s 

What hasn’t changed is the timeline, as the majority of fusion companies (71%) still expect the first fusion plant to deliver commercial electricity by the 2030s. But challenges remain. 

Despite the leap in annual investment, funding is still the biggest short-term challenge, named by two-thirds of respondents (67%), although fewer than last year (84%). 

When asked how much funding they would need to make a fusion power plant commercially viable, responses ranged from $100 million to $10.9 billion, with an average of $2.7 billion, slightly higher than last year ($2.6 billion). 

Other significant short-term challenges were power efficiency (64%) and neutron-resilient materials (64%). Longer term, the availability of neutron-resilient materials (57%) was the leading concern, followed by power efficiency (52%) and tritium self-sufficiency (52%).

“This year’s report shows how far fusion has come – from being defined by national labs and government R&D programs to being dominated by private fusion investment totaling over $4bn in just one year,” comments Andrew Holland, CEO of the Fusion Industry Association. 

“This year’s record funding comes at a time when the imperative for fusion energy is greater than ever as energy security demands and environmental threats are joined by the need for huge amounts of clean energy to fuel the AI revolution.”

“I’m confident that the sector has the ability to deliver commercial fusion in the 2030s. The existence of siting agreements and power purchase agreements shows that commercial fusion energy is on the horizon,” continues Holland. 

“However, alongside private investment, fusion companies still need the support of governments to address common challenges including the availability of resilient materials and the fusion fuel cycle. The governments that update their programs and funding priorities to meet the sector’s needs today will be the ones to capitalize on this vital emerging industry.”

# # #