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The U.S. Department of Energy awarded two $400 million grants in December to Holtec and the Tennessee Valley Authority (TVA) to advance light-water small modular reactors (SMRs), known as SMR Gen III+.

Holtec plans to begin preliminary construction of two SMR-300 reactors at the Palisades site in Michigan, collaborating with Hyundai Engineering & Construction. TVA will utilize its grant for early site work and design of a GE Vernova Hitachi BWRX-300 reactor at the Clinch River site in Tennessee, expected to operate in the early 2030s.

TVA is partnering with Bechtel, BWX Technologies, Duke Energy, and GE Hitachi Nuclear. The development of Gen III+ reactors is anticipated to encounter fewer regulatory challenges due to established light-water safety standards. Additionally, TVA is focusing on building supply chains and workforce readiness in collaboration with various institutions, and multiple companies are expanding nuclear manufacturing capabilities in the region.