Kris Singh, CEO, Holtec International

Kris Singh, CEO of Holtec International, described to Invest: New Jersey the monumental evolutions taking place within the nuclear technology industry. He shared how their company is poised to capitalize on each opportunity to advance their multifaceted approach to integrating nuclear and solar technologies to increase efficiencies and revolutionize the energy sector.

What have been some of the main achievements or highlights for Holtec International over the past year?

In the past year, the most important activity was restarting the nuclear power plant in the Palisades in South Michigan. The plant was shut down two years ago, and this is the first attempt to restart a nuclear power plant in the United States. We intend to get the plant running again by the end of 2025.

Holtec also completed development of a solar energy program that will bring high-quality solar energy to most places in the world except for the farthest north areas, such as the Arctic. The energy collection technology that we have perfected in the past two years is promising, and we are beginning to market it widely.

The third project, which has been operated to completion, is called the Green Boiler. This technology allows us to take energy from the sun, store it and use it when needed. It is energy storage technology that also has features to produce power as needed. The technology is also becoming commercialized by Holtec International this year. Much of our technology development work takes place in Camden, New Jersey. This is where our tech campus is located, and we intend for our work to be readily usable, as well as internationally embraced.

How do you assess the current state of the nuclear energy industry in the United States, particularly in New Jersey?

In the United States, the nuclear energy sector is rising rapidly. Vernaculars such as “SMR” are merging into the public lexicon. There is a rise in data centers due to an extreme increase in need for electricity that is driving this development, along with the return of manufacturing to the United States. Nuclear is the only viable high-concentration energy form that one can use at the present time until technology like fusion becomes available, which is decades away. Nuclear has a role to play in decarbonizing our environment, along with solar, and I believe nuclear will have to be embraced globally. We are seeing this acceptance happening in real time, and nuclear has a bright future.

​What are Holtec’s views on the integration of nuclear energy with other renewable energy sources, and how do you envision this integration unfolding?

We have indeed worked intently to integrate solar and nuclear energy. When we produce solar heat, the heat is of high quality and temperature; we can use collective solar energy in our green boiler to replace a small amount of fossil energy used in nuclear power plants. Currently, nuclear power plants have a small diesel tank and generator that are needed to start the plant and be available for emergency conditions. This will all be eliminated and replaced with the green boiler at our solar plant. Most nuclear power plants have a lot of land around them, called the exclusion zone. We can put solar power in the exclusion zone, which is presently completely unused, and use the power from the solar plant to further decarbonize the nuclear plant. Thermodynamically, if you have high-quality energy from the solar plant, you can improve the power efficiency of the nuclear plant. The synergy is fantastic, and we are the global leader of implementing this integration.

Coal fire plants typically use a great deal of land. When the coal plant is retired, there is a lot of available land. The 600-megawatt nuclear plant with two 300 SMR reactors can be put on 25-30 acres. The rest of the land can be used for other purposes, such as collecting solar energy. A coal plant can become a host to a nuclear plant in addition to a solar plant, and this is a major component of our business plan.

Governor Murphy’s goal was to make NJ fossil-free by 2035. How close is this goal to being achieved, and what part does Holtec play in the state’s strategy?

Holtec should play a crucial role because we are the only high-end technology company in the state that leads in both nuclear and solar. New Jersey has a unique opportunity to lead in nuclear, and we have multiple great sites available. We expect discussions regarding this and anticipate fruitful results. You need energy to spawn industry. Both manufacturing and logistics require abundant energy. New Jersey has led manufacturing and has invested over $300 million to construct a manufacturing plant, and that investment will continue in order to meet growing needs. Our Camden plant holds over 400,000 square feet, and Holtec will need two such plants within the next five to seven years.

What partnerships is Holtec pursuing to promote innovation and workforce development in the nuclear industry?

We are presently holding meetings with Rowan University’s president as we launch a joint endeavor called the Holtec Scholar Program that will train undergraduate students at Rowan to come work for Holtec after completing a four-year internship. We intend to collaborate extensively with Rowan. 

Holtec also works closely with the University of Pennsylvania to recruit scientific, tech, and engineering people. Additionally, we have partnerships with institutions outside of our region, such as in Missouri and Florida. New Jersey does not have a nuclear program yet, so we focus on local recruits, but also recruit individuals nationwide.

Can you discuss the challenges and opportunities associated with the decommissioning of nuclear plants in New Jersey and the broader region?

New Jersey’s Oyster Creek plant has already been decommissioned and could not be re-powered because it was too far gone. We are busy looking at ways to build new SMRs at that site, and we can add a minimum of four new plants there with twice the capacity that Oyster had. This will attract data centers and hyperscalers to move to New Jersey, and we expect to bring this up in future discussions with the governor.

What initiatives has Holtec undertaken to improve public understanding and acceptance of nuclear power in New Jersey?

The public is strongly in favor of nuclear power in New Jersey. Much of the country is persuaded that the best way to decarbonize the atmosphere is to utilize nuclear power. Safety concerns have been answered over the last decade, as the industry has made adjustments to become “Fukushima proof” and prevent failures due to cataclysmic events such as hurricanes and earthquakes. This has fostered confidence in the technology. In Michigan, we have community engagement groups and publish updates on the progress of the plant to provide factual information about safety and performance. New Jersey has a highly literate population and is home to more than a quarter of all U.S. engineers, so it is easier to communicate here regarding nuclear energy. Elsewhere, misinformation can be challenging to navigate in the current age of social media.

What is your outlook for Holtec International for the next two to three years, and what will your business priorities be for the near future?

We have a fairly large, stable, income-producing business that will continue growing in a measured way. Steep growth will occur along with the construction of new nuclear reactors and developments in solar energy and energy storage. We expect our first orders for phase 1 of the new SMRs to be signed within the next few years. Two SMRs will be constructed in Michigan, and through this project, we will demonstrate to the world that the reactors can be built for the target price. Costs are always a concern, and we will disprove this anxiety. After this, we expect to find more buyers and will also build more solar plants internationally.