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(Bloomberg) — Holtec Nuclear Corp. filed for a US initial public offering, becoming the latest in the sector to try to capitalize on data centers’ growing power demands.
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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 Friday with the US Securities and Exchange Commission.
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Holtec, founded in 1986, makes the massive steel-and-concrete casks used to store deadly nuclear waste, and is the main US company involved in decommissioning shuttered reactors including Indian Point north of New York City.
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But in recent years, as demand for nuclear power has climbed, the company has been shifting its focus. It acquired the Palisades plant when it shut down in 2022, with the intention of decommissioning the Michigan facility. But almost immediately there were calls the restart the plant, one of the earliest signs of the growing demand for carbon-free power from reactors, and the company is now close to bringing it back into service. Holtec is also developing its own reactor technology, and plans to install the first of them at the same site.
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Holtec’s small modular reactor project was awarded a $400 million grant from the US Department of Energy in December. The company aims for the reactors to be in commission in the early 2030s.
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The company’s shares are owned by two trusts controlled by founder and Chief Executive Officer Krishna Singh, the filing shows.
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The IPO comes as nuclear energy has been seeing increased interest from the owners of data centers used for artificial intelligence computing. X-Energy Inc. went public in April and saw its share rise in its debut, but the stock has since fallen 31% below its IPO price. With small modular reactors still not commercially available in the US, some nuclear stocks have pulled back as investors await development progress.
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Holtec’s offering is being led by JPMorgan Chase & Co., Guggenheim Securities, Goldman Sachs Group Inc., Citigroup Inc. and Bank of America Corp. The company expects its shares to trade on the Nasdaq Stock Market under the symbol HNUC.
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English (US)