COVERT, MI — Palisades nuclear plant owner Holtec International has signed an agreement with Hyundai to build the first of a new fleet of small reactors in Michigan.

Holtec International has signed an agreement with Hyundai Engineering and Construction to build two small modular reactors (SMRs) at the Palisades nuclear plant in Michigan, CNBC reported on Tuesday.

Southwest Michigan could become the first place in the U.S. to have a small nuclear reactor. The owner of the Palisades nuclear plant, Holtec International, recently signed a strategic agreement with Hyundai E&C to build two small modular reactors.