Krishna Singh
The owners of Holtec International, a major player in nuclear fuel storage and power plant decommissioning and development, are preparing to raise millions of dollars through an initial public offering of shares in a new company, Holtec Nuclear. Backers of the IPO believe it could help propel the reorganized company into a new role as a builder of small modular nuclear reactors.
In the offering document filed with the US Securities and Exchange Commission on July 10, Camden, NJ-based Holtec International said it had $434 million in net income on $577 million in revenue in 2025, down from $388 million from $766 million a year earlier.
Holtec is a partner of engineer AtkinsRéalis in its nuclear decommissioning business and competes for the work with, among others, Northstar Group Services.
Founded in 1986 by CEO Krishna Singh, Holtec International has a significant business in the design and supply of storage casks for spent nuclear fuel. An aging global fleet of nuclear power plants promises many tens of billions of dollars of market opportunity in fuel storage and related work.
Holtec International has many different related corporate entities and the characteristics of a family business. The SEC filing lists Singh’s total pay in 2025 at $7.5 million, with $3.76 million in salary and the rest in bonuses and other compensation.
Krishna’s wife, Martha Singh, has been instrumental in the company’s growth and currently serves as chief strategy officer, a job that paid her $856,000 in 2025. His daughter, Shubhra Singh, works as the company’s director of communications and earned a total payout of $871,000 in .
Small modular reactors
Of particular interest to investors is the company’s planned expansion into building small modular reactors and restarting or retrofitting decommissioned nuclear power plants. Holtec has said it expects to begin operating the Palisades nuclear power plant in Covert, Michigan, in time to meet commitments to supply electric power to electric customers by 2027.
In its SEC filing, the company said the rollback of an initial plan to dismantle Palisades was made possible because of a “a dramatic change in public attitudes and governments’ stance towards nuclear power”.
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Last December, Holtec asked Federal Nuclear Regulatory Commission to obtain permission to begin the preliminary work and review process for the construction of a small modular reactor at the Palisades site. “I must confess that I have been surprised by the growing interest in our SMR-300, in the United States and abroad,” Singh said in a letter to potential investors packaged with the SEC filing.
At the Indian Point Power Plant in Buchanan, NYa decommissioning project now in its sixth year. Holtec has told the NRC its interest in developing a data center on part of the power plant site, but state officials have not made a decision.
