At a press conference on July 14, 2014, at the South Jersey Port Corporation’s Broadway Terminal hosted by Camden Mayor Ms. Dana Redd, Governor Chris Christie called the rise of cities like Camden essential to the prosperity of the State. Addressing the more than 200 people in attendance, Governor Christie praised Dr. Singh and Holtec for the commitment to build a $260 million dollar world-class technology center on the Camden waterfront stating, “your pledge to choose New Jersey to build the state-of-the-art 600,000 square foot manufacturing and design center is more than just an investment in your business, it is an investment in New Jersey and the renewal of manufacturing here in Camden.” Governor Christie also acknowledged that the commitment by Holtec marks the largest single investment of private capital in the history of Camden.
Speaking to the assembled group of state officials and dignitaries, Holtec’s President and CEO, Dr. Kris Singh, declared that at its core, Holtec is a technology company whose mission is to define and solve the biggest technical problems that confront the energy industry, particularly the nuclear power industry. To solve them, Holtec conceptualizes the candidate solutions, selects the best by testing them, designs the winning solution in detail, and then manufactures it. “This is why we need the Holtec Technology Center in Camden to continue and accelerate our development of technology to manufacture the products that come out of the R&D effort”, he said.
Dr. Singh recognized Mr. Bill Levis, President and Chief Operating Officer, PSE&G Power, by thanking him for his encouragement to pursue establishing the facility in Camden.
Citing examples of R&D and manufacturing that will occur in the Holtec Technology Center, Dr. Singh described the development of Holtec’s patented underground spent fuel storage technology. Dr. Singh stated that after the events of 9/11, Holtec established the underground dry spent fuel storage technology that makes the stored spent fuel inaccessible to terrorist attack by placing it completely underground. Dr. Singh explained that this next generation technology is ideal for long-term consolidated storage by the government. Continuing on, Dr. Singh stated, “a challenge [we] placed on ourselves is [to] develop a reactor that cannot under any condition go out of control.” Holtec is now performing detailed design of the inherently safe small modular reactor, SMR-160, which Dr. Singh stated is a clean, unimpeachably safe source of energy. A major part of the Holtec Technology Center will be dedicated to the manufacture of components for the spent fuel storage technology as well as the testing of Holtec’s small modular reactor to demonstrate to domestic and international regulators the safety of the reactor. No nuclear material will be used in the test facility.
State Senator Donald Norcross described Holtec as a “titan of energy”. “He could have located anywhere, not just in the United States, but the world, and he chose Camden,” he stated.
The Holtec Technology Center will occupy approximately 47 acres in the southern end of Camden along the Delaware waterfront. It is estimated that the construction effort for the Center will create upwards of a thousand jobs. In addition to the commitment of capital investment, Holtec has committed to the State of New Jersey a full-time staff of 395 on opening day. Thereafter, Holtec estimates the local craft labor employment in the plant to approach 2,000 in the first five years of operation. The professional employment at the Center is likewise expected to increase to 1,000. Operations at the Center will begin in mid-2018.