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Reg A+TRL87.6–8.3Tier IIOpen

Palisade Modular Systems

Palisade Oswego Unit 1

Fixed-rate notes on a three-module SMR with ITAAC closure underway and twenty years of contracted offtake.

Palisade is building three 77 MWe modules on the site of a retired coal station in Oswego, New York. Module one is complete and qualified; inspections, tests, analyses and acceptance criteria are being closed against the combined license. Proceeds fund the second and third modules. Notes pay a fixed 7.25% annually with principal at year seven, secured by a first lien on the module assets and backstopped by two twenty-year power purchase agreements.

Oswego Energy Center · Oswego, NYITAAC in progressEscrow: Meridian Trust, N.A.
TRL 8 of 9, band 7.6 to 8.3, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on Jul 14, 2026.See the evidence it rests on

Running concurrently over the same project

Rule 152 permits an issuer to run more than one offering at the same time. The same reactor backs both, on different rails, with different eligibility.

$31,240,000 committed of $48,000,000

$21,400,000 released · 65% subscribed

Released to the issuerCommitted, held in escrowRemaining
Minimum
$1,000

$100 per unit

Target coupon
7.25%

Annual, fixed

Term
7 yr
Investors
2,184

Closes November 30, 2026 · 78 days remaining

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No money will move

No payment processor is connected. The commitment flow runs end to end, through amount, agreement, signature and receipt, and records a simulated position rather than a charge.

Capital release schedule

1 of 4 rungs released

Release is structured as staged closings rather than withheld proceeds. Amounts shown are cumulative against the $31.2M committed to this offering.

  1. Combined license issued

    Capital released
    TRL target
    TRL 7
    Cumulative release
    70% · $21,868,000
    Certified
    May 20, 2026

    Verified by: NRC license issuance and supplier contracts executed

    Certifier: Thornbury Technical Certification

  2. Module one complete and qualified

    Certified
    TRL target
    TRL 8
    Cumulative release
    90% · $28,116,000
    Certified
    July 28, 2026

    Verified by: ITAAC closure for module one; integrated systems test witnessed

    Certifier: Thornbury Technical Certification

  3. Full ITAAC closure, all three modules

    Pending
    TRL target
    TRL 8
    Cumulative release
    95% · $29,678,000
    Target
    June 30, 2028

    Verified by: NRC final determination of ITAAC closure

  4. Commercial operation

    Pending
    TRL target
    TRL 9
    Cumulative release
    100% · $31,240,000
    Target
    March 31, 2029

    Verified by: Commercial operation date certificate; metered output to grid

Committed
$31,240,000

Held by the escrow agent on subscription

Released to the issuer
$21,400,000

69% of committed capital

Still escrowed
$9,840,000

Unlocks on the next certification

Escrow agent: Meridian Trust, N.A.. Certification is performed by an independent party with no economic interest in the release.