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.
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
- Minimum
- $1,000
- Target coupon
- 7.25%
- Term
- 7 yr
- Investors
- 2,184
$100 per unit
Annual, fixed
Closes November 30, 2026 · 78 days remaining
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TRL assessment
8
Technology readiness level, 1 to 9
Confidence band 7.6 – 8.3
Module one is complete, fueled and qualified, and ITAAC closure is materially advanced with 87 of 104 criteria accepted. The band is narrow because the evidence is unusually direct: an issued combined license and a witnessed integrated systems test leave little to infer. The score stops short of 9 because no module has yet generated electricity for the grid. What is left is first-of-a-kind construction cost uncertainty on modules two and three, which is a commercial risk rather than any doubt about the design.
At TRL 8, the ladder permits Fixed-rate note or Municipal mini-bond and releases up to 90% of committed capital. This offering is structured as a fixed-rate note, which is consistent with that band.
Signed and published
- Reviewer
- Dr. Helena Vargas-Mbeki
- Credential
- PE, Nuclear; former NRC senior reactor analyst
- Signed
- July 14, 2026
- Published
- July 15, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- Jul 9, 2026
Evidence
Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.
| Source | Document | Date | Weight |
|---|---|---|---|
| Operating license | Combined license issued, Oswego Units 1–3 NRC Docket 52-0xx, license NPF-xxx Authorizes construction and conditional operation of three modules subject to ITAAC closure. | Nov 19, 2024 | 34% |
| ITAAC closure | ITAAC closure notifications, 87 of 104 accepted Issuer submittal series, NRC acknowledgement letters Remaining seventeen criteria relate to module two and three installation, not to design adequacy. | Jun 30, 2026 | 29% |
| Independent test report | Integrated systems test, module one, third-party witnessed Independent verification report, ANSI/ANS-3.5 protocol Natural circulation decay heat removal demonstrated within 4% of predicted performance. | Feb 11, 2026 | 22% |
| Supplier contract | Executed forging and vessel supply agreements Two suppliers, ASME Section III scope, firm pricing Long-lead components for modules two and three under firm fixed price with delivery windows. | Jan 22, 2026 | 15% |
Score history
A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.