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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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Issuer updates

  1. Module one ITAAC closure certified; 90% tranche released

    July 29, 2026

    The independent certifier accepted our ITAAC closure package for module one on 28 July, together with the witnessed integrated systems test. Under the subscription agreement this certifies the second milestone and releases capital to the 90% threshold. Module two vessel delivery remains on schedule for the fourth quarter.

    Ellen Ruiz-Hartmann, CEO

  2. TRL score raised to TRL 8

    July 16, 2026

    The platform published an updated TRL assessment on 15 July moving us from TRL 7 to TRL 8, with the confidence band narrowing to 7.6–8.3. We had no involvement in the score and saw it when you did. The reviewer's note on first-of-a-kind construction cost is a fair characterization and we address it in the updated offering circular.

    Ellen Ruiz-Hartmann, CEO