PALLAS aims to realise a state of the art nuclear reactor, which is suitable for producing (medical) isotopes and for supplying a wide range of irradiation services. This reactor is to replace the current High Flux Reactor (HFR) in Petten, which has been in operation for over fifty years and is now approaching the end of its economic life.

The PALLAS financing project consists of two phases: a publicly funded phase of about five years followed by a privately funded phase.
The Foundation Preparation Pallas reactor was founded on December 16, 2013 with the aim to successfully realize the first phase. This means the European tendering of the design of the new PALLAS reactor and obtaining the necessary licenses. For this phase the government has granted a loan of 80 million euros.