Initiator of the PALLAS project is the NRG, a subsidiary institute of the Energy research Centre of the Netherlands (ECN) since 1998. NRG, owner and licensee of the HFR, has become a global player in the field of nuclear consultancy and the provision of irradiation services for the production of medical and industrial isotopes and nuclear technology research. NRG employs approximately 500 specialists, spread over two sites: Petten and Arnhem.

The PALLAS project was launched early 2004. This was an initiative of a group of companies and research institutes, namely Mallinckrodt Medical, Reactor Institute Delft (part of TU Delft) and the European Institute for Energy and Transport (JRC-IET). NRG was involved in the initiative as project manager.

NRG then went to work on the further elaboration and implementation of the project and has set up a dedicated project team in 2009, under the daily management of a project director. This director reported to the boards of both ECN and NRG.

With the establishment of the Foundation Preparation Pallas reactor (December 16, 2013) the PALLAS project is incorporated in an independent entity.