Rolls-Royce announces funding for small modular reactors

Rolls-Royce announces funding for small modular reactors

11 Nov 2021

Rolls-Royce has announced that following a successful equity raise, the Rolls-Royce small modular reactor (SMR) business has been established, to bring forward and deliver at scale the next generation of low cost, low carbon nuclear power technology.

Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd will invest £195m across three years. The funding will enable the business to secure grant funding of £210m from UK research and innovation funding, first announced by the UK prime minister in ‘the ten point plan for a green industrial revolution’.

The business, which will continue to seek further investment, will now proceed with a range of parallel delivery activities, including entry to the UK generic design assessment (GDA) process and identifying sites for the factories which will manufacture the modules that enable onsite assembly of the power plants.

Discussions will also continue with the UK government on identifying the delivery models that will enable long-term investment in this vital, net-zero enabling technology. Rolls-Royce SMR is engaging with export customers across many continents who need this technology to meet their own net zero commitments.

Rolls-Royce SMR is using proven nuclear technology, coupled with a unique factory-made module manufacturing and onsite assembly system, to harness decades of British engineering, design and manufacturing knowhow. It brings together the best of UK industry to ensure a decarbonisation solution that will be available to the UK grid in the early 2030s. The potential for this to be a leading global export for the UK is unprecedented.

Nine-tenths of an individual Rolls-Royce SMR power plant will be built or assembled in factory conditions and around 80% could be delivered by the UK supply chain – a unique offering in energy infrastructure in the UK. Much of the venture’s investment is expected to be focused in the north of the UK, where there is significant existing nuclear expertise.

For more information visit the Rolls-Royce website.

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