The following is from a press release published today (November 8, 2021) from Rolls Royce Group:
The full press release can be found at the following link:
Rolls-Royce announces funding secured for Small Modular Reactors
Rolls-Royce (LSE:RR., ADR:RYCEY) announced today that following a successful equity raise, the Rolls-Royce Small Modular Reactor (SMR) business has today 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 Limited and Exelon Generation Limited will invest £195m across a period of around three years. The funding will enable the business to secure grant funding of £210 million from UK Research and Innovation funding, first announced by the UK Prime Minister in ‘The Ten Point Plan for a Green Industrial Revolution’. Today’s announcement is another step towards the delivery of the Government’s net zero strategy and its 10-point plan.
The business, which will continue to seek further investment, will now proceed rapidly 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 on-site 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.
Warren East, Rolls-Royce CEO adds, “the SMR programme is one of the ways that Rolls-Royce is meeting the need to ensure the UK continues to develop innovative ways to tackle the global threat of climate change. With the Rolls-Royce SMR technology, we have developed a clean energy solution which can deliver cost competitive and scalable net zero power for multiple applications from grid and industrial electricity production to hydrogen and synthetic fuel manufacturing. The business could create up to 40,000 jobs, through UK deployment and export enabled growth. As a major shareholder in Rolls-Royce SMR, we will continue to support its path to successful deployment.”
Business and Energy Secretary Kwasi Kwarteng said: “This is a once in a lifetime opportunity for the UK to deploy more low carbon energy than ever before and ensure greater energy independence. Small Modular Reactors offer exciting opportunities to cut costs and build more quickly, ensuring we can bring clean electricity to people’s homes and cut our already-dwindling use of volatile fossil fuels even further. In working with Rolls-Royce, we are proud to back the largest engineering collaboration the UK has ever seen – uniting some of the most respected and innovating organisations on the planet. Not only can we maximise British content, create new intellectual property and reinvigorate supply chains, but also position our country as a global leader in innovative nuclear technologies we can potentially export elsewhere. By harnessing British engineering and ingenuity, we can double down on our plan to deploy more home-grown, affordable clean energy in this country.”