The United Kingdom has pledged 210 million pounds ($283 million) to assist Rolls-Royce in the construction of the country’s first small modular nuclear reactor, as a part of the country’s efforts to achieve net zero carbon emissions.
To meet this target by 2050, a significant increase in low-carbon power generation, such as wind, solar and nuclear energy, will be required. The new large-scale nuclear projects face funding challenges as the country has only started to recover from the pandemic recently.
Kwasi Kwarteng, the Minister of Business and Energy said in a statement that the SMRs (Small Modular Reactors) can offer several exciting opportunities to reduce the cost while also finishing the construction quickly. SMRs can ensure to provide clean energy to the homes and reduce the use of fossil fuels further.
As part of its so-called green industrial revolution, Britain also intends to increase the number of clean technology jobs and reduce its reliance on fossil fuels, amidst a swell in global gas prices.
Several small energy suppliers in the United Kingdom have gone bankrupt as a result of this year’s dramatic rise in gas prices.
SMRs can be built in factories and assembled much more quickly and cheaply than large-scale reactors, with parts small enough to be transported on trucks and barges.
According to the government, the funding will allow the technology to progress through the next stages of nuclear regulatory process in the United Kingdom, as well as aid in the identification of sites where mini nuclear plants could be deployed.
Rolls-Royce SMR Ltd, a Special Purpose Vehicle, will receive a 195 million pound investment over three years from three companies namely, Rolls-Royce Group, BNF Resources UK Limited and Exelon Generation Limited.
Following the completion of this equity raising, the Rolls-Royce Group will own approximately 80 percent of Rolls-Royce SMR, the company informed.
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