Rolls Royce announced this Monday it secured 195 million pounds from several partners to advance Small Modular Reactors; a next-generation nuclear technology. The funds will help the company secure a 210 million pounds grant funding from the UK Research and Innovation Fund.
Firstly, the commitment from the UK government to Rolls Royce comes as another step towards the delivery of the Government’s net-zero strategy and its ‘Ten Point Plan for a Green Industrial Revolution.’
Moreover, the first 195 million pounds investment will come from Rolls-Royce Group, BNF Resources UK Limited, and Exelon Generation Limited. After today’s announcement, the company will proceed with a range of activities. Firstly, it will enter the UK Generic Design Assessment (GDA) process.
Secondly, it will start to identify sites for the factories which will manufacture the devices for on-site assembly of the power plants. Discussions will also continue with the UK Government on identifying the delivery models best for long-term investment.
Indeed, Rolls Royce plans to make SMR technology affordable and scalable. The modules that the company will design will feature an on-site assembly system to ease the transportation of the components. The company intends to have this technology widely available for the UK during the 2030’s.
Also recommended for you: IEA Inc. posts record revenues on 3Q; increases estimates for full year. Click here to read.
Rolls Royce SMR making a significant contribution to decarbonization
Furthermore, a single Rolls Royce SMR power station will occupy the footprint of two football pitches and power approximately one million homes. It will also support both on-grid electricity and a range of off-grid clean energy solutions. This would help to decarbonize industrial processes like the production of clean fuels; particularly sustainable aviation fuel, which the company expects to also deliver to the industry.
About the milestone for the company’s SMR business, Paul Stein, Chief Technology Officer, said. “By deploying SMRs in the UK and overseas, we will be making a significant contribution to decarbonization.”
He also remarked. “While the decarbonization of the electricity grid is vital, I am particularly excited by the use of SMRs to synthesize net-zero fuels which can be used to power Rolls-Royce engines.”
Finally, Ralph Hunter, Chief Operating Officer of Exelon Nuclear Partners, concluded. “This partnership exemplifies our commitment to investing in clean energy technologies that will create a more sustainable future. We believe that small modular reactors could become a crucial part of the world’s clean energy mix, and we are confident that, as an operational partner, we can help develop, deploy and operate a fleet of world-class SMRs.”
