Government invests £210m in small modular reactor development

The development for one of the world’s first small modular reactors (SMR) has been backed by £210m in new government funding for Rolls-Royce SMR.

Matched by private sector funding of over £250m, today’s investment will take forward phase 2 of the Low-Cost Nuclear project to further develop SMR design and take it through the regulatory processes to assess suitability of potential deployment in the UK.

SMRs have the potential to be less expensive to build than traditional nuclear power plants because of their smaller size. Their modular nature of the components offers the potential for parts to be produced in dedicated factories and shipped by road to site.

Rolls Royce SMR estimate that each Small Modular Reactor could be capable of powering 1 million homes.

This comes as Parliament considers the Nuclear Energy Financing Bill which establishes a new financing model for nuclear projects, known as the Regulated Asset Base (RAB).

Business and Energy Secretary Kwasi Kwarteng MP, said: “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.”

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