Rolls-Royce announced today that it had secured funding for small modular reactors and established the Rolls-Royce Small Modular Reactor (SMR) business with an aim of delivering low-cost, low carbon nuclear power technology. This will unlock £210 million from UK Research and Innovation.
The world's second largest aircraft engine manufacturer is a jewel in the crown of British manufacturing and this funding is said to have the potential to create 6000 new jobs in the Midlands and North of England. If this can be shown to be an effective way of generating safe, low-carbon power, there is a potential for a very large export market and this could be an effective way of meeting the world's future carbon targets.
This will be no easy task and will take a great deal of hard work and innovation to achieve the desired end result, particularly in an industry which is traditionally very conservative, but with the knowledge and experience of Rolls-Royce, I am very hopeful that this will be one further step towards the 2030 goals.
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.
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