The creation of the Rolls-Royce Small Modular Reactor (SMR) business was announced yesterday, following a £195m cash injection from private firms and a £210m grant from the government. It is hoped the new company could create up to 40,000 jobs by 2050.
The investment by Rolls-Royce Group, BNF Resources, Exelon Generation, and the government will go towards developing Rolls-Royce’s SMR design and take it through regulatory processes to assess whether it is suitable to be deployed in the UK. Most of the venture’s investment is expected to be focused in the north of the UK, where there is existing nuclear expertise.
