A division of Rolls-Royce has been chosen as the 海角视频's supplier for small modular reactor (SMR) technology.
Rolls-Royce SMR, jointly owned by the FTSE 100 heavyweight and Czech energy firm CEZ, emerged victorious in the Great British Nuclear (GBN) competition after a two-year selection process.
Following the announcement, Rolls-Royce's shares climbed on the London Stock Exchange, surpassing the 900p threshold for the first time ever.
READ MORE: {}
Rolls-Royce, which has 海角视频 sites in Derby and Filton, near Bristol, is set to construct three units in Britain. It is a development the company claims will "generate employment, boost the supply chain and generate economic growth, including through the capture of significant export opportunities".
Small modular reactors are designed to produce up to about one-third the electricity of conventional reactors. Developers argue that small reactors can be constructed more quickly and cost-effectively than larger power reactors, with scalability to meet specific local demands.
Chief executive Tufan Erginbilgic said: "This is a very significant milestone for our business and Rolls-Royce SMR. It is a vote of confidence in our unique nuclear capabilities, which will be recognised by governments around the world," as reported by .
"It is also evidence that the strategic choices we have made in the transformation of Rolls-Royce are delivering."
Mr Erginbilgic expressed his belief in the future growth of the venture, adding: "I believe the value of Rolls-Royce SMR will grow materially from here as we successfully execute and deliver on the potential of this venture.
Most Read
"I would like to thank the team in Rolls-Royce SMR for their hard work and dedication in getting to this important stage."
In a strategic move in October 2024, the esteemed FTSE 100 group offloaded a portion of its division to Czech energy firm CEZ, which is largely state-owned with nearly a 70% backing from the Czech government.
The engineering behemoth transferred a 20% stake in its Small Modular Reactor (SMR) division, securing a deal valued in the hundreds of millions.
During the announcement, CEZ had outlined its blueprint to erect the inaugural small modular reactor at its current Temelin nuclear site sometime in the early 2030s.
Additionally, the transaction is anticipated to foster the creation of up to three gigawatts (GW) of energy production facilities within the Czech Republic.
Like this story? Why not sign up to get the latest business news straight to your inbox.