The small nuclear reactor division operated by FTSE 100 behemoth Rolls-Royce has recorded losses of £115m in 2024, it has emerged.
Rolls-Royce SMR, which remains without revenue generation, has reported increased deficits following a £78m shortfall in 2023, as reported by .
Fresh filings submitted to Companies House have revealed that the unit's government grant income climbed from £65.4m to £86.9m during 2024.
READ MORE: {}
The division's workforce expanded from 590 to 714 employees throughout the period.
Speaking in July, group chief executive Tufan Erginbilgic stated his expectation for the SMR division to achieve profitability and positive free cash flow by 2030.
Rolls-Royce SMR partners with CEZ
Rolls-Royce SMR operates as a joint venture between the FTSE 100 titan and Czech energy firm CEZ.
During June, the division secured selection as the 海角视频's designated supplier of small modular reactor (SMR) technology.
The unit emerged victorious in the Great British Nuclear (GBN) contest after a two-year evaluation process.
Most Read
The division will proceed to construct three facilities across the 海角视频 in a development the company stated would "generate employment, boost the supply chain and generate economic growth, including through the capture of significant export opportunities".
CEZ acquired a minority holding in Rolls-Royce SMR during October 2024.
The Derby-based conglomerate has transferred a 20 per cent stake in Rolls-Royce SMR through an agreement valued at hundreds of millions of pounds.
CEZ intends to construct the inaugural small modular reactor at the established Temelin nuclear facility during the first half of the 2030s. The agreement is anticipated to lead to the installation of up to three gigawatt-producing (GW) energy sources in the Czech Republic.
CEZ will also engage in other projects by Rolls-Royce SMR across Europe and globally.
City AM recently disclosed that Rolls-Royce plc's value has surpassed £100bn following a remarkable surge in its share price.
Rolls-Royce now ranks as the fifth most valuable company on the London Stock Exchange.