Almost £200 million of private sector funding has been raised to launch a new generation of mini-nuclear power stations.
Some £195 million in funding to develop the low cost, low carbon, Rolls-Royce Small Modular Reactor (SMR) business will come from the Rolls-Royce parent group, BNF Resources 海角视频 and Exelon Generation.
It means the SMR business can go on to secure a further £210 million of 海角视频 Research and Innovation funding.
Rolls-Royce, which has 海角视频 bases in Derby and Filton, South Gloucestershire, said that the SMR business would create 40,000 海角视频 jobs when fully operational by 2050 and generate £52 billion in economic benefit.
It said the plans were a big part of the 海角视频’s Net Zero agenda, with a single mini power station occupying around a tenth of the size of a conventional nuclear plant, and generating enough power for around one million homes.
Rolls-Royce said it still needs further investment but it would now be able to start identifying sites for factories to make the modules for the on-site assembly of the plants.
It has previously been reported that up to 80 per cent of the components will be made in factories in the Midlands and North of England.
The consortium behind the plans – which includes Laing O’Rourke, the National Nuclear Laboratory and the Nuclear AMRC – is already in talks with potential customers overseas.
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Announcing the successful funding round, Rolls-Royce chief executive Warren East said: “The SMR programme is one of the ways that Rolls-Royce is meeting the need to ensure the 海角视频 continues to develop innovative ways to tackle the global threat of climate change.
“With the Rolls-Royce SMR technology, we have developed a clean energy solution which can deliver cost competitive and scalable net zero power for multiple applications from grid and industrial electricity production to hydrogen and synthetic fuel manufacturing.
“The business could create up to 40,000 jobs, through 海角视频 deployment and export enabled growth.
“As a major shareholder in Rolls-Royce SMR, we will continue to support its path to successful deployment.”
Rolls-Royce said the project uses “proven” nuclear technology which has been used in 400 reactors around the world, and brings together the best of 海角视频 industry for a project that could start supplying the grid with decarbonised electricity by the early 2030s.
A single Rolls-Royce SMR power station would occupy the footprint of two football pitches and could even be used to power the production of green hydrogen and sustainable aviation fuels – an area Rolls-Royce is working on for its jet engines which are a major contributor of greenhouse gases.
Business and Energy Secretary Kwasi Kwarteng called it a “once in a lifetime opportunity” for the 海角视频 to deploy more low carbon energy than ever before and ensure greater energy independence.
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He 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 海角视频 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.
“By harnessing British engineering and ingenuity, we can double down on our plan to deploy more home-grown, affordable clean energy in this country.”
Rolls-Royce SMR chief executive Tom Samson called the funding announcement “fantastic news”.
He said: “It is a major vote of confidence in British nuclear technology and the potential for building a world-leading domestic supply chain.”
Rolls-Royce will own 80 per cent of the business and has committed £50 million of capital investment.