The FINANCIAL — The funding is to accelerate the design of small modular reactors (SMR) to make the UK a world leader in advanced nuclear technology, according to UKRI.
As part of the Industrial Strategy Challenge Fund, £18 million has already been contributed towards phase one of the Low Cost Nuclear Challenge (LCN). This was match-funded by Rolls-Royce plc and a consortium of industrial partners, to develop an SMR design that would enter the generic design assessment process.
This next £210 million grant awarded to Rolls-Royce SMR Ltd marks the commencement of the second phase of the programme, which will:
build on the concept reactor design
develop detailed designs
undergo the UK regulatory approval process.
Business and Energy Secretary Kwasi Kwarteng will formally announce the grant on a visit to the Nuclear AMRC in Sheffield today, 9 November. This is in line with a commitment made in the Prime Minister’s 10-point plan to reach net zero by 2050.
The Chief Executive for Rolls-Royce will also confirm initial match-funding from private sector investors.
The government confirmed its commitment to developing large, small, and advanced nuclear projects to help the UK reach net zero in:
the 10-point plan for a green industrial revolution
the energy white paper.
See full release issued by Department of Business, Energy and Industrial Strategy (BEIS).
