Posted:

November 10, 2021 00:21 GMT

The United Kingdom has announced that it will fund more than half of the ambitious programme.

The United Kingdom will fund Rolls-Royce’s new project to build the legendary engine to build the country’s first small nuclear reactors, as part of a nationwide push towards cleaner energy sources.

The British government is ready to invest 283 million dollars In the project to build small modular reactors (SMRs) that would generate nuclear energy. Rolls-Royce, which will own 80% of the project, will invest in other investments $263 million With two partners, BNF Resources UK and Exelon Generation.

British Business and Energy Minister Kwasi Quarting described the project as a “unique opportunity for the country to spread more low carbon energy Ever and greater guarantee energy independence“, reach Reuters.

The official said that SMR technology allows costs to be cut and construction built faster, ensuring clean electricity for homes and a greater reduction in the already declining use of fossil fuels.

Rolls Royce stock rose nearly 4% When knowing government funding for the ambitious project. With the new business unit the company hopes to create up to 40 thousand job opportunitiesIn addition, it will have an “unprecedented” potential for the global export of technology and energy produced by small and medium-sized enterprises.

Unlike conventional nuclear power plants, SMR can be produced in factories and then transported for easy assembly over large areas. Each SMR is capable of producing enough energy to provide a million homes, which is the same thing from which they produce about 150 wind turbines.

currently , Nuclear Energy represents about 20% power generation in the United Kingdom. According to Rolls-Royce estimates, the UK will need 16 SM To replace existing nuclear power plants, all but one of which are scheduled to close by 2030.