Rolls-Royce has announced that they will develop new nuclear power technology after securing more than £450m from UK Government and investors.
According to reports, the Trawsfynydd site in Gwynedd and Wylfa site on Anglesey in north Wales are considered as possible locations to build the small nuclear power stations.
The business will set up a venture focused on developing small modular reactors (SMR) , which could be introduced by the early 2030s and create up to 40,000 jobs.
One SMR could be capable of powering 1 million homes and promises to be the “next generation of low cost, low carbon” nuclear power technology.
The Rolls-Royce Group has partnered up with BNF Resources UK Limited and Exelon Generation Limited, which will jointly invest £195m over the next three years.
The UK Government will then match the consortium’s investment with £210million from the UK Research and Innovation funding through the government’s ‘Ten Point Plan for a Green Industrial Revolution’.
Business and Energy Secretary Kwasi Kwarteng described the investment as a “lifetime opportunity for the UK”.
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.
“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 revealed that much of the venture’s investment is expected to be focused in the north of the UK, where there is “significant existing nuclear expertise”.
The engineering firm’s Chief Executive Warren East added: “The SMR programme is one of the ways that Rolls-Royce is meeting the need to ensure the UK 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 UK deployment and export enabled growth. As a major shareholder in Rolls-Royce SMR, we will continue to support its path to successful deployment.”
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