Rolls-Royce has secured £600m in funding from a consortium of private investors and the UK government to develop small modular reactors (SMRs) for cleaner energy. The investment includes £195m from private firms and a £210m government grant, alongside contributions from Rolls-Royce Group, BNF Resources, and Exelon Generation.
The new Rolls-Royce SMR business aims to create up to 40,000 jobs by 2050. Each reactor, occupying about a tenth of the size of a conventional nuclear plant, could power around one million homes. The company plans to build up to 16 reactors across the UK if approved.
Business and Energy Secretary Kwasi Kwarteng described SMRs as an opportunity to 'cut costs and build more quickly', while Rolls-Royce CEO Warren East highlighted the technology as a 'clean energy solution' to tackle climate change. The reactors are expected to cost around £2bn each, significantly less than the £20bn for larger plants like Hinkley Point.
Critics, however, argue that investment should focus on renewables. Paul Dorfman of the Nuclear Consulting Group warned that nuclear funding could divert resources from other low-carbon technologies. Greenpeace's Dr Doug Parr noted that SMRs remain more expensive than renewables and lack a waste disposal solution, while Friends of the Earth urged support for wind, solar, and energy efficiency instead.
