The United Kingdom has pledged to invest almost EUR 250 million in nuclear energy. The investment should help the country achieve its ambition to be climate neutral by 2050.
The money will go to engine builder Rolls-Royce, which, among other things, builds the nuclear reactors for British nuclear submarines. The company is leading a consortium that aims to have the first so-called small modular nuclear reactor built in the United Kingdom by 2030.
Faster and cheaper to build
These small modular reactors (SMR), which are currently being developed in many countries, are cheaper and faster to build than traditional nuclear power plants. For example, the parts of the reactors can be built in the factories and transported via trucks, ships or freight trains to the location where the reactor will be located. The reactor can then be assembled on site.
According to Rolls-Royce, the total construction time of the reactors is four years. Tom Samson, head of the SMR project at Rolls-Royce, called the public investment “great news” in a press release.
British energy minister Kwarteng sees the mini-reactors as opportunities to offer British households both green energy and at the same time reduce the use of fossil fuels.
For the time being, investors only appear to be hesitant to invest in large, new core technology initiatives. With the British government money, the Rolls-Royce SMR project should be able to take the next steps more quickly.
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