Rolls-Royce Secures £599m UK Government Funding for Small Modular Reactors
Rolls-Royce has secured up to £599 million from the UK’s national wealth fund to advance the development of the country’s first small modular nuclear reactors (SMRs). This investment supports the design and construction of SMR technology at the Wylfa site on Anglesey, Wales, marking a critical milestone in the UK’s push for energy security and low-carbon power. The funding is expected to create approximately 1,000 jobs and facilitates immediate work following a contract signed with Great British Energy – Nuclear (GBE-N), which acquired the decommissioned Wylfa plant in 2024. Chancellor Rachel Reeves highlighted the deal’s role in strengthening energy independence and fostering a new export industry for British nuclear technology. Rolls-Royce CEO Tufan Erginbilgiç described the agreement as essential for unlocking global deployment opportunities. The project represents a significant shift in UK energy policy under the Labour government, aiming to replace previous failed initiatives by Hitachi and establish a domestic manufacturing base for next-generation nuclear power.
Wire timeline
Rolls-Royce Secures £599m UK Government Funding for Small Modular Reactors
Rolls-Royce has secured up to £599 million from the UK’s national wealth fund to advance the development of the country’s first small modular nuclear reactors (SMRs). This investment supports the design and construction of SMR technology at the Wylfa site on Anglesey, Wales, marking a critical milestone in the UK’s push for energy security and low-carbon power. The funding is expected to create approximately 1,000 jobs and facilitates immediate work following a contract signed with Great British Energy – Nuclear (GBE-N), which acquired the decommissioned Wylfa plant in 2024. Chancellor Rachel Reeves highlighted the deal’s role in strengthening energy independence and fostering a new export industry for British nuclear technology. Rolls-Royce CEO Tufan Erginbilgiç described the agreement as essential for unlocking global deployment opportunities. The project represents a significant shift in UK energy policy under the Labour government, aiming to replace previous failed initiatives by Hitachi and establish a domestic manufacturing base for next-generation nuclear power.
The Guardian