Rolls-Royce SMR has won the UK’s Great British Nuclear competition to develop small modular reactor (SMR) technology, securing approval to build three units. This milestone strengthens the company’s lead in nuclear innovation, supports job creation and exports, and reinforces Rolls-Royce’s transformation into a high-growth, future-focused business. Read the full press release:
Rolls-Royce SMR has been successful in the Great British Nuclear (GBN) competition to select a provider of small modular reactor (SMR) technology, in a boost to economic growth and exports that will create significant long-term value for Rolls-Royce (LSE: RR., ADR: RYCEY).
The success of Rolls-Royce SMR in the two-year-long process is testament to Rolls-Royce’s unique nuclear capability and the proven technologies within the SMR venture. Rolls-Royce SMR is 18 months ahead of its competition in the UK’s independent industry regulatory assessment process. The GBN decision will help the business retain its crucial first mover advantage in a market that is growing and attracting significant international interest.
Rolls-Royce SMR has been selected by GBN to build three SMR units in the UK. The success of Rolls-Royce SMR will generate employment, boost the supply chain and generate economic growth, including through the capture of significant export opportunities. It is also further evidence of the transformation of Rolls-Royce into a high-performing, competitive, resilient and growing business that is able to invest in its future growth to the benefit of all stakeholders.
Tufan Erginbilgic, CEO, Rolls-Royce, said:
This is a very significant milestone for our business and Rolls-Royce SMR. It is a vote of confidence in our unique nuclear capabilities, which will be recognised by governments around the world. It is also evidence that the strategic choices we have made in the transformation of Rolls-Royce are delivering. I believe the value of Rolls-Royce SMR will grow materially from here as we successfully execute and deliver on the potential of this venture. I would like to thank the team in Rolls-Royce SMR for their hard work and dedication in getting to this important stage.”
Rolls-Royce SMR is a business with a unique and differentiated product offering and an attractive business model. This announcement maintains its first mover advantage – with commitments made in the UK and the Czech Republic – and as the furthest through any European regulatory process.
The total market for SMRs is significant, with the International Energy Agency (IEA) currently forecasting that global electricity generation will double by 2050. Nuclear has a vital role to play both in the creation of energy supply security and the generation of carbon-free power.
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