UK targets £250bn export market following SMR investment
The UK could take a lead in an export market worth around £250bn following the award of government funding to support the development of a small modular reactor (SMR) design.
The government has committed £18m to support the development of this new type of power station as part of the Industrial Strategy Challenge Fund, subject to final confirmation in early autumn.
Rolls-Royce is leading a consortium that has proposed a joint investment of over £500m that is focused on designing a first-of-a-kind SMR and delivering a working model in the early 2030s, creating 40,000 jobs at its peak.
According to Rolls-Royce, government funding will be matched in part by consortium contributions and by attracting third-party investment. The company said that investment is needed to mature the design, address ‘considerable manufacturing technology requirements’ and take the design through the regulatory licensing process. It will also give the UK supply chain the confidence to invest in its capabilities.
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