British engine maker Rolls-Royce announced, Tuesday, that it will build small nuclear reactors “at low cost” in the United Kingdom “after successful fundraising” with a group of investors.
Rolls-Royce, BNF Resources and Exlon Generation Limited will jointly invest 195 million pounds ($263 million) over three years. For its part, the British government will inject 210 million pounds ($283 million) through the British government’s Research and Innovation Agency, an investment the Prime Minister has already announced in his 10-point plan for a green industrial revolution.
Rolls-Royce confirmed that it will continue to “actively seek further funding” and will identify sites for “factories that will create the units that will allow on-site assembly,” according to the statement.
The statement quoted Rolls-Royce CEO Warren East as saying that these activities could “create up to 40,000 jobs, thanks to their spread in the UK” and export activities.
The UK has committed to decarbonizing electricity by 2035. To do so, it is committed to using wind energy, particularly offshore, but also nuclear power.
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