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© Reuters. Rolls-Royce and Fortum to explore SMR opportunities in Finland and Sweden
Proactive Investors - Rolls-Royce Holdings PLC's SMR division and Finland's Fortum have signed an agreement to jointly explore the opportunities for the deployment of small modular reactors (SMR) in Finland and in Sweden.
In a statement, the Finnish company said the venture is part of Fortum’s feasibility study exploring the prerequisites for new nuclear in Finland and Sweden in cooperation with customers and partners.
Rolls-Royce SMR was established in November 2021 to bring a modularised, factory-built SMR to market, capable of generating 470 megawatts (MW) of low-carbon electricity for at least 60 years.
“Rolls-Royce SMR is honoured to be collaborating with Fortum, as one of the most respected nuclear operators in the Nordics, and we see great benefit in the co-operation between our two organisations,” said Alan Woods, Director of Strategy and Business Development for Rolls-Royce SMR.
“The importance of energy security has increased dramatically, and we see our unique approach to nuclear new build - focusing on delivery capability and cost-effectiveness - as the best solution to providing low-carbon energy for generations to come. We look forward to working with Fortum during their feasibility study,” he continued.
The agreement forms part of Fortum’s nuclear feasibility study launched in November 2022.
In addition to Rolls Royce SMR, Fortum has made cooperation agreements with French EDF, Swedish Kärnfull Next and Finnish Helen. Any potential investment decision will be made at a later stage.
Last week Rolls-Royce said it welcomed the government’s new commitment to small modular reactors (SMRs) in the UK, especially given it is the only manufacturer.
Chancellor Jeremy Hunt announced financial support for the prospective mini nuclear reactor industry in his spring budget on Wednesday, including a commitment to co-fund projects that get approved.
“Rolls-Royce SMR has called for rapid progress from the government and we welcome the adoption of that principle in this process,” the FTSE 100-listed company told Proactive.
Shares in Rolls-Royce jumped 4.6% to 147.44p in London on Tuesday
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