Proactive Investors - Rolls-Royce Holdings PLC (LON:RR.) has been named as one of six companies to pass through the first round of Britain’s mini-nuclear reactor competition.
Alongside peers, Rolls-Royce will now be invited to bid for government contracts to support its development of small modular reactor (SMR) technology.
EDF (EPA:EDF), GE-Hitachi Nuclear Energy International LLC, Holtec Britain Limited, NuScale Power, and Westinghouse Electric Company UK Limited have also been chosen for the next round of the competition, the government said in a statement.
SMRs are designed to be largely built in factories, offering a potentially cheaper and faster way of bringing nuclear power to the grid.
Rolls-Royce is developing a £1.8 billion reactor, which is designed to power up to one million homes and be mainly built with British-sourced parts.
Though six companies have seen their tech potentially backed for government funding, Rolls-Royce’s is the only design currently being assessed by regulators.
“This competition has attracted designs from around the world and puts the UK at the front of the global race to develop this exciting, cutting-edge technology and cement our position as a world leader in nuclear innovation,” energy secretary Claire Coutinho said.
Each firm was chosen based on its ability to bring operational mini-nuclear reactors to the grid by the mid-2030s, the government added.
They will now be invited to apply for contracts later this year, ahead of awards being announced next summer.