Proactive Investors - Aerospace firm Rolls-Royce Holdings PLC (LON:RR) has been selected as the preferred supplier of mini nuclear reactors to state-owned Czech utility company ČEZ Group.
Hailing the “landmark” announcement, Chris Cholerton, chief executive of Rolls-Royce’s small modular reactor (SMR) division, said that discussions to finalise contract terms are “ongoing”.
Rolls-Royce won the competitive bid over seven other SMR technology providers, he added.
“This important strategic partnership further strengthens Rolls-Royce SMR’s position as Europe’s leading SMR technology, and will put CEZ, Rolls-Royce SMR and its existing shareholders at the forefront of SMR deployment.”
The Czech government said the project will “help modernise the Czech energy industry and open up new opportunities for the domestic industry”.
Rolls-Royce has been seeking additional funding to reinforce its SMR division, having drummed up half a billion pounds from investors to date.
Rolls-Royce SMRs are significantly smaller than traditional nuclear reactors, which can have capacities of 1,000 MW or more. Each Rolls-Royce SMR has a physical footprint of around 1.5 hectares, compared to 100 hectares for a large-scale reactor.
Each Rolls-Royce SMR is designed to generate 470 megawatts (MW) of electrical power, purportedly enough to power one million homes.