U.K: Rolls-Royce to build small low-cost nuclear reactors

Rolls-Royce said it had created a new Small Modular Reactor (SMR) division after clinching a cash injection of £405 million ($547 million, 473 million euros). Rolls-Royce, BNF Resources and Exelon Generation will together invest £195 million over three years alongside a £210-million state grant. The London-listed engineering giant hopes the new business could create up to 40,000 jobs by 2050.

"The SMR programme is one of the ways that Rolls-Royce is meeting the need to ensure the UK continues to develop innovative ways to tackle the global threat of climate change. With the Rolls-Royce SMR technology, we have developed a clean energy solution. The development would "bring clean electricity to people's homes and cut our already-dwindling use of volatile fossil fuels even further". said chief executive Warren East.

Britain's nuclear power plants built in the last century have either closed or are coming to the end of their lifespan.The Hinkley Point scheme in southwest England, the only nuclear project under construction, is due to be completed in 2025. The UK government wants to maintain the 20 percent of electricity it generates from nuclear power to help meet its pledge to reduce carbon emissions to net zero by mid-century and tackle climate change.

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