Rolls Royce, a British engineering company, intends to start up its first small modular nuclear reactor (SMR) in 2029. The government has already invested $274 million in Rolls Royce’s SMR development. Rolls Royce’s SMR design has been submitted to the UK’s nuclear regulator for approval.
Reportedly, Rolls Royce’s experience in the power sector came from its subsidiary MTU Solutions, which specialised in bespoke power system engineering. The company’s SMR design would generate 470 MW with an initial cost of around $3 billion. With an operating cost of $68 per MWh, the company anticipates this to fall to $2.45 billion over time. Furthermore, the UK government recently released its Energy Security Strategy, which emphasised the expansion of nuclear power in the country. The whitepaper lays out plans to build 16 GW of new nuclear power, tripling the country’s current nuclear capacity.
In July 2021, Rolls Royce announced an investment in Kowry Energy, a Berlin-based start-up that provides sustainable and decentralised energy systems. By merging renewable energy sources such as solar and battery storage systems, the start-up will deliver energy solutions employing photovoltaic systems and demand of up to 1 MW in collaboration with local independent power providers and operators.