Rolls-Royce raises US$617mil for small reactors

New phase: A Rolls-Royce assembly line in the firm’s factory in England. Its small modular nuclear reactors are in line with the UK’s plan to eliminate fossil fuel by 2035. ― AP

LONDON: A Rolls-Royce Holdings Plc project has raised £455mil (US$617mil or RM2.56bil) toward developing small modular nuclear reactors in Britain, with almost half coming from the government.

The government has committed £210mil (RM1.18bil) toward developing the small modular rectors, secured by private-sector funding of £245mil (RM1.38bil), according to statements. That will take forward phase two of the project, which is focused on getting reactor design approval and identifying sites for manufacturing parts for on-site assembly of the plants.