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.

       The United Kingdom is supporting nuclear as the best way to back up intermittent renewable generation and to eliminate fossil fuels from power plants by 2035.

       The Treasury will allocate ￡1.7bil (RM9.57bil) to bringing forward a final investment decision on at least one large-scale nuclear project – most likely Electricite de France SA’s Sizewell C.

       Small modular reactors and advanced modular reactors are potentially cheaper and quicker to build than big conventional stations that have been in use for decades. Companies led by Rolls Royce Holdings are working on 16 small reactors by 2050.

       “Small modular reactors offer exciting opportunities to cut costs and build more quickly, ensuring we can bring clean electricity to people’s homes and cut our already-dwindling use of volatile fossil fuels even further,” Business Secretary Kwasi Kwarteng said in a statement.

       Developing them can “also position our country as a global leader in innovative nuclear technologies we can potentially export elsewhere,” he said.

       Rolls-Royce, BNF Resources UK Ltd and Exelon Generation Ltd will invest ￡195mil (RM1.09bil) over three years.

       Rolls-Royce has already committed ￡50mil (RM281.44mil) to phase two of the project. Rolls-Royce has said it needs about ￡2bil (RM11.26bil) to bring its plans to fruition.

       “Discussions will also continue with the UK government on identifying the delivery models that will enable long-term investment in this vital, net-zero enabling technology,” Rolls-Royce said. ― Bloomberg