logo
  

Rolls-Royce Says Funding Secured For Small Modular Reactors; Stock Up

Shares of Rolls-Royce Holdings plc (RYCEF.PK,RR.L,RYCEY.PK) were gaining around 4 percent in the early morning trading in London after the British luxury car maker announced Tuesday that funding has been secured for small modular reactors.

The company noted that the Rolls-Royce Small Modular Reactor or SMR business has been established following a successful equity raise. The SMR business will bring forward and deliver at scale the next generation of low cost, low carbon nuclear power technology.

Rolls-Royce Group, BNF Resources UK Limited and Exelon Generation Limited will invest 195 million pounds across a period of around three years. The funding will enable the business to secure grant funding of 210 million pounds from UK Research and Innovation funding.

The business will continue to seek further investment. The company said the business will now proceed rapidly with a range of parallel delivery activities, including entry to the UK Generic Design Assessment process and identifying sites for the factories which will manufacture the modules that enable on-site assembly of the power plants.

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 SMR is engaging with export customers across many continents who need this technology to meet their own net zero commitments.

The company added that nine-tenths of an individual Rolls-Royce SMR power plant will be built or assembled in factory conditions and around 80% could be delivered by a UK supply chain.

In London, Rolls-Royce shares were trading at 147 pence, up 3.7 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Oilfield services company Schlumberger Ltd. reported Friday a profit for the fourth quarter that surged 61 percent from last year, reflecting 13 percent higher revenues amid growth across all segments and regions. Both adjusted earnings per share and quarterly revenues topped analysts' estimates. Twitter Inc. has launched a new feature to allow some users of its Blue subscriber service to keep non-fungible tokens or NFTs as their profile pictures. Twitter Blue is now available in the US, Canada, Australia, and New Zealand. NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. Frozen Food Development is recalling specific lots of Lidl branded 12-ounce packages of Frozen Chopped Spinach citing the potential to be contaminated with Listeria monocytogenes, the U.S. Food and Drug Administration said. The product comes in 12-ounce poly bags, and items included in the recall are marked with lot # R17742 or R17963 on the back of the poly bag with a best by date of 09/10/23.
Follow RTT