It may include adverts from us and 3 rd parties based on our understanding. The move is to help Prime Minister Boris Johnson race to his target of zero-carbon electricity by 2035 in a move that is set to impress ahead of the COP 26 Climate Summit in Glasgow in less than two weeks time. On Friday Mr. Warren East visited Rolls-Royce's Bristol factory where he was shown their state of the art facility by their CEO, Jim Johnson A consortium led by Rolls-Royce was already getting more than 210 million from investors for the small modular reactor SMR project, a sum that the government is expected to match and even surpass.
The consortium, with the name Rolls-Royce SMR, is about to rebrand British engineering firm UK SMR under a request from the Government. Tom Greatrex, chief executive of the Nuclear Industry Association NIA said: Match funding for Rolls-Royce would be a new signal to private investors that the government wants SMRs with large-scale stations to hit net zero. It would also show investors that the government believes in nuclear as a green technology. Government support will help with the consortium s multi-billion pound plans to build 16 SMRs across the country.
The first SMR is expected to join the UK grid by 2031. The reactors are designed for easy construction and installation and will have a capacity of 470 megawatts MW, which is enough to power nearly 1.3 million British homes based on average household usage. The firm has also said that their new products will produce power to produce sustainable aviation fuel. Rolls-Royce is also advised by HSBC, which has helped it secure 210 million from private investors, which was a condition set by the government to them to hand out at least the same amount of funding. READ MORE: Putin outsmarted after offering to rescue UK from gas crisis.