By Ian Walker 
 

Rolls-Royce Holdings PLC said Tuesday that it has established the Rolls-Royce Small Modular Reactor business as part of the U.K. Government's net zero strategy and 10-point plan.

The engine maker said that it, BNF Resources UK Ltd. and Exelon Generation Ltd. will invest 195 million pounds ($264.5 million) into the nuclear-reactor business over three years. It also expects to get a GBP210 million grant from the U.K. Government as part of its plan for a "green industrial revolution."

The new business will now start the search for sites for factories to manufacture the models that enable on-site assembly of the power plants.

"The business could create up to 40,000 jobs, through U.K. deployment and export enabled growth. As a major shareholder in Rolls-Royce SMR, we will continue to support its path to successful deployment," Rolls-Royce Chief Executive Warren East said.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

November 09, 2021 02:38 ET (07:38 GMT)

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