What is the story about?
What's Happening?
Rolls-Royce has expressed support for a new agreement between the UK and US to enhance cooperation in advanced nuclear technologies. The Atlantic Partnership for Advanced Nuclear Energy aims to accelerate the development and deployment of advanced nuclear reactor technologies by streamlining regulations and fostering collaboration between the two countries. This partnership is expected to strengthen energy security and resilience, with the global market for advanced nuclear technologies projected to be worth trillions by 2050. Rolls-Royce's small modular reactor (SMR) business has been named the UK's preferred bidder to build the nation's first commercial SMRs, with plans to deliver power by the mid-2030s.
Why It's Important?
The UK-US partnership represents a significant opportunity for both countries to lead in the development of advanced nuclear technologies, which are crucial for achieving energy security and reducing carbon emissions. Rolls-Royce's involvement highlights the potential for creating skilled jobs and attracting investment in the nuclear sector. The collaboration could also set a precedent for international cooperation in nuclear technology, driving innovation and economic growth while addressing global energy challenges.
What's Next?
Rolls-Royce is entering the US regulatory process for its SMR design, aiming to unlock additional jobs and investment opportunities in North America. The company is also collaborating with US firm BWXT on Project Pele, developing an advanced modular reactor for the US Department of Defense. As the partnership progresses, it is expected to facilitate the deployment of advanced nuclear technologies, delivering long-term benefits such as clean energy, job creation, and economic growth.
