10th Jun 2025 09:25
(Alliance News) - Great British Nuclear on Tuesday said it has chosen a consortium led by Rolls-Royce Holdings PLC as the preferred bidder to partner in the development of small modular reactors in the UK.
In response, shares in the London-based aerospace and defence company rose 2.2% at 907.40 pence each in London on Tuesday morning, an all-time high.
In a statement, Great British Nuclear said the government is pledging over GBP2.5 billion for the overall small modular reactor programme in the spending review period, powering the equivalent of around 3 million homes.
Rolls-Royce SMR has been selected by GBN to build three SMR units in the UK.
The business is majority owned by Rolls-Royce Holdings PLC with other investors including Qatar Investment Authority, Constellation Generation Ltd, BNF Resources and CEZ.
Rolls-Royce Chief Executive Tufan Erginbilgic called it a "very significant milestone for our business and Rolls-Royce SMR".
"It is a vote of confidence in our unique nuclear capabilities, which will be recognised by governments around the world. It is also evidence that the strategic choices we have made in the transformation of Rolls-Royce are delivering," he added.
The company said the award is "testament to Rolls-Royce's unique nuclear capability and the proven technologies within the SMR venture."
"The GBN decision will help the business retain its crucial first mover advantage in a market that is growing and attracting significant international interest," Rolls-Royce added.
The global SMR market is, according to the International Energy Agency, projected to reach up to nearly GBP500 billion by 2050.
By Jeremy Cutler, Alliance News reporter
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