The agreement between the UK and US Governments to deepen cooperation in advanced nuclear technologies and make it quicker for companies to build new nuclear power stations sets the stage for a significant step forward in the energy security and resilience of the two nations. The Atlantic Partnership for Advanced Nuclear Energy will help ensure the accelerated development and deployment of advanced nuclear reactor technologies in the US and UK. Building a bridge between the world’s first and world’s largest civil nuclear power markets.
The global market for advanced nuclear technologies is estimated to be worth many trillions up to 2050. Secure, scalable and reliable power across civil, defence, industrial and maritime sectors is needed to meet growing demands in digital and AI. In the US alone, demand for nuclear power is forecast to grow from 100GWe to 400GWe by 2050.
Rolls-Royce stands ready to seize the opportunity to further innovate and partner in the development of advanced nuclear technologies which will deliver thousands of skilled jobs, attract investment and support the economic growth of both the US and the UK.
Tufan Erginbilgic, CEO Rolls-Royce, said:
“We welcome the commitment of the US and UK Governments to accelerate the deployment of advanced nuclear technologies and secure an independent supply of advanced nuclear fuel. Nuclear will play a critical role in the energy resilience and security of both nations. Rolls-Royce has unique capabilities in nuclear as the only company globally with full lifecycle experience, end-to-end capability and an established supply-chain.”
“As the preferred bidder to develop the UK’s first Small Modular Reactors (SMR) we particularly welcome the commitment of the UK Government and Great British Energy – Nuclear to speed up deployment, through an accelerated licencing process alongside vital planning reforms, to get nuclear project sites in the UK approved more quickly. Delivering our three SMRs will enable us to support an average of almost 8,000 highly skilled UK jobs per year and accelerate the delivery of power to the grid, reducing energy bills, to the mid-2030s.
“We are also pleased to announce we have entered the US regulatory process for our SMR, a critical step to paving the way for additional jobs and investment potential in the US.”
UK Secretary of State for Energy and Climate Change, Ed Miliband, said:
The nuclear opportunities Rolls-Royce is exploring in the US represent the potential for exceptional job creation and economic growth in the UK, after Rolls-Royce was selected by Great British Energy – Nuclear earlier this year as a preferred bidder to build the UK’s first small modular nuclear reactors.
“By working with the US, we will reap the benefits of this golden age of nuclear, powering British homes with clean, homegrown energy, delivering well-paid skilled jobs and getting energy bills down for good.”
Rolls-Royce has a long history of collaboration with the US, in particular with BWXT. We are exploring ways to deepen this relationship across advanced nuclear technologies, building on our existing nuclear Teaming Agreement and the work on Project Pele, where we have an established collaboration on developing an Advanced Modular Reactor in the US.
In June this year, Rolls-Royce SMR Ltd was selected as the preferred bidder to develop the UK’s first commercial Small Modular Reactor (SMR). Rolls-Royce SMR Ltd. is committed to working with UK Government and the regulator to deliver power-to-grid by the mid-2030s. Building a fleet of SMRs will contribute £54bn for the British economy and unlock new export opportunities for the UK.
In October 2024, Rolls-Royce SMR was selected by energy firm CEZ to deploy up to 3GW of electricity in the Czech Republic. We continue to see significant international interest in Rolls-Royce SMRs, including in Sweden where we have been shortlisted as one of two potential SMR providers by Vattenfall.
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