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The group, led by British engineer Rolls-Royce, has gained support from the UK government for its bid to build the country’s first small modular reactor.
The consortium was selected as a priority bidder of four developers last year.
Although SMR is unlikely to run in the UK until the 2030s, this choice takes a step forward for UK technology.
It comes as the government announced £11.5 billion in new state funding for Suffolk’s new large-scale power plant, Sizewell C, on Tuesday.
The government said it would pledge £2.5 billion to SMRS over the current spending review period.
The Rolls-Royce Consortium was one of four bidders selected last year, including US-owned rivals Holtec Britain and Ge Hitachi and Canada-owned Westinghouse Electric.
SMR is all the term for a relatively small nuclear power plant using a variety of technologies, some of which can be constructed offsite.
Proponents say their size and modular structure means it is possible to build them with a blow-off of delays and costs that have bigger models.
However, critics warn that so far the certainty that the benefits will come true is not certain.
The SMR typically has a capacity of less than 300 megawatts, while the Rolls-Royce is larger at 470MW. This is a pressurized water reactor, a technology widely used all over the world.
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Rolls-Royce has already been selected as its preferred supplier by the Czech Republic government.
Czech utility Chez Group recently acquired a 20% stake in Rolls-Royce SMR venture. Other supporters include Private Investment Vehicle BNF Resources, US Constellations and Qatar Investment Bureau.
The consortium has invested around £280 million so far. It also secured £210 million in UK government funding to support it through a strict nuclear regulatory assessment process.
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