UK and US Governments Strengthen Cooperation in Advanced Nuclear Technologies

The UK and US Governments have pledged to deepen cooperation in advanced nuclear technologies, marking a significant step forward in their energy security and resilience. This agreement will accelerate the development and deployment of advanced nuclear reactor technologies in both countries, leveraging expertise from Rolls-Royce and other industry leaders. The partnership, dubbed the Atlantic Partnership for Advanced Nuclear Energy, aims to capitalize on the global market for advanced nuclear technologies, estimated to be worth trillions by 2050.

Key Takeaways:

• The UK and US Governments have agreed to accelerate the deployment of advanced nuclear technologies, securing an independent supply of advanced nuclear fuel.
• Rolls-Royce is poised to innovate and partner in the development of advanced nuclear technologies, delivering thousands of skilled jobs, and supporting economic growth in both the US and the UK.
• The Atlantic Partnership for Advanced Nuclear Energy will enable the accelerated development and deployment of advanced nuclear reactor technologies in the US and UK.
• Rolls-Royce has unique capabilities in nuclear, including a full lifecycle experience, end-to-end capability, and an established supply-chain.
• The partnership has the potential to unlock new export opportunities for the UK, with the global market for advanced nuclear technologies estimated to be worth trillions by 2050.
• Rolls-Royce's Small Modular Reactors (SMRs) will enable the support of an average of almost 8,000 highly skilled UK jobs per year, accelerating the delivery of power to the grid by the mid-2030s.
• The partnership will also explore ways to deepen the relationship between Rolls-Royce and US companies, building on existing collaborations and agreements.

Statistics:

• The global market for advanced nuclear technologies is estimated to be worth trillions by 2050.
• Demand for nuclear power in the US is forecast to grow from 100GWe to 400GWe by 2050.
• Small Modular Reactors (SMRs) will contribute £54bn to the British economy and unlock new export opportunities for the UK.
• Rolls-Royce's annual underlying revenue was £17.8 billion in 2024, and underlying operating profit was £2.46 billion.
• The partnership aims to deliver power to the grid by the mid-2030s, reducing energy bills and creating thousands of skilled jobs.

Sources:

• Rolls-Royce Holdings plc
• Ed Miliband, UK Secretary of State for Energy and Climate Change