Rolls-Royce secures £450m for mini nuclear reactors venture

Engineering firm to proceed with rollout after UK government agrees to match consortium's investment

Rolls-Royce will move ahead with a multibillion pound plan to roll out a new breed of mini nuclear reactors after securing more than 450m from the government and investors.

The engineering firm will set up a venture focused on developing small modular nuclear reactors, or SMRs, in partnership with investors BNF Resources and the US generator Exelon Generation with a joint investment of 195m to fund the plans over the next three years.