Rolls-Royce's mini nuclear weapons division suffered a loss of $78 million due to delays in the UK launch.

Rolls-Royce's small nuclear reactor business recorded a loss of $78 million due to delays in the UK bidding competition.

The company, which is developing a small modular reactor (SMR) design it hopes to export globally, saw its 2023 loss rise from $61 million a year earlier, new accounts showed.

This comes as the company increased its spending on research and development from $78 million to $115 million. It had zero revenue and employed about 590 people.

Losses also mounted as Rolls, along with its three rivals, continued to await a decision from the UK government on which it would support SMR technology after a series of delays. This primary was first announced by former Conservative Prime Minister George Osborne in 2015, but has not yet been concluded.

Tufan Erginbilgi, Rolls-Royce Group chief executive, urged ministers to press ahead as quickly as possible, saying he expects orders will start to come in from around the world if Rolls wins.

SMRs are considered one of the most promising technologies to decarbonize heavy industry and provide a reliable source of power as the world transitions to net zero. Small reactors can deliver significant savings because they are manufactured in a factory and assembled on site rather than being built from scratch like larger reactors.

Rolls has always emphasized that it expects the SMR business, a joint venture with other shareholders, to be loss-making until it begins construction of the reactors and recovers its investment. Each SMR is expected to eventually sell for $2 billion to $3 billion.

The company is now approaching a series of milestones that will determine what to do next.

Last month the Czech Republic became the first country to order a Rolls SMR, even before Britain and the Czech state were expected to take a minority stake in the business.

At the same time, the company is a finalist in the Swedish SMR competition and has been shortlisted in the final four for the UK SMR process. We have entered the final stages of the general design approval process with the UK Nuclear Regulator.

Rolls-Royce SMR, with help from the University of Sheffield, is attempting to develop a manufacturing process for reactor modules taken from the design originally used for nuclear submarines.

The UK SMR design competition, hosted by Great British Nuclear, has suffered repeated delays but is now expected to conclude around the end of this year or early next year.

If Rolls, seen as the front-runner, emerges as one of the two expected winners, the company would receive land to develop along with taxpayer funds.

Mr Erginbilgi had previously warned ministers that they had to complete the process soon or risk losing their first mover advantage on technology and supply chains.

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