Rolls-Royce Holdings PLC (LSE:RR.) boss Tufan Erginbilgic believes the UK is at risk of getting left behind in the mini-nuclear reactor industry if the first projects aren’t approved before the end of the year.
Erginbilgic said Britain could gain a “first-mover advantage” if the government was to become one of the first in the world to approve contracts to produce small modular reactors.
However, he urged the country to “action it fast” in order so the parts required for construction can be made on home soil.
He said: “The UK has missed the opportunity to develop the offshore wind supply chain…This will be in that category.”
While Britain is second to only China in its offshore wind capacity installed, the majority of the components required for the wind turbines are produced in other countries.
“Only as the first mover will [you] enable the supply chain,” Erginbilgic added.
Six designs for small modular reactors, including one by Rolls-Royce, have been selected to compete for government funding of up to £20 billion.
Earlier this month, Italian energy start-up Newcleo said it was hoping to build 20 new mini reactors across six sites in the UK.
Newcleo claims the reactors would be efficient, and provide cheap-low carbon power while remaining safe despite being powered by Plutonium.
