Rolls-Royce Holdings PLC (LSE:RR.) has progressed into the next round of the UK's mini-nuclear competition as NuScale dropped out of the running.
Alongside Holtec Britain, GE Hitachi and Westinghouse Electric, Rolls-Royce will enter the next stage of negotiations with the UK government over support for the development of the first small modular reactor (SMR) developments in the country.
SMR nuclear power stations are designed to be cheaper and quicker to build than conventional plants.
Two companies are expected to ultimately be offered government funding, with six originally having been involved in the competition.
EDF previously withdrew itself from the running, while US-based NuScale was not selected for further negotiations.
Rolls-Royce SMR chief executive Chris Cholerton noted the FTSE 100-listed company was also 18 months ahead of rivals in the UK’s regulatory assessment process.
Selection for support would “help us to maintain this important first-mover advantage,” he added.