Rolls-Royce Holdings PLC (LSE:RR.)’s mini nuclear reactor business has posted a £78 million loss for last year as news on government support for the industry is awaited.
The small modular reactor (SMR) business saw losses climb from £61 million a year earlier, as research and development spending grew from £78 million to £115 million.
Administrative expenses also increased, with the company reporting it had 590 staff, while income from government grants partially offset higher costs.
Rolls-Royce is yet to record any revenue from the business, as news on both approval for its SMR design and whether it will receive government support to roll these out is awaited.
Last month, the company was named as one of four to have proceeded to the latest round of the government’s competition over support.
However, delays have seen this process previously pushed back, prompting calls from the industry for ministers to speed up the process, including from Rolls-Royce boss Tufan Erginbilgic.
Rolls-Royce has appeared to look overseas to roll out the technology, which is slated to be cheaper and quicker to build than conventional nuclear reactors.
This includes through a deal with the Czech government, while talks are also said to be ongoing over building the mini reactors in Sweden and The Netherlands.
No reactors have yet been built though, with these expected to cost between £3 billion and £4 billion apiece.
Rolls-Royce was previously said to be eyeing further funds to support development of its SMR technology, with the accounts noting “a number” of options were being explored.
The company was also said to be “well advanced in negotiations with both existing and prospective shareholders and also potential future customers”.