INEOS has reportedly held talks with Rolls-Royce Holdings PLC (LSE:RR.) which could lead to a deal that would see ‘mini-nuclear’ power technology deployed near the company’s Grangemouth refinery in Scotland.
Mini-nuclear could help INEOS with a “tricky task” of decarbonising the giant UK refinery, according to a report in the Guardian, whilst at the same time providing an early validation of the Rolls-Royce technology.
INEOS is seeking to advance ambitions in hydrogen production in a process that extracts the molecules from water – a process that, at scale, will itself require large amounts of energy (which could come from a zero-carbon source such as mini-nuclear).
A Sunday Telegraph report, citing sources with knowledge of the situation, claimed that talks between INEOS and Rolls-Royce have so far centred on technology and that commercial negotiations have yet to take place, indicating that the relationship between the pair of British industrial majors remains at an early stage.
Previously this month, Rolls-Royce said it was seeing growing demand and had identified the first four sites for its own mini-nuclear power stations, and it was targeting its first installations potentially by 2029.
INEOS and its owner Sir Jim Ratcliffe meanwhile continue to garner headlines and column inches away from industry, as the Manchester-born billionaire continues to be linked as a potential buyer of Manchester United football club, which was put up for sale earlier this month.