Energy Secretary Funds US Mini-Nuclear Reactor Designer Holtec with £30m for UK Expansion

Energy Secretary Claire Coutinho has awarded £30m in government funding to Holtec, a US designer of mini-nuclear reactors. The funding is part of the UK government’s efforts to explore low-carbon energy sources and accelerate operations in the country. Holtec’s Small Modular Reactors (SMRs) are considered a potential alternative to wind farms and solar energy, offering green energy on a smaller scale. These reactors are smaller than traditional nuclear power plants and can be factory-built, reducing costs through mass production. Holtec is currently developing a reactor that can be cooled in an emergency without external power, making it an attractive option for industrial sites. The funding from the government is aimed at supporting Holtec’s expansion and exploring cleaner energy solutions as the UK strives to achieve its net-zero goals. Holtec faces competition from other companies, including Rolls-Royce, EDF, NuScale Power, Westinghouse Electric Company, and GE-Hitachi. The price of an SMR can start at $100m, significantly lower than the cost of traditional nuclear power stations. The funding received by Holtec demonstrates the UK’s commitment to its new nuclear program, which aims to deliver clean power for net zero and create green jobs.