Seattle-based TerraPower, the nuclear energy company founded by Microsoft billionaire Bill Gates, is reportedly considering entering the competition to build Britain’s first small modular nuclear reactors, or “mini-nukes”. TerraPower’s unique travelling wave reactor design claims to use unenriched uranium fuel and has already secured agreements with Japan, South Korea, and the Luxembourg-based ArcelorMittal steel conglomerate.
TerraPower's plant, called Natrium, is designed with a molten salt heat storage system that allows it to quickly increase its power output during peak times, setting it apart from many traditional SMR designs. This technology is expected to be in high demand as nations around the world increasingly seek out clean and reliable sources of energy.
Meanwhile, Rolls-Royce is also vying for the government contract and has already invested £210m of taxpayer money into its own SMR proposal. However, the company faces an uphill battle as a competitive tender was announced, putting its proposal under scrutiny. Despite this setback, the then-business secretary, Kwasi Kwarteng, believes the investment will help to position Rolls-Royce "as a global leader in innovative nuclear technologies we can potentially export elsewhere."
The competition also includes other nuclear energy startups such as GE-Hitachi, Mitsubishi Heavy Industries, and Westinghouse Electric, all of whom are competing to bring their own unique designs into service. In March, US company Last Energy signed a deal to sell 24 small modular reactors to British customers, with the first expected to be operational by 2026 without any government funding required.
With such fierce competition in the market, it remains to be seen who will ultimately win the bid to build Britain’s first mini-nuclear reactor. However, the UK government's focus on investing in nuclear technology highlights its commitment to finding innovative solutions for a sustainable and clean energy future.
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