Rolls-Royce Seeks U.K. Funds for Nuclear Power Project, FT Says

(Bloomberg) -- Rolls-Royce Holdings Plc and its partners are asking the U.K. government for more than 200 million pounds ($264 million) in funding to develop a business that will build small nuclear reactors, according to a report in the Financial Times.

The company is seeking a sum “in the low hundreds of millions,” the FT said on Sunday, citing a person familiar with the request.

The U.K. is reconsidering its plans to build new plants after Hitachi Ltd. and Toshiba Corp. withdrew from major projects, scuppering plans for a revival of nuclear power and leaving an energy gap.

Rolls-Royce confirmed to the Financial Times that its consortium was “in discussions with U.K. government officials that we hope could result in a significant joint investment in our power plant design.” Company representatives didn’t immediately respond to an emailed request for comment.

©2019 Bloomberg L.P.