Rolls-Royce's mini-nuclear project is under threat because Bill Gates is keeping an eye on it

Gates said the nuclear power company's work «has generated interest from around the world.» Credit: WPA Pool/Getty Images Europe

Bill Gates is eyeing a bid to build the UK's first mini-nuclear reactor in a direct challenge to Rolls-Royce, which is struggling to secure a government contract.

Seattle-based TerraPower, founded by billionaire Microsoft, said it was considering challenging lucrative contracts to build Britain's next-generation small modular reactors, or «mini-nukes.»

In a blog post, Mr. Gates said that the work of the nuclear power company «has generated worldwide interest», citing agreements with Japan, South Korea and the Luxembourg-based steel conglomerate ArcelorMittal.

TerraPower claims it travels The wave reactor design can «run on unenriched uranium fuel for centuries.» Founded in 2006, the company raised $830m (£657m) in its latest funding round last summer.

Unlike many traditional SMR designs, the company's Natrium plant uses a molten heat storage system salt, which will allow him to quickly increase the power output during peak hours.

TerraPower told the Sunday Times. : “We are currently considering [deploying Natrium] in the UK. The UK has a lot to offer for the deployment of new nuclear technologies.”

Rolls-Royce is facing a struggle to get the government to approve its own SMRs after Chancellor Jeremy Hunt said the designs would be subject to competitive bidding. despite £210 million of taxpayer money having already been invested in the company's proposal. .

Rolls-Royce competes with dozens of other companies in the development of small modular nuclear reactors (SMRs). Photo: Rolls-Royce

Kwasi Kwarteng, then business secretary, said at the time that the investment would help position Rolls-Royce «as a world leader in innovative nuclear technology that we can potentially export to other countries.»

Last summer, the British engineering firm appointed a new chief executive, Tufan Erginbilgic, who described the business as a «burning platform» that must evolve or die.

In a comment to employees, he said: «Every investment we create, we destroy value.» . In March, Mr. Erginbilgic announced a management reorganization of Rolls-Royce, including the departure of Tom Samson, who led the SMR division since its inception in 2020.

Rolls-Royce did just that. do not respond to a request for comment.

Dozens of other nuclear energy start-ups compete to get their designs into production, with Rolls-Royce competing with the likes of GE-Hitachi, Mitsubishi Heavy Industries and Westinghouse Electric .

In March, US company Last Energy signed an agreement to sell 24 small modular reactors (SMRs) to UK customers.

While Last Energy still needs regulatory approval for its projects, the company expects that the first of its SMRs will be operational by 2026 without government funding.