Skip to content
Saturday 8 August 2026London --:--Frankfurt --:--Zurich --:--
NewslettersSearchEN · DE
MorningWire

European business, markets and politics

FTSE 100
10,901.09
+0.31%
DAX
26,319.45
+0.69%
CAC 40
8,714.93
+0.17%
STOXX 50
6,523.86
+0.33%
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
More
GermanyFranceBankingAIEnergyFintechPropertyCapital Markets
  • Germany
  • France
  • Europe
  • Markets
  • Business
  • Economy
  • Technology
  • Politics
  • Opinion
  • DE
Monday 08 April 2024 1:32 pm  |  Updated:  Monday 08 April 2024 1:53 pm

Rolls-Royce taps funding for nuclear-powered space missions

By: Guy Taylor

Transport Reporter

Add as a preferred source on Google
Seraphim Space is the best performing investment trust in 2024, having added 60 per cent since the beginning of the year.
Seraphim Space is the best performing investment trust in 2024, having added 60 per cent since the beginning of the year.

Rolls-Royce has received a funding boost from the UK Space Agency to develop nuclear-powered projects for the space sector.

Some £1.2m is being offered up to Rolls-Royce Submarines and the US-based nuclear supplier BWX Technologies as part of a project to use fission nuclear systems for space missions.

It comes as part of a wider £13m funding package unveiled by the government to support 11 international space projects, ranging from capturing high-res photos of the Moon and Mars to X-ray images of the Earth’s Aurora.

Other beneficiaries include Vertical Future, which is developing a “robotic space arm” facility to grow plants in space, and the University of Leicester, which is identifying potential space missions for nuclear powered technologies.

The funding is the second phase of investment awarded through the UK Space Agency’s £20m International Bilateral fund and will be rolled-out to private companies from countries including the US, Australia, Canada, India and Singapore.

Andrew Griffith MP, Minister for Space, said: “The UK is home to some of the brightest minds in space science, aerospace engineering and an entrepreneurial commercial space sector. It’s no wonder the world wants to collaborate with Britain when it comes to space.  

Dr Paul Bate, chief executive of the UK Space Agency, said: “We want to draw on the best global talent to push the boundaries of new technology such as AI and space nuclear power, enhance our homegrown space capabilities and catalyse investment into the UK economy.”

The UK and US government’s have been collaborating to develop new space technology under the Atlantic Declaration commitment.

Space nuclear propulsion technology draws energy from fission instead of traditional chemical reactions, providing practically unlimited energy and potentially paving the way for crewed missions to Mars and deep space science, according to NASA.

Prime Minister Rishi Sunak and President Joe Biden pledged last summer to study further opportunities “for co-operation on space nuclear power and propulsion.”

Steve Carlier, president for Rolls-Royce Submarines Ltd, said: “The teaming agreement between Rolls-Royce and BWXT brings together over 130 years of safe and secure nuclear delivery on both sides of the Atlantic.

“This new agreement builds on our complimentary core competencies and market knowledge from our respective countries. This enables us to build upon our existing relationship and explore potential strategic relationships and business arrangements to further develop nuclear technologies and products for space.”

Read more

Babcock and Rolls-Royce stocks rally after Healey appointment

Defence secretary John Healey is leading calls for further investment in the sector.

Share this article

  • Facebook
  • X
  • LinkedIn
  • WhatsApp
  • Email

Similarly tagged content:

Sections

  • News

Categories

  • Business
  • Energy
  • Transport & Infrastructure

People & Organisations

  • Rolls-Royce
  • space
  • UK Space Agency

Trending Articles

  • WPP slashes jobs as revenue continues to fall

  • Liverpool owners tipped to sell – but not to Amazon boss Bezos – by former CEO

  • Revolut founder’s wealth set to balloon amid talks of share award at $500bn valuation

  • Starling plans to ‘come out swinging’ in diversification bid

  • As it happened: Stocks rise despite new tensions in Strait of Hormuz; Oil price climbs

More from Morning Wire

  • Babcock and Rolls-Royce stocks rally after Healey appointment

    Industrials
    Defence secretary John Healey is leading calls for further investment in the sector.
  • Rolls-Royce share jump as profit beats expectations

    Industrials
    Rolls-Royce is a member of the FTSE 100. Credit - Getty.
  • Rolls-Royce Spectre Series II review: Driving a Rolls on a racetrack – yes, really…

    Life&Style
    Light blue Rolls-Royce Spectre electric coupe driving fast on a race track under a cloudy sky.
  • Rolls-Royce shares rise as Burnham pledges investment in British defence

    Politics
    Andy Burnham speaking at a press conference, wearing a suit and tie, addressing current political issues in Manchester.
  • As it happened: FTSE 100 hits new high after interest rates held

    Markets
    Andrew Bailey, Governor of the Bank of England, in a suit and tie, looking thoughtful during a press conference.
  • Defence drilling firm tools up for London IPO

    Markets
    UK investment allocation is at risk of being overtaken by Europe.
  • We reached Mars 50 years ago, why haven’t we sent people?

    Opinion
    Mars One rocket on launchpad, ready for its mission to the red planet
  • Sizewell B granted 20-year life extension

    Energy
    Sizewell B nuclear power station in Norfolk with clear skies and surrounding landscape, highlighting energy infrastructure.
MorningWire

Independent European business, markets and political news for decision-makers.

Morning Briefing

Europe

  • Germany
  • France
  • Europe
  • UK & Ireland

Business

  • Markets
  • Banking
  • Technology
  • Energy
  • Property
  • Fintech

Editorial

  • Opinion
  • Editorial Policy
  • Corrections
  • Contact

Company

  • About Morning Wire
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
© 2026 Morning Wire Ltd · Published by Morning Wire Media, Bahnhofstrasse 65, 8001 Zürich, Switzerland
Privacy · Terms · Cookies · Facebook