Rolls-Royce has secured up to £599m in loan funding from the UK's National Wealth Fund (a government-owned body established in 2024 to drive investment in clean energy) to develop small modular reactors (SMRs) at Wylfa on the Isle of Anglesey, Wales. SMRs are factory-built nuclear power units designed to lower costs and accelerate deployment compared with traditional large-scale plants, and the Wylfa site — which last generated nuclear power in 2015 — was acquired by the state-owned Great British Energy Nuclear in 2024. The deal, which triggers immediate work on the project, is expected to create around 1,000 jobs and positions the UK as a potential global exporter of SMR technology, with Rolls-Royce already contracted to install units at the Temelín plant in the Czech Republic.