Rolls-Royce's plan to power artificial intelligence (AI) with its nuclear reactors could make it the UK's most valuable company, its boss has said.
Rolls-Royce - Artist's impression of a small nuclear power station
The engineering firm has signed deals to provide small modular reactors (SMRs) to the UK and Czech governments to power AI-driven data centres.
AI has boomed in popularity since 2022, but the technology uses lots of energy, something which has raised practical and environmental concerns.
Rolls-Royce chief executive Tufan Erginbilgic told the BBC it has the "potential" to become the UK's highest-valued company by overtaking the largest firms on the London Stock Exchange thanks to its SMR deals.
"There is no private company in the world with the nuclear capability we have. If we are not market leader globally, we did something wrong," he said.
Mr Erginbilgic has overseen a ten-fold increase in Rolls-Royce's share price since taking over in January 2023.
However, he has ruled out the idea of Rolls-Royce seeking to list its shares in New York as British chip designer Arm has done and the likes of Shell and AstraZeneca have considered in the search for higher valuations.
This is despite the fact that 50% of its shareholders and customers are US-based.
"It's not in our plan," said Mr Erginbilgic, a Turkish energy industry veteran. "I don't agree with the idea you can only perform in the US. That's not true and hopefully we have demonstrated that."
Source and further reading:
www.bbc.co.uk
Rolls-Royce - Artist's impression of a small nuclear power station
The engineering firm has signed deals to provide small modular reactors (SMRs) to the UK and Czech governments to power AI-driven data centres.
AI has boomed in popularity since 2022, but the technology uses lots of energy, something which has raised practical and environmental concerns.
Rolls-Royce chief executive Tufan Erginbilgic told the BBC it has the "potential" to become the UK's highest-valued company by overtaking the largest firms on the London Stock Exchange thanks to its SMR deals.
"There is no private company in the world with the nuclear capability we have. If we are not market leader globally, we did something wrong," he said.
Mr Erginbilgic has overseen a ten-fold increase in Rolls-Royce's share price since taking over in January 2023.
However, he has ruled out the idea of Rolls-Royce seeking to list its shares in New York as British chip designer Arm has done and the likes of Shell and AstraZeneca have considered in the search for higher valuations.
This is despite the fact that 50% of its shareholders and customers are US-based.
"It's not in our plan," said Mr Erginbilgic, a Turkish energy industry veteran. "I don't agree with the idea you can only perform in the US. That's not true and hopefully we have demonstrated that."
Source and further reading:
Nuclear-powered AI could make Rolls Royce UK's biggest firm, says boss
Tufan Erginbilgic says business deals to supply nuclear power for artificial intelligence could boost its fortunes
www.bbc.co.uk