A US nuclear energy firm has laid out an ambitious plan to deploy small modular reactor  (SMR) technology in the UK within the next decade.

NuScale says a multi-billion pound venture with the US could see British companies provide more than 85% of the components and research required for UK deployments in the 2020s.

The company says the technology is necessary as a low carbon replacement for coal-fired power stations and an ageing nuclear fleet, as well as to meet increased power demand from electric vehicles in the future.

It suggests a partnership with the US would boost UK economic growth and productivity by providing high value jobs, intellectual property rights and export opportunities.

The firm says the UK Government needs to seize the opportunity by providing long term political support and the right market conditions and regulations, as well as identifying potential sites for development.

Tom Mundy, NuScale Power’s Chief Commercial Officer and Managing Director for the UK & Europe, said: “The window of opportunity is closing and for the benefits of our UK vision of near-term SMR deployments to be fully realised, decisions must be taken by government now.”