The government has today launched a £120 million scheme to support the development of new nuclear energy projects.

The “Future Nuclear Enabling Fund” is expected to bring more nuclear power stations, from small modular reactors to larger projects to the UK.

Interested businesses are invited to register their interest in bidding for funding and submit further information on potential future projects.

It is believed that the grants will help to realise the government’s ambition to approve eight new reactors by 2030.

Business and Energy Secretary Kwasi Kwarteng said: “Our new £120 million fund will push forward our plan to deploy a new fleet of nuclear power stations as part of a British nuclear renaissance.

“By encouraging new companies to come forward and build in Britain, we can spur greater competition in the market to cut development costs so consumers benefit in the long-term.”

In response to the government’s announcement, Tom Greatrex, Chief Executive of the Nuclear Industry Association, said: “The Future Nuclear Enabling Fund is absolutely vital to get additional projects going that we need to ensure our energy security.

“We hope that funding will be awarded as swiftly as possible because we are losing time to cut gas imports, cut emissions and cut people’s bills.”