The U.K. plans to build one of the world’s first small modular nuclear reactors in the 2020s, the Treasury said.
Britain will plow 250 million pounds ($378 million) into research and development for the reactors over the next five years, the Treasury said in a document posted Wednesday on its website. A competition for funding will be held “early next year,” it said.
The U.K. is trying to find ways of cutting carbon emissions while generating baseload power that can be relied on at all times of day, unlike wind and solar power, which depend on the wind blowing or sun shining.
Companies including Fluor Corp.’s NuScale Power unit, Babcock & Wilcox Enterprises Inc. and Toshiba Corp.’s Westinghouse unit are developing reactors as small as a refrigerator that are quicker to build and easier to deploy than traditional nuclear power stations.