Government Announces Fund to Accelerate Nuclear Fuel Supply
Due to open in autumn 2022, this new fund is designed to boost the production of fuel for nuclear reactors in the UK.
The Nuclear Fuel Fund aims to preserve the UK front-end nuclear fuel cycle capability, supporting support the Government’s ambition to increase civil nuclear deployment to up to 24GW by 2050.
Grants will be awarded to projects that can increase the country’s domestic nuclear fuel sector, reducing the need for foreign imports and creating the material used in nuclear power stations to generate electricity.
Up to £75 million will be awarded to support the development costs of investments into new nuclear fuel capabilities, supporting a range of reactor types and sizes, including small and advanced modular reactors.
The Fund will also support companies to access new markets both domestically and internationally, and preserve and create skills and knowhow in parts of the country – with the sector having a large presence in the Northwest.
The maximum funding per award is expected to be up to £500,000 for each Development proposal. There will be no individual limit for Deployment proposals, potentially subject to an overall cap for these types of projects.
Businesses in the nuclear fuel sector, including operators, technology designers and vendors may be eligible for support.
Business and Energy Secretary Kwasi Kwarteng said:
‘This funding will kickstart projects in the UK and generate private investment in facilities that will fuel the nuclear reactors of today and tomorrow, shoring up our energy security while creating jobs.’
Businesses can now register their interest in applying for funding. The scheme will formally open to applications in the autumn.
(This report was the subject of a GRANTfinder Newsflash.)