The U.K. government has launched a massive revival of nuclear power through Great British Nuclear (GBN), a nuclear energy and fuels company owned by the government, and kickstarted a competition for small modular reactor (SMR) technology.

GBN is expected to drive the rapid expansion of new nuclear power plants in the United Kingdom at an unprecedented scale and pace, which the government claims will boost U.K. energy security, reduce dependence on volatile fossil fuel imports and generate an estimated £6 billion ($8 billion) for the U.K. economy.

With the relaunch of GBN, companies can register their interest to participate in a competition to secure funding support to develop their products. This could result in billions of pounds of public and private sector investment in SMR projects in the United Kingdom. SMRs are smaller than conventional reactors, which are built on-site. They can be made in factories, and they have the potential to transform how power stations