The grants follow the creation of Great British Nuclear (GBN), a public body established to help deliver the UK’s nuclear programme with the goal of providing 24GW of nuclear power by 2050.

Energy secretary Grant Shapps said the body will help to boost the UK’s energy security and reduce dependence on “volatile” fossil fuel imports. The nuclear industry is estimated to generate around £6bn for the UK economy.

Companies can register their interest with GBN to participate in a competition to secure funding support to develop products including small modular reactors (SMR).

Unlike conventional reactors that are built on site, SMRs are smaller, can be made in factories and could transform how power stations are built by making construction faster, and less expensive.

Hinkley Point C, the UK’s first nuclear plant in a generation, is expected to cost at least £32bn and generate energy at a far higher cost in comparison to renewables like wind and solar.

SMRs...