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July 13, 2020

UK to develop next generation of nuclear energy technology

The UK Government has announced £40m in funding to develop the next generation of nuclear energy technology and unlock several green jobs.

The UK Government has announced £40m in funding to develop the next generation of nuclear energy technology and unlock several green jobs.

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In 2021, the power sector faced significant challenges across the entire value chain. These included spiking energy costs, transitioning to renewables, and safeguarding assets against extreme weather conditions.   The Internet of Things (IoT), billed as a key part of the next industrial revolution, can significantly transform the power sector by optimizing operations, managing asset performance, and engaging customers to lower energy costs.    GlobalData’s IoT in Power Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
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  • Case studies  
  • Sector scorecard 
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With this new initiative, the government anticipates that it would create new employment opportunities in the fields of research and development (R&D) and manufacturing in the country.

UK Minister for Business and Industry Nadhim Zahawi said: “Advanced modular reactors are the next step in nuclear energy and have the potential to be a crucial part of tackling carbon emissions and climate change.

“Today’s investment will immediately create new jobs in Oxfordshire, Cheshire and Lancashire. But through this vital research, the technology could also create thousands of more green-collar jobs for decades to come.”

A certain portion of the funding will support three Advanced Modular Reactor (AMR) projects, which are said to be smaller in size than traditional nuclear plants.

They have been designed to use the heat generated in nuclear reactions to produce low-carbon electricity.

Due to their smaller design, they can be used in remote locations to power anything from small villages to a medium-sized city.

On the other hand, £30m will be used for the development of AMR projects across Oxfordshire, Cheshire and Lancashire, as well as drive the regions to supply low-carbon energy to the country.

The remaining £10m will be used for smaller research, design, and manufacturing projects to create up to 200 jobs.

The government anticipates that these technologies would result in supplying low-carbon heat, hydrogen, and other clean energy for decades to come and also help the country’s clean economic recovery as it moves towards net-zero emissions by 2050.

Additionally, the government has agreed to provide funding of £10m into turbo-charging the industry, half of which will be invested in British companies and start-ups that focus on developing advanced nuclear parts for modular reactor projects both at home and abroad.

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Free Report
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Determine the future strategies for IoT in Power

In 2021, the power sector faced significant challenges across the entire value chain. These included spiking energy costs, transitioning to renewables, and safeguarding assets against extreme weather conditions.   The Internet of Things (IoT), billed as a key part of the next industrial revolution, can significantly transform the power sector by optimizing operations, managing asset performance, and engaging customers to lower energy costs.    GlobalData’s IoT in Power Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
  • Major players and companies 
  • Market size and growth forecasts 
  • Case studies  
  • Sector scorecard 
According to GlobalData figures, global IoT revenue in the energy sector will reach $59 billion by 2025, up from $34 billion in 2019. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.  Download the full report to get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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