Engineering and technical services provider Wood has launched a fund intended to change the nuclear decommissioning or dismantling process at power facilities.

The Wood Nuclear Innovation Fund will invest in technologies for decommissioning developed by small and medium-sized enterprises (SMEs) and brings in the change through new ways to minimise human intervention, increase productivity, while optimising waste treatment, packing and routing.

Wood Specialist Technical Solutions CEO Bob MacDonald said: “The UK Government and Nuclear Decommissioning Authority wants the industry to deliver safer, cheaper and faster decommissioning and to meet this challenge, it will be necessary to deploy new or existing technologies in ingenious and innovative ways.

“To meet this challenge, it will be necessary to deploy new or existing technologies in ingenious and innovative ways.”

“Wood is already investing seedcorn funding in a number of areas, including our SIAL nuclear waste encapsulation technology, and now we are inviting SMEs to put forward investment-ready proposals.”

MacDonald further added that through successful investment in technology by the fund, SMEs will be able to grow and help the company achieve its objective of becoming the sought-after provider of waste management and decommissioning solutions.

As part of the new initiative, Wood’s technical experts will assess the proposals.

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The commercial, operations and business development teams will assist the successful SMEs.

Headquartered in Aberdeen, Scotland, Wood has been providing its services to customers across the complete lifecycle of their assets, from concept to decommissioning, across a range of energy, process and utility markets.