The UK government is to offer grants of £157m (€182m, $205m) as part of its launch of a new body to support the nuclear power industry with the government saying a “massive revival” of nuclear power is underway.

Great British Nuclear (GBN) will be tasked with helping deliver the government’s commitment to provide a quarter of the UK’s electricity from nuclear energy by 2050, up from around 14% today.

The new body will help drive rapid expansion of nuclear power plants in the UK, boost energy security and reduce dependence on fossil fuel imports, said the energy security secretary, Grant Shapps.

GBN’s official launch on Tuesday (18 July) is supported by a competition for organisations to bid for funding for the development of their nuclear products, including small modular reactors.