Mini nuclear reactor firm Newcleo has moved its headquarters from London to Paris after previously hitting out over a lack of support for the emerging industry in the UK.
The startup, which is developing small modular reactors capable of being run on recycled nuclear waste, announced the move on Monday.
“Positioning its headquarters in Paris opens up newcleo’s access to a broader range of European funding opportunities,” the company said
“The company is now better placed to secure significant investments and grants from European institutions and institutional investors.”
This comes after chief executive Stefano Buono was reportedly lobbied by French president Emmanuel Macron, according to The Telegraph.
In comparison, the UK government is said to have shown less interest, with support for the industry slated to stretch to two of four firms still in competition for public funding.
These include Rolls-Royce Holdings PLC (LSE:RR.), Holtec Britain, GE Hitachi and Westinghouse Electric after the four progressed in the government competition last week.
Small modular reactors are seen as cheaper and quicker to build than conventional plants such as Hinkley Point.
However, development is still set to begin in the UK, with Rolls-Royce, which is ahead of rivals in the regulatory process, warning previously that more pace from the government was needed to attract investment.
Alongside its move to Paris, newcleo said a funding round had been closed in the UK to be reopened in France later this year, with the company laying out plans to build a fuel factory in the country and develop a prototype mini reactor there by 2030.