Tees Valley Combined Authority has announced that it has been shortlisted to be the location for a new factory that will drive employment and investment.
The region is one of four to be shortlisted by the energy firm responsible for the factory, with the others being the West Midlands, Cumbria, and South Yorkshire, with 14 original candidates.
Small nuclear reactors will be constructed in the factory, with the Small Modular Reactors being deployed in the UK, Europe, and the Middle East. This process will ensure that successful location will benefit from £1.3 billion of investment, as well as £1.5 billion being added to the local economy over the course of 15 years.
The project will also see the creation of 3,600 jobs with a further 400 manufacturing jobs being created once the site is up and running. Two to four nuclear reactors are anticipated to be produced per year, at a value of £1 to £2 billion each.
Tees Valley Mayor Ben Houchen commented:
“We’re at the forefront of clean energy technology across Teesside, Darlington and Hartlepool – and this shortlisting shows how we’re truly the capital of growth for Small Modular Reactor technology…
“…The potential for another 400 highly skilled well-paid jobs for local people is another huge boost.
“This once again shows we’re putting down a marker to the rest of the world and showing we’re a powerhouse in green energy production and manufacturing on a global stage.”
A decision on the project is due in the autumn, with the company behind the factory set to visit Teesside in the coming months.
Image credit: iStock
