The US government is offering millions of dollars for innovative ideas to design new nuclear reactors, the Department of Energy announced in a press release.

"We have been encouraged by recent interest in advanced reactor technology," Acting Assistant Secretary for Nuclear Energy John Kotek said on Friday. "The funding opportunity allows for multiple-year funding for up to two awards with a total of $40 million in DOE [Department of Energy] cost share per award."

The Energy Department noted it was issuing the funding opportunity as an early step in increasing investment in nuclear advanced reactor technologies.

The funding, the Energy Department said, would support research, development and demonstration of advanced reactor concepts in promoting clean energy technologies.

"[New advanced reactor designs] have the potential to provide substantially enhanced operational performance, safety, security, economics and proliferation resistance," the press release said.

The Energy Department explained it was seeking projects that could be turned into working reactors by 2035.

It would provide, in partnership with US industrial corporations, funding for "up to two awards of approximately $6.0 million each in FY [Fiscal Year] 2015."

The Energy Department said it would invest up to $3.6 million in each project, with a federally funded research and development center (FFRDC) providing up to an additional $2.4 million.

"Recipients will be required to invest $1.5 million as part of the cost share," the press release said.

Letters of intent for the awards are due no later than August 31, 2015, and the application due date is October 5, 2015, the press release added.

Source: Sputnik News