An industry consortium led by Rolls-Royce, the UK aero-engine maker, and the British taxpayer will jointly pump ￡405m into the development of a fleet of mini-reactors as part of a new push into nuclear power designed to help the government meet its net zero carbon targets.

Rolls-Royce said it had secured funding from US energy company Exelon Generation and privately held BNF Resources, an investment vehicle backed by members of France’s wealthy Perrodo family and owner of oil group Perenco. The three partners will invest a total of ￡195m in a new business, Rolls-Royce Small Modular Reactor, over three years.

The funding will trigger a commitment of ￡210m from the government, which is due to be announced by business secretary Kwasi Kwarteng on Tuesday.