On Monday, the US Energy Department awarded funds worth $40 Million to two different teams, in order to help them develop a new, next-generation nuclear power reactor.

As per the announcements made, Toshiba Corp.'s Westinghouse Electric Co. and San Diego-based General Atomics, which is a privately held establishment, will be awarded about $20 Million each, to take further the conceptual design and effectively plan work for the advanced reactor.

The department has shared that the designs from the two firms will help it further decide whether a demonstration reactor, which has the capability of producing electricity and processing heat for industrial application, should be developed.

The new reactor would be configured for low technical and safety risk, and the operations would be highly reliable.

"It's time for America to recapture the lead in the nuclear energy industry and lay the foundation for a stronger, cleaner, and more competitive economic future", said U. S. Energy Secretary Steven Chu.