Tory peer helped secure meeting between minister and tech firm he advises

Questions for Lord Duncan over whether his actions over Terrestrial Energy's talks with minister broke Lords rules

- Rob Evans Henry Dyer

A Conservative peer helped to secure a meeting with a minister for a Canadian company he was advising while it was seeking government funding worth millions of pounds.Ian Duncan was on an advisory board of Terrestrial Energy, a nuclear technology company, when he "facilitated an introduction" between its chief executive and a new energy minister while the company was applying for a government grant. The revelation raises questions for Duncan about whether his actions broke House of Lords rules.

The meeting with Andrew Bowie, the nuclear minister at the time, enabled the chief executive of Terrestrial Energy to lobby for easier access to UK government funding.

Lord Duncan of Springbank has been an adviser to the company since 2020, after he was recruited by another peer, Olivia Bloomfield. He took the position months after a stint as a junior climate minister. He does not receive a salary for the role, but was given share options at the outset of his appointment. These give him the right to buy shares in the company at a preferential rate if they become profitable.

In March, the company announced a deal that would result in its shares being listed on a US stock market at the end of the year, with the company valued at about $1bn (£770m). The move could allow Duncan to make a significant profit.

Terrestrial Energy, founded in 2013 in Canada, is developing a new type of nuclear reactor that it believes can be built more quickly and cheaply than traditional nuclear power stations. The company moved its headquarters to the US last year.

In announcing its plans last month to list on the stock exchange, the company highlighted the "seasoned, experienced team" on its advisory board, including members who have previously worked in government.