A bid is being prepared to make Berkeley the home of a fusion power plant by 2040.
Western Gateway, a group of local authorities and development bodies, will submit the bid on Wednesday to transform the former nuclear power station site with a plant, associated businesses and training and technical facilities.
The bid is backed by Gloucestershire County Council, Stroud District Council, Business West and Stroud College.
Andy Bates, bid co-ordinator at Business West, said: “This will be a multibillion pound investment creating thousands of jobs both in the plant, and related services and industries. It is exactly the sort of project we need to help tackle challenges and inequalities across the region that have broadened and deepened as a result of the tough economic climate.
Fusion technology creates a reaction similar to that which takes place in the sun, fusing atoms together rather than splitting them.
It requires very little fuel to release enormous amounts of energy and does not produce carbon emissions.
Following the nomination of sites the UK Atomic Energy Authority will go through a selection process resulting in a shortlist of three for submission to the Secretary of State for Business Energy and Industrial Strategy.
The final selection is expected to take place around the end of 2022.
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