ROLLS-ROYCE has announced that it has received £85m (US$115m) of investment for its small modular reactor (SMR) business from Qatar's sovereign wealth fund.
The Qatar Investment Authority (QIA) will take a 10% share of the equity in Rolls-Royce SMR. With the investment from QIA, Rolls-Royce SMR is now fully funded, having previously secured £490m through commercial equity and UK Research and Innovation (UKRI) funding. The SMR business aims to design and deliver low-cost nuclear technology using factory-built modularisation solutions. A Rolls-Royce SMR power station will have a 470 MW capacity.
Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, said: “QIA is investing in the energy transition and funding the technologies that enable low-carbon electricity generation. We will continue to seek out investments that align with our mandate to deliver long-term value for future generations through responsible sustainable investments.”
Warren East, CEO, Rolls-Royce Group, said: “I am tremendously pleased to announce that we have further strengthened our relationship with Qatar, through QIA’s investment in the Rolls-Royce SMR business. We have successfully raised the capital we need to establish Rolls-Royce SMR and it is encouraging to confirm that the business is now set up to succeed.”
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