Rolls-Royce SMR is now fully funded after £85m backing from Qatar
04 January 2022
Rolls-Royce announced on December 20 that it had reached an agreement with Qatar Investment Authority (QIA) to invest £85 million in the company’s small modular reactors (SMR). The investment follows £210 million of new funding provided by the UK government in November and means that the Rolls-Royce SMR business is now fully funded, having secured £490 million.
Rolls-Royce SMR is building a new technology solution to deliver affordable, low carbon, nuclear power. A single power station will occupy around one tenth of the size of a conventional nuclear generation site and power approximately one million homes.
QIA will join Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd as shareholders in Rolls-Royce SMR, taking a 10% share of the equity.
Mansoor bin Ebrahim Al-Mahmoud, Chief Executive Officer of QIA commented: “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.”
Business and Energy Secretary Kwasi Kwarteng said: “This investment is a clear vote of confidence in the UK’s global leadership in nuclear innovation and follows the £210 million of government investment in the development in Small Modular Reactors. It represents a huge step forward in our plan to deploy more home-grown, affordable clean energy - ensuring greater energy independence for the UK, highly skilled jobs and bringing cheaper, cleaner electricity to people’s homes.”
The development of SMRs is a core part of the UK Government’s 10-point plan for a green industrial revolution.
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