Rolls-Royce Group announced that it will invest £85 million in Rolls-Royce SMR, a national wealth fund of the State of Qatar, as part of an agreement with the Qatar Investment Authority (QIA).
With the said agreement, the Qatar Investment Authority, which will join the Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd, the shareholders of Rolls-Royce SMR, will receive a 10 percent share from the equity.
1 Rolls-Royce SMR can power 1 million homes
The Rolls-Royce SMR company aims to bring low-carbon nuclear energy to a wider audience more economically, thanks to the technology of small modular reactors. One Rolls-Royce SMR small nuclear power plant will be able to power approximately 1 million homes while occupying one-tenth the space of a conventional nuclear power plant.
Funded by £490m commercial equity and UK Research and Innovation (UKRI) grant funding, Rolls-Royce SMR company development of small modular reactors is also counted as a key component of the UK government’s 10-point green industry plan .
“We will continue to provide long-term value to future generations”
Mansoor bin Ebrahim Al-Mahmoud, CEO of Qatar Investment Authority, whose views are included in the statement made by Rolls-Royce Group on the subject, noted that they will continue to support the transformation in energy and finance the technologies developed for low-carbon electricity generation. “We will continue to provide long-term value to future generations through responsible and sustainable investments,” Al-Mahmoud said. said.
Rolls-Royce Group CEO Warren East, on the other hand, stated that they are extremely pleased that Qatar Investment Authority has further strengthened its relations with Qatar with its investment in Rolls-Royce SMR, adding: We have reached the capital. We have no doubt that we will achieve success with the technology that our company is working on.”
“It will bring cheaper and cleaner energy to people’s homes”
Kwasi Kwarteng, UK Minister for Trade and Energy, said: “Following the £210 million public investment in the development of “Small Modular Reactors”, the contribution of the Qatar Investment Authority and other investors has been credited to the UK’s global leadership in nuclear power innovation. It is a clear vote of confidence. It also represents a big step forward for our domestically produced, affordable clean energy distribution plan. With the success of this project, the UK will achieve greater energy independence, create high-skilled jobs and bring cheaper, cleaner energy to people’s homes.”
Stating that after the COP26 Summit ended last month, efforts to reach Net Zero and create a more environmentally friendly structure while getting out of the pandemic are continuing, Minister of Investment Lord Grimstone emphasized that the role of the investment in question is very important in this sense. “Investments in innovative green technologies such as small modular reactors will create thousands of highly skilled jobs and contribute to our goal of ending our impact on climate change,” Grimstone said. used the phrases.