Middle East

Rolls-Royce Raises Qatar Funding for Small Reactor

Rolls-Royce Holdings has reached an agreement that Qatar will invest in the small modular reactor business of a British company.

The company has already signed contracts with oil-producing countries to invest billions of dollars in green engineering projects. With this latest move, Rolls-Royce will abandon some of its investment in the SMR project. The Daily Telegraph, Qatar’s sovereign wealth fund has acquired a 10% stake.

Qatar will invest £ 85m ($ 112m) in another unit created for the project, the Rolls-Royce SMR. The Rolls-Royce SMR business is now fully funded, the company said in a statement.

Having witnessed the pandemic aerospace business, Rolls-Royce aims to advance into new technologies, including small nuclear reactors. CEO Warren East says he wants to rebalance his business in the wake of the coronavirus.

The investment is “a clear vote of confidence in the UK’s global leadership in nuclear innovation,” said Kwasi Kwaten of the UK Business Secretary.

The government has invested £ 250m in the project as part of its latest funding round, providing Rolls with sufficient funding to advance design approval and identify on-site assembly sites at the factory.

https://gulfbusiness.com/rolls-royce-to-get-qatari-funding-for-small-nuclear-reactors/ Rolls-Royce Raises Qatar Funding for Small Reactor

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