The investment arm of the Qatari state is bankrolling Rolls-Royce’s plans to build small modular nuclear reactors (SMRs).
The Qatar Investment Authority (QIA) will invest £85m for 10% of the project, Rolls-Royce announced on Monday.
Mansoor bin Ebrahim Al-Mahmoud, chief executive of the 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, Rolls-Royce’s chief executive, 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.”