Rolls-Royce Holdings PLC Secures £ 85 Million Qatar Investment in Small Nuclear Reactor Business

With the new technology, a single plant will occupy only a tenth of the size of a conventional nuclear production site and will power around one million homes.

Rolls-Royce Holdings PLC (LSE: RR.) Said the Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, had agreed to invest £ 85million in Rolls-Royce Small Modular Reactor (SMR), its project to build smaller nuclear power plants. reactors.

With SMR technology, a single plant will occupy only a tenth of the size of a conventional nuclear power plant and power around one million homes, Rolls-Royce said in a statement.

He said the SMR power plant will generate up to 470 MW of low-carbon energy, which is equivalent to more than 150 onshore wind turbines.

QIA joins Rolls-Royce, BNF Resources UK Ltd and Exelon (NYSE: EXC) Generation Ltd as shareholders of Rolls-Royce SMR, taking a 10% stake.

The UK government announced last month that it would commit £ 210million to the project.

Rolls-Royce SMR is now fully funded, having secured £ 490million in commercial equity and UK research and innovation grants. The development of SMRs is at the heart of the UK government’s 10-point plan for a green industrial revolution.

READ: Rolls-Royce says market recovery and cost savings are fueling improved performance

Warren East, CEO of Rolls-Royce, said: “I am extremely pleased to report that we have further strengthened our relationship with Qatar, thanks to QIA’s investment in the Rolls-Royce SMR business.

“We have been successful in raising the capital we need to establish Rolls-Royce SMR and it is encouraging to confirm that the company is now poised for success. “

Business and Energy Secretary Kwasi Kwarteng added: “This investment is a clear vote of confidence in the UK’s global leadership in nuclear innovation and follows the £ 210million investment. government in the development of small modular reactors.

“This represents a huge step forward in our plan to deploy more clean and affordable, locally produced energy, ensuring greater energy independence in the UK, highly skilled jobs and cheaper and cleaner electricity in cities. homes. “

Investment Minister Lord Grimstone said: “Although the COP26 summit ended last month, the work to achieve Net Zero and rebuild greener after the pandemic continues.

“Investment will play an important role in this regard. By investing millions in innovative green technologies, like small modular reactors, not only are we working hard to end our contribution to climate change, but we are securing thousands of highly skilled jobs. “

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