Qatar will invest in Rolls Royce’s new low-carbon nuclear power business in exchange for a 10% equity stake, the British company confirmed on Monday.
Qatar’s sovereign wealth fund will invest £85 million ($112.12 million) in the company’s Small Modular Reactors business under an agreement between the two parties.
The London-listed firm said the project is now fully funded with £490 million secured through commercial equities and grants.
“This investment is a clear vote of confidence in the UK’s global leadership in nuclear innovation,” British Business Secretary Kwasi Kwarteng said in a statement.
In late October, Qatar and Rolls-Royce announced they were teaming up to inaugurate new green engineering projects in a bid to achieve a greener environment.
It was said that the Gulf state is investing in building science and engineering hubs in the north of England and Doha to facilitate the development of green technologies.
The billion dollar project is targeted towards inventions in carbon capture and storage, with the aim to curb carbon dioxide from factories and power stations before it reaches the atmosphere.
Qatar and RR are reportedly seeking partnerships with universities in the UK with an expected opening date in 2023 and 1000 job opportunities.