Qatar supports Rolls-Royce's low-carbon nuclear business with $112m

Rolls-Royce announced yesterday that Qatar’s sovereign wealth fund will support the British company’s new low-carbon nuclear power business in exchange for a ten per cent equity stake, Reuters reports.

Rolls-Royce has agreed with the Qatar Investment Authority for the funding in its low-carbon nuclear innovation business with an investment of £85 million ($112.12 million).

Rolls-Royce secured £490 million ($650) through commercial equities and grants, the report added.

In a written statement, British Business Secretary Kwasi Kwarteng also said that this investment is a clear vote of confidence in the UK’s global leadership in nuclear innovation.

Last month, during the United Nations Climate Change Summit in Glasgow, Rolls-Royce and Qatar signed an agreement to inject billions of pounds into the green engineering startups in the UK in a move that could create up to 10,000 jobs in the country over the next few years.

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