A Rolls-Royce logo is seen at the company’s aerospace engineering and development site in Bristol, Britain, December 17, 2015
Rolls-Royce (RR.L) said on Monday Qatar’s sovereign wealth fund would invest 85 million pounds ($112.12 million) in the British company’s new low-carbon nuclear power business in exchange for a 10% equity stake.
The London-listed firm has agreed with the Qatar Investment Authority for the funding in its Small Modular Reactors business, which Rolls-Royce said was now fully funded having secured 490 million pounds 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.
Qatar and Rolls-Royce said last month that they would team up in a multi-billion pound project to develop and invest in green technology start-ups in the UK and the Gulf Arab state.
($1 = 0.7581 pounds)
Source: Reuters / Reporting by Muhammed Husain in Bengaluru; Editing by Anil D’Silva
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