Rolls-Royce Group has reached agreement with Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, to invest £85 million (US$112 million) in Rolls-Royce SMR Limited (Rolls-Royce SMR). Rolls-Royce SMR is building a new technology solution for small modular reactors to deliver affordable, low-carbon, nuclear power.
A single small modular reactor power station will occupy around one tenth of the size of a conventional nuclear generation site and power approximately one million homes.
QIA will join Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd as shareholders in Rolls-Royce SMR, taking a 10% share of the equity.
The Rolls-Royce SMR business is now fully funded, having secured £490 million (US$647 million) through commercial equity and UK Research and Innovation (UKRI) grant funding. The development of SMRs is a core part of the UK Government’s 10-point plan for a green industrial revolution.
Rolls-Royce SMR Ltd was established in 2021, with the mission of designing and delivering a turn-key, low-cost nuclear solution utilizing factory-built modularization solutions. Factory production of modules removes the cost and schedule risks of on-site manufacture on large-scale projects. Modules can be transported to site on a truck exactly when they’re required.
Rolls-Royce SMR will draw upon standard nuclear energy technology that has been used in 400 reactors around the world. A Rolls-Royce SMR power station will have the capacity to generate 470MW of low-carbon energy, equivalent to more than 150 onshore wind turbines. It will provide consistent baseload generation for at least 60 years.
Rolls-Royce Group will ultimately own approximately 70% of the Rolls-Royce SMR business.