British multinational aerospace and defence company Rolls-Royce Holdings plc said on Monday it has reached agreement with the sovereign wealth fund of Qatar, to invest 85 million pounds (112 million dollars) in Rolls-Royce SMR Limited, its new low carbon nuclear power business.
The Qatar Investment Authority (QIA) will take a 10-per-cent share of the equity of Rolls-Royce SMR.
It joins Rolls-Royce Group, BNF Resources UK Ltd and Exelon Generation Ltd as Rolls-Royce SMR's shareholders.
Rolls-Royce SMR is building a new technology solution to deliver affordable, low carbon, nuclear power.
According to the company, a single power station will occupy around one 10th of the size of a conventional nuclear generation site and power approximately 1 million homes.
The Rolls-Royce SMR business is now fully funded, having secured 490 million pounds through commercial equity and UK Research and Innovation or UKRI grant funding.
The development of Small Modular Reactors or SMRs is a core part of the British government's 10-point plan for a green industrial revolution.
Mansoor bin Ebrahim Al-Mahmoud, chief executive officer of QIA said: "QIA is investing in the energy transition and funding the technologies that enable low carbon electricity generation.
"We will continue to seek out investments that align with our mandate to deliver long-term value for future generations through responsible sustainable investments."
