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Qatar and Rolls-Royce to invest billions of pounds in green technology

Qatar and Rolls-Royce to invest billions of pounds in green technology

Qatar and Rolls-Royce are to join forces in a multi-billion pound project to develop and invest in green technology start-ups in the UK and the Gulf state.

 

In a joint statement, Qatar and carmaker Rolls-Royce announced that their partnership aims to create at least five fast-growing green technology companies by 2030, and as many as 20 by 2040. These new companies will be supported by the opening of two science and engineering campuses. Funded by Doha, one of these campuses will be built in the north of England and the other in Qatar.

 

The two partners also said the campuses would be testing grounds for start-ups to test and scale up new technologies that will help combat global warming. The exact locations or design of these campuses have not yet been decided, but more information is expected later in 2022.

 

The announcement comes as world leaders begin COP26, the summit to combat climate change, in Glasgow.

 

The project aims to create an investment pool to fund research and development, and to provide venture capital investment to create and develop businesses. Rolls-Royce is expected to provide technical and manufacturing assistance.

 

Both partners said they hope to attract co-investors and create investment opportunities for Qatari companies and investors. The project also aims to create some 10,000 jobs.

 

The Qatar Foundation, a non-profit organisation, will administer the project for Qatar.

See Also

 

 

Read also > ROLLS-ROYCE AIMS TO GO ALL-ELECTRIC BY 2030

 

Featured photo : © Flickr

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