Rolls Royce, Qatar Join Forces to Develop “Green Tech” Start-Ups
- November 3, 2021
- Posted by: Quatro Strategies
- Category: Manufacturing
Qatar and Rolls-Royce will cooperate on a multi billion pound project to develop and invest in green technology start ups in the UK and Qatar with a view to raise their status to “unicorn”, reaching at least $1 billion of valuation. Qatar and Rolls Royce said the initial aim was to create five such companies by 2030, and 20 by 2040.
The joint venture will be based at two sites in Britain and Qatar, which will be funded by Doha, according to the statement. The two campuses will be testing grounds for start-ups. More announcements will be made in mid 2022 regarding the project and the campuses, the two sides said.
The venture targets a substantial investment pool to finance R&D and provide early state investment. Rolls Royce will provide engineering and manufacturing support.
Qatar and Rolls Royce also said they were hoping to attract co-investors and create investment opportunities for Qatari businesses. The project aims to create 10,000 jobs.
Currently, Qatar’s major investments in the UK are managed by the state’s sovereign wealth fund Qatar Investment Authority; but this project will be managed by the non-profit Qatar Foundation.
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