Rolls-Royce Group has reached agreement with Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, to invest GBP 85 million in Rolls-Royce SMR Limited (Rolls-Royce SMR).
Rolls-Royce SMR is building a new technology solution to deliver affordable, low carbon, nuclear power. A single 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.
Mr Mansoor bin Ebrahim Al-Mahmoud, Chief Executive Officer of QIA commented: 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.
Warren East, CEO, Rolls-Royce Group, said: I am tremendously pleased to announce that we have further strengthened our relationship with Qatar, through QIAs investment in the Rolls-Royce SMR business. We have successfully raised the capital we need to establish Rolls-Royce SMR and it is encouraging to confirm that the business is now set up to succeed.
Business and Energy Secretary Kwasi Kwarteng said: This investment is a clear vote of confidence in the UKs global leadership in nuclear innovation and follows the £210 million of government investment in the development in Small Modular Reactors.
It represents a huge step forward in our plan to deploy more home-grown, affordable clean energy – ensuring greater energy independence for the UK, highly skilled jobs and bringing cheaper, cleaner electricity to peoples homes.
Minister for Investment, Lord Grimstone, said: Although the COP26 Summit ended last month, the work to reach Net Zero and build back greener from the pandemic goes on.
Investment will play an important role in this. By investing millions into innovative green tech, like Small Modular Reactors, not only are we working hard to end our contribution to climate change, but we are securing thousands of highly-skilled jobs.
The Rolls-Royce SMR business is now fully funded, having secured £490 million through commercial equity and UK Research and Innovation (UKRI) grant funding. The development of SMRs is a core part of the UK Governments 10-point plan for a green industrial revolution.
Qatar Investment Authority (QIA) is the sovereign wealth fund of the State of Qatar. QIA was founded in 2005 to invest and manage the state reserve funds. QIA is among the largest and most active sovereign wealth funds globally. QIA invests across a wide range of asset classes and regions as well as in partnership with leading institutions around the world to build a global and diversified investment portfolio with a long-term perspective that can deliver sustainable returns and contribute to the prosperity of the State of Qatar.
About Rolls Royce SMR Ltd
Rolls-Royce SMR Ltd was established in 2021 to deliver clean affordable energy for all. The business is capitalised by Rolls-Royce Group, BNF Resources UK Limited, Exelon Generation Ltd and through UK Research and Innovation (UKRI) grant funding. Rolls-Royce SMR will design and deliver a turn-key, low-cost nuclear solution utilising factory built modularisation solutions.
Notes to Editors
Rolls-Royce has been a nuclear reactor plant designer since the start of the UK nuclear submarine programme in the 1950s.
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, helping to support the roll out of renewable generation, helping to overcome intermittency.
Rolls-Royce was advised on the equity raise process by Eversheds Sutherland and HSBC.
When fully operational the Rolls-Royce SMR business is forecast to create 40,000 regional UK jobs by 2050 and generate £52bn in economic benefit.
Rolls-Royce Group will ultimately own approximately 70% of Rolls-Royce SMR business.
- Rolls-Royce reveals origin of Black Badge ahead of announcement on 28 October
- Black Badge channels the subversive spirits of founders C. S. Rolls and Sir Henry Royce
- Black Badge responds to the demands of a new class of disruptors and visionaries
- Design and engineering execution challenges established assumptions about the brand
- Black Badge motor cars now represent 27% of Rolls-Royce product commissions
Rolls-Royce has always attracted a unique breed of outliers, visionaries and iconoclasts. We are proud to provide these men and women with a perfectly engineered canvas upon which they can express a subversive and confident projection of their success.
Black Badge represents a natural evolution for a brand that is defined by a culture of collaboration with its clients. Black Badge is not a sub-brand. It is an attitude that represents an authentic and confident response to the desires of a new group of clients who proudly practise bold self-expression.
Torsten Müller-Ötvös, Chief Executive Officer, Rolls-Royce Motor Cars
At 13:00 BST on 28 October 2021, Rolls-Royce Motor Cars CEO Torsten Müller-Ötvös will announce a new product in the brands portfolio. Ahead of this statement, the marque reveals an unexpected history of subversion within Rolls-Royce, including the creation of Rolls-Royces alter ego: Black Badge.
In addition to the extraordinary origin story of the marques permanent Bespoke series of motor cars which now account for 27% of Rolls-Royce commissions worldwide the brand has elected to bring its learnings together with an animation, created in partnership with highly conceptual non-fungible token (NFT) creator, artist and illustrator Mason London.
A SUBVERSIVE HERITAGE
Rebellion is not a new concept at Rolls-Royce. The very foundations of the company represent a wilful challenge to what was perceived to be possible or even polite as founders Sir Henry Royce and C. S. Rolls both rejected the destiny of their births. Royce ascended from humble beginnings to become an engineering giant of his times, creating motor cars for and with the gentry. Rolls, an aristocrat, wore white-tie spattered with oil to grand Cambridge University occasions, earning him the moniker Dirty Rolls.
Today, disruptor has become the popular label for those who refuse to adhere to established conventions. This attribute has made fortunes, slain great institutions and even challenged the very notion of currency. Had the term existed in the early 20th century, Rolls and Royce would have been among the eras arch-disruptors. Through an agonising pursuit of perfection, they proved that a car could credibly replace the reliability and frugality of a horse and carriage.
Indeed, they were so successful that their motor cars instantly became the preserve of those who ruled. Later, Rolls pursuits as an aviation pioneer were driven by a heroic yet dark urge to further the cause of his eras second great mobility revolution flight until he tragically lost his life performing at an air show. In so many respects, Rolls created the firebrand archetype that Elon Musk, Mark Zuckerberg, Richard Branson and Larry Ellison strive to emulate today.
It is no wonder that in every era since these two men met, the outliers, visionaries and iconoclasts who define the modern world have felt so comfortable in Rolls-Royces company. Though wildly different in character, approach and legacy, individuals such as John Lennon, Karl Lagerfeld, Sammy Davis Jr, Sophia Loren and todays young pioneers in technology, embedded intelligence, fintech and big data are all bound by the rebel spirit of Rolls and Royce.
The case for Black Badge the marques first permanent Bespoke series of motor cars as an authentic and contemporary response to the current generation of this legacy, could not have been clearer.
THE BIRTH OF BLACK BADGE
Before considering Black Badge, it is vital to understand the roots from which it grew, and the trajectory Rolls-Royce took following the relaunch of the brand in 2003. The Goodwood era began with Phantom in 2003: a pinnacle saloon motor car that artfully recalled the grandeur and imperiousness of its forbears. Following Phantoms launch and subsequent success, the marques specialists listened to a new tone of feedback. Clients requested a less formal expression of brand, which summoned the introduction of Ghost in 2009, the motor car that went on to become the best-selling Rolls-Royce in history.
Following the success of Ghost, Rolls-Royce consolidated the revival of the marque by attuning itself to the very different desires of an ascendant generation. These women and men demanded even more dynamic motor cars. Wraith, a gran turismo that channelled the more urgent nature of Rolls spirit was later followed by the all-terrain Cullinan itself a pure expression of the marque, reimagined not just for a new client, but for a new purpose. Together, these cars, along with the introduction of a seductive drop-head coupé, Dawn, redefined Rolls-Royces ever-younger customer base, driving the company to unprecedented commercial success and injecting vibrancy and a renewed sense of purpose into one of the worlds most revered institutions.
BOLD AND BESPOKE
The clients who came to Rolls-Royce in this bold new era were drawn from new industries and geographies. Their success was defined on their own terms. It is only natural that they sought to project their newfound liberty with the same contrarian spirit that had served them so well during their ascent. Simply acquiring the very best was no longer enough. The objects with which they surrounded themselves needed to project their individual sensibilities, tastes and paths to greatness.
The execution of this new vision fell to Rolls-Royces Bespoke Collective. Increasingly, these experts within the marque were being asked to create cars that countered the expected codes of luxury. The decorative mastery of traditional materials such as lacquered woods gave way to more technical and contemporary expressions of craftsmanship. Exhaustively engineered technical fibres, aircraft-grade aluminium and starker colourways defined a confident new interior aesthetic.
At Rolls-Royce there is no requirement for structured approaches to market research. The brand understands its customers because the very execution of its product is achieved in close personal collaboration with them. Furthermore, its senior executives integrate themselves into their clients lifestyles, knowing many personally and often defining future projects not by internal codenames but the name of the first client who requested it.
Bespoke had become as much a part of Rolls-Royce as the motor cars on which it was overlaid. But it was through this global archive of commissions that one clear pattern emerged: a desire to respectfully subvert Rolls-Royce. Indeed, this realisation was confirmed following a chance meeting between Rolls-Royce Motor Cars CEO Torsten Müller-Ötvös and a client who had tasked an outside tuning house with cloaking his Wraith in black chrome and darkened wheels.
This tallied with what Müller-Ötvös had experienced during several meetings with individual clients who commissioned their own darker Rolls-Royces and confirmed the requirement for a sanctioned answer to this new movement. These clients did not believe Rolls-Royce would agree to their wishes. They were misinformed. The brands contemporary success is defined by a willingness to listen, participate and define changing cultures and norms. Black Badge was born.
BLACK BADGE AND THE BROADER LUXURY INDUSTRY
As Rolls-Royces clients became younger, more dynamic and diverse, so did the scope of inspiration. The marques specialists recognised a movement in fashion and haute couture that was channelling a similar spirit, one that celebrated the tension between rebellion and design tradition. Inspiration was frequently drawn from classic garment silhouettes but led to a fresh and contemporary mood through dark yet innovative materials, often accented with a flash of bold colour. Creators such as John Varvatos, Alexander McQueen, Rick Owens, Yohji Yamamoto and Ann Demeulemeester championed a similar aesthetic. Comme des Garçons protégé Kei Ninomiya was so moved by the theme of darkness he created the Noir label in its honour.
However, this movement extended beyond the catwalks and onto the streets of the worlds most exclusive enclaves. From Tokyo to Los Angeles, architecture in monochrome dramatically increased in popularity. In the first half of the 2010s, yakisugi, the ancient Japanese technique of charring exterior wood, experienced a considerable resurgence, while the Nashville-based OMore College of Architecture & Design coated its 2017 show house in black.
The women and men popularising this movement also carry this aesthetic with them as they travel, hence Rimowas iconic black suitcase and Bottega Venetas black Cassette bag. Increasingly, they travelled in black aircraft several charter companies, such as Blackbird Air, specialise in provisioning fleets of black private jets. Even in cuisine, the colour now has an immovable status as a rare luxury across the world as glossy as caviar, as deep as squid ink and as potent as truffle.
Materials at the very core of traditional, high-luxury products were also being challenged. Three pioneering sailing yachts, Maltese Falcon (88 metres), Black Pearl (106.7 metres) and Sailing Yacht A (142.8 metres), combined the form of a heritage sailing craft with execution in technical fibres. This challenged the established use of woods for key structural components as well as fitted surfaces and freestanding furniture.
The ultimate expression of future-facing style; stripped of excessive decorative effects and pared back to its innate graphic force, this aesthetic represents restraint, intellect, discipline and a way of living in an increasingly complex world. It also captures the spirit of Post Opulence in a turbulent post-pandemic world. In our hyper-stimulated, kaleidoscopic era, enhanced by AI and VR, it has come to represent a place of rest and precious privacy. From black-screen mode to blackout eye masks or simply lying in the dark under the stars, we universally appreciate the value of retreating into our own personal void.
A TRULY CONTEMPORARY MOVEMENT
Similarly, at Rolls-Royce, colour palettes that deferred to heritage were replaced with a darker aesthetic that communicated presence without distracting from the motor cars silhouette. While black products have reflected a traditional code of luxury, particularly in fashion, Rolls-Royces designers now work to subvert it through the injection of bold colour. In the same way that Chanels little black dress has evolved, Rolls-Royces clients have become increasingly bold, integrating neon flashes with the noir mood of Black Badge.
For the first time, a Bespoke response to changing customer demand was expressed with equal weight by the engineering team as by the design collective. These new individuals sought more immediacy and dynamism. Rolls-Royce responded with uprated power, brakes, suspension and by allowing into the interior suite a little more of the aural character of the V12 powertrain.
This deeply authentic, holistic approach reflected the changing environments in which a Rolls-Royce operates, from country estate to night-time urban playground. Indeed, it is through Black Badge that the marque came to define the pinnacle of this new way of living and channel the spirit of its founders, disrupting itself to thrive in times of unprecedented change.
The next chapter in Black Badges remarkable history will be announced at 13:00 BST on 28 October 2021. Visit www.rolls-roycemotorcars.com for more.
CO2 EMISSIONS & CONSUMPTION.
Wraith: NEDCcorr(combined) CO2 emission: 365-363g/km; Fuel consumption: 17.7-17.8 mpg/16.0-15.9 l/100km. WLTP(combined) CO2 emission: 369-357g/km; Fuel consumption: 17.3-17.9mpg/16.3-15.8l/100km.
Dawn: NEDCcorr (combined): CO2 emission: 372-367 g/km; Fuel consumption: 17.3-17.5 mpg / 16.3-16.1 l/100km. WLTP (combined): CO2 emission: 381-372 g/km; Fuel consumption: 16.7-17.1 mpg / 16.9-16.5 l/100km.
Cullinan: NEDCcorr (combined) CO2 emission: 341 g/km; Fuel consumption: 18.8 mpg / 15.0 l/100km. WLTP (combined) CO2 emission: 377-355 g/km; Fuel consumption: 17.0-18.1 mpg / 16.6-15.6 l/100km.
Ghost: NEDCcorr (combined) CO2 emission: 343 g/km; Fuel consumption: 18.8 mpg / 15.0 l/100km. WLTP (combined) CO2 emission: 347-359 g/km; Fuel consumption: 17.9-18.6 mpg / 15.2-15.8 l/100km.
Rolls-Royce and Flanders Electric have agreed to develop a retrofit solution for hybridizing mining trucks with mtu engines, batteries and hybrid control systems, and Flanders drive train solutions. The two companies have signed a Memorandum of Understanding enabling them to offer a scalable retrofit kit for hybridizing mining trucks in a wide range of mining applications.
With its brand mtu, Rolls-Royce business unit Power Systems is a leading provider of advanced integrated and sustainable power solutions for a wide variety of applications, including mining equipment. Flanders is an industry leader in the development and sale of electric motors and generator systems, as well as automation and control systems for heavy industrial applications. The companies plan to leverage their extensive experience to offer customers hybrid solutions that aim to save fuel and reduce the C02 footprint of mining trucks as well as optimizing vehicle power performance and efficiency, enabling more climate-friendly and safer mining operations.
John Oliver, CEO and Chairman of the Board of Flanders, said: Improving our customers operations, lowering their costs while enhancing their energy footprint, is a win for the mining industry and for the environment as a whole. We are excited to partner with Rolls-Royce Power Systems to deliver an industry leading hybrid power solution that will help our customers achieve their energy or carbon reduction goals.
Scott Woodruff, Vice President for Mining and Oil & Gas at Rolls-Royce Power Systems, said: We are excited to shape the mining industrys sustainable future together with Flanders and further leverage our advanced hybrid technologies, which are already proven in the rail industry. Together we will offer our customers integrated, future-oriented, hybrid solutions.
The mining truck hybrid concept recovers braking energy, using the mtu EnergyPack battery system. This energy is then fed back to power the wheel motors, allowing the diesel engine to be downsized. The smaller engine reduces fuel consumption and C02 emissions by up to 30%, helping mining customers to achieve their emissions reduction targets, while optimizing their operations. The hybrid concept also includes the DC/DC converters which interface the battery system with the DC link of the truck. The system is highly modular and scalable for trucks of any size, working anywhere in the world.
mtu diesel engines have been setting the standards for performance and fuel-efficiency in mining applications around the globe for decades. They reliably power vehicles for underground and surface mining, including loading vehicles such as excavators and wheel loaders; transport vehicles such as haul trucks or blast hole drilling rigs; and other mining machines diesel-mechanic, diesel-electric or diesel-hydraulic.
Hybrid solutions are already part of the mtu portfolio. The mtu Hybrid PowerPack is set to enter rail service in the UK and helps customers cut fuel consumption and CO2 emissions by up to 25%. The drive solution and its mtu batteries which can also be used on hybrid mining trucks offer high performance, reliability and maintenance friendliness while conforming to the highest safety standards.
Rolls-Royce and Flanders Electric have agreed to develop a retrofit concept for hybridizing mining trucks that can reduce CO2 emissions by up to 30%. It integrates mtu engines, batteries and hybrid control systems, and Flanders drive train solutions. The mining truck hybrid concept recovers braking energy, which is then fed back to power the wheel motors, allowing the diesel engine to be downsized
FLANDERS is a global leader in motors, drives, electronics, and control systems for heavy industrial machines. The company has over 70 years of experience in engineering, manufacturing, and servicing large electrical rotating equipment and systems that bring massive machines to life. Today, FLANDERS develops some of the most advanced controls and software for heavy machines in the connected era of Big Data and continues to provide its trusted hands-on repair of motors and electrical systems.
About Rolls-Royce Holdings plc
- Rolls-Royce pioneers the power that matters to connect, power and protect society. We have pledged to achieve net zero greenhouse gas emissions in our operations by 2030. We joined the UN Race to Zero campaign in 2020, and have committed to ensuring our new products will be compatible with net zero operation by 2030, and all products will be compatible with net zero by 2050.
- Rolls-Royce Power Systems is headquartered in Friedrichshafen in southern Germany and employs around 9,000 people. The product portfolio includes mtu-brand high-speed engines and propulsion systems for ships, power generation, heavy land, rail and defence vehicles and for the oil and gas industry as well as diesel and gas systems and battery containers for mission critical, standby and continuous power, combined generation of heat and power, and microgrids.
- Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces and navies, and more than 5,000 power and nuclear customers.
- Annual underlying revenue was £11.76 billion in 2020 and we invested £1.25 billion on research and development. We also support a global network of 28 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.
- Rolls-Royce Holdings plc is a publicly traded company (LSE:RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69).
- Rolls-Royce Motor Cars Middle East & Africa and Rolls-Royce Motor Cars Dubai (AGMC) launch new Rolls-Royce Apiary initiative in Dubai
- The Apiary comprising six beehives specially built to withstand Dubais climate, each containing about 60,000 honeybees
- Launched to mark World Bee Day on 20th May 2021
- Project replicates and extends vital conservation and awareness work of the original Goodwood Apiary, established at the Home of Rolls-Royce in 2017
Together with our partner, Rolls-Royce Motor Cars Dubai (AGMC), we are delighted to introduce our new Apiary an initiative close to the hearts of everyone in the Rolls-Royce family. Translating the amazing work done over the past four years at the Home of Rolls-Royce to our region is the perfect way to mark World Bee Day. We are committed to continuously raising awareness of the real, present threats facing all types of bees, on whom we all depend to produce much of our food, and safeguard and enhance the biodiversity of our planet.
[i”We would like to thank the Beekeepers Foundation in Dubai for their invaluable supervision and support, and a special thank you to Abu Dhabi Agriculture and Food Safety Authority for supplying the six Emirati Queen bees who will be at the heart of our new population.[/i]
César Habib, Regional Director Middle East & Africa, Rolls-Royce Motor Cars
Rolls-Royce Motor Cars Middle East & Africa and Rolls-Royce Motor Cars Dubai (AGMC) have announced the launch of The Rolls-Royce Apiary in Dubai to mark World Bee Day, 20th May 2021.
The project is modelled on the highly successful Apiary established at the Home of Rolls‑Royce at Goodwood in 2017. The Apiary comprises six beehives, made from cedar and painted white to withstand Dubais high temperatures and humidity levels. Five of the beehives are named after current Rolls-Royce models Phantom, Wraith, Ghost, Dawn and Cullinan while the sixth, Spirit of Ecstasy, celebrates the marques illustrious mascot.
Each hive is home to some 60,000 honeybees, headed by an Emirati Queen bee provided by the Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) and carefully tended by experts from The Beekeepers Foundation, UAE.
The ADAFSA Honeybee R&D Programme seeks to improve the management and sustainability of honeybees in the UAE. Its Emirati Bee breeding programme has produced a line of honeybees, developed from the indigenous Apis mellifera jemenitica bee, that is perfectly adapted to the harsh local environment.
The launch has been timed to coincide with World Bee Day on 20th May 2021. This United Nations initiative aims to strengthen measures to protect bees, which are vital pollinators for almost 90% of the worlds wild flowering plants and more than 75% of global food crops. Bees are under significant threat worldwide from intensive and monocultural farming practices, land‑use change, habitat loss, pesticides and rising temperatures linked to climate change.
Rolls-Royce Motor Cars has been actively involved in helping to safeguard these essential, remarkable and highly vulnerable creatures since 2017.
Ayhan Olcer, CEO, Arabian Gulf Mechanical Centre (AGMC), said, At AGMC, we are committed to enhancing our community and protecting our ecosystem. We are delighted to welcome this initiative to Dubai and continue our efforts to promote sustainability in our business practices”
Mr. Habib added: With the Rolls-Royce Apiary, we will create a buzz of activity in support of bee conservation. Our Rolls-Royce bees and their Emirati Queens illustrate our commitment and contribution to maintaining the UAEs vital bee population. This project is about highlighting the importance and heritage of the bees in the region and raising public awareness about the role of these exceptional insects in our lives.