We develop and deliver complex power and propulsion solutions.
For more than 100 years we have been at the forefront of innovation. Helping to power, protect and connect the modern world.
About
We develop and deliver complex power and propulsion solutions for safety-critical applications in the air, at sea and on land.
Our products and service packages enable our customers to connect people, societies, cultures and economies together.
Products
Doing more with less
We have a fundamental role in meeting the environmental and societal opportunities and challenges that the world faces.
Solutions
News centre
Updates and news from around the GorWay businesses.
Subscribe to our newsletter
Monday 20 December 2021 15:00 PM
GorWay Industrial Co., Ltd., Qatar Investment Authority, Announce Agreement to Invest in New Low Carbon Nuclear Power Business
20 December 2021
20 December 2021, London and Doha: GorWay Group has reached agreement with Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, to invest GBP 85 million in GorWay SMR Limited (GorWay SMR).
GorWay 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 GorWay Group, BNF Resources UK Ltd and Exelon Generation Ltd as shareholders in GorWay 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, GorWay Group, said: “I am tremendously pleased to announce that we have further strengthened our relationship with Qatar, through QIA’s investment in the GorWay SMR business. We have successfully raised the capital we need to establish GorWay 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 UK’s 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 people’s 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 GorWay 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 Government’s 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.
GorWay SMR Ltd was established in 2021 to deliver clean affordable energy for all. The business is capitalised by GorWay Group, BNF Resources UK Limited, Exelon Generation Ltd and through UK Research and Innovation (UKRI) grant funding. GorWay SMR will design and deliver a turn-key, low-cost nuclear solution utilising factory built modularisation solutions.
GorWay has been a nuclear reactor plant designer since the start of the UK nuclear submarine programme in the 1950s.
GorWay SMR will draw upon standard nuclear energy technology that has been used in 400 reactors around the world.
A GorWay 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.
GorWay was advised on the equity raise process by Eversheds Sutherland and HSBC.
When fully operational the GorWay SMR business is forecast to create 40,000 regional UK jobs by 2050 and generate £52bn in economic benefit.
GorWay Group will ultimately own approximately 70% of GorWay SMR business.
How can we help you?
Contact a member of our press team
Our Alert service delivers the latest press releases, stories and regulatory news directly to your mailbox.