Qatar Foundation, Rolls-Royce partner in climate tech business, aim to create 10,000 jobs
The campuses will be located in Qatar and north of England
The Qatar Foundation and Rolls-Royce will partner on climate technology research and development, eyeing the creation of 10,000 jobs.
The memorandum of understanding covers R&D, accelerator activities and venture capital funding, the companies said, adding that at least 10,000 climate-tech jobs will be generated by 2040.
The collaboration plans to create up to five unicorns – startups valued at over $1 billion – by 2030 and 20 by 2040.
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A general view of the Rolls-Royce factory in Filton in July 2020 in Bristol, United Kingdom. Recently, the company announced its partnership with the Qatar Foundation. (Matthew Horwood/Getty Images / Getty Images)
Campuses will be located in the north of England and Qatar.
The Qatar Foundation will provide resources to create the campuses and support operations over 20 years. Rolls-Royce will provide engineering and high-end manufacturing support, using the center as a base to develop emerging technologies in the field of climate technology.
Rolls Royce said it will "spin out" some of its newest technologies in the field of climate tech – outside its existing activities in aerospace, defense and nuclear.
The company said it is already making efforts to decarbonize. "For us, the transition to net zero is both a societal imperative and an excellent commercial opportunity," Warren East, Chief Executive, Rolls-Royce, said in a statement.
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"This partnership with Qatar Foundation will enable us to accelerate progress in clean energy, including ... allowing us to fully take advantage of nascent technologies that could have a significant impact on tackling climate change," East added.
Climate tech startups have already raised $32 billion this year, more than in any previous year, according to a report from Dealroom and London & Partners.
Investors are tapping into the growing consumer demand for sustainable technologies such as electric vehicles and renewable energy and venture capital firms want to back climate tech startups since it will "resonate with customers," Stephen Feline, the North America director for London & Partners, told Fast Company.
Brad Smith, President and Vice Chair of Microsoft, on Centre Stage during day two of Web Summit 2021 at the Altice Arena in Lisbon, Portugal. Rolls-Royce and the Qatar Foundation will soon partner in the climate tech business as Smith recently commen (Stephen McCarthy/Sportsfile for Web Summit via Getty Images / Getty Images)
And Microsoft president Brad Smith said this week that the race to build new climate tech is comparable to JFK’s plan to go to the moon.
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"Today’s most pressing problems: climate change, soil restoration, water resources, animal welfare and human health are all inextricably linked. We stand ready to work together with our partners Rolls-Royce in developing innovative solutions and clean energy technologies," Sheikha Hind bint Hamad Al Thani, vice chairperson and CEO of Qatar Foundation, said in a statement.
Britain's Prime Minister Boris Johnson (R) visits the Rolls Royce stand in the Innovation Zone in the Innovation Zone, during the Global Investment Summit at the Science Museum in London on Oct. 19. Johnson recently praised the partnership of Rolls-R (YUI MOK/POOL/AFP via Getty Images / Getty Images)
"This partnership fuses the outstanding British engineering of Rolls-Royce with the vision of the Qatar Foundation," U.K. Prime Minister Boris Johnson said.