Rolls-Royce and easyJet complete world’s first test of hydrogen-powered jet engine

Rolls-Royce and easyJet have completed the world’s first successful trial of a jet engine powered by hydrogen fuel.

The ground test was conducted on the engine using green hydrogen produced by wind and tidal power generated in the Orkney Islands in Scotland.

It took place at Ministry of Defence site Boscombe Down in Wiltshire, south-west England, using a converted Rolls-Royce AE 2100-A aircraft engine, which is widely used by planes around the world.

The companies, which are aiming to prove hydrogen can safely and efficiently power civil plane engines, are planning to conduct a second set of trials.

Flight tests remain a longer-term ambition.

Grazia Vittadini, chief technology officer for Rolls-Royce, said: “We only announced our partnership with easyJet in July and we are already off to an incredible start with this landmark achievement. We are pushing the boundaries to discover the zero-carbon possibilities of hydrogen, which could help reshape the future of flight.”

Johan Lundgren, chief executive of easyJet, said the test represented a “huge step forward” in reaching the companies' shared goal of attaining net zero by 2050.

“This is a real success for our partnership team," he added.

“We are committed to continuing to support this ground-breaking research because hydrogen offers great possibilities for a range of aircraft, including easyJet-sized aircraft.”

After analysis of the early concept ground test, the partnership plans a series of rig tests, leading up to a full-scale ground test of a Rolls-Royce Pearl 15 jet engine.

Secretary of State for Business, Energy and Industrial Strategy, Grant Shapps, said it was a “true British success story”.

“The UK is leading the global shift to guilt-free flying, and today’s test by Rolls-Royce and easyJet is an exciting demonstration of how business innovation can transform the way we live our lives,” he said.

“This is a true British success story, with the hydrogen being used to power the jet engine today produced using tidal and wind energy from the Orkney Islands of Scotland — and is a prime example of how we can work together to make aviation cleaner while driving jobs across the country.”

The partnership is inspired by the global, UN-backed Race to Zero campaign.

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The biog

Favourite books: 'Ruth Bader Ginsburg: A Life' by Jane D. Mathews and ‘The Moment of Lift’ by Melinda Gates

Favourite travel destination: Greece, a blend of ancient history and captivating nature. It always has given me a sense of joy, endless possibilities, positive energy and wonderful people that make you feel at home.

Favourite pastime: travelling and experiencing different cultures across the globe.

Favourite quote: “In the future, there will be no female leaders. There will just be leaders” - Sheryl Sandberg, COO of Facebook.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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