NEP and SEMLEP (South East Midlands Enterprise Partnership) have announced the first grants to be awarded under a joint LEP initiative to support businesses in the High Performance Technologies (HPT) sector.
Made possible with £4m of funding from Government’s Regional Growth Fund (RGF), the HPT R&D Investment Programme supports businesses based in Northamptonshire and the remaining South East Midlands area with grants of up to £1million to undertake innovative large-scale research and development activity.
The programme aims to lever an ambitious £12m in private sector investment and create 500 jobs and apprenticeships by March 2018. Funding is available until March 2015.
Following a competitive and rigorous appraisal process, the first four businesses in receipt of grant approval and a share of £1.9 million are:
GE Precision Engineering
A specialist engine design consultancy and manufacturer of engine and chassis components for the automotive and motorsport industry, based in Northampton.
A manufacturer of ruggedized transmission equipment for global applications including traffic management systems, security systems, government, military, and public sites, based in Biggleswade.
Consultants and suppliers of innovative software, propulsion and hull systems to boat and ship yards, based in Bedford.
Manufacturers and suppliers of electronics and powertrain products and engineering services to high performance vehicle manufacturers, motorsport teams and automotive performance enthusiasts, based in Northampton.
Between them, these companies aim to create 218 jobs by March 2018 including apprenticeships as a result of future developments stemming from the initial R&D activity.
Other projects have also been approved subject to due diligence and will be announced in due course.
Sajeeda Rose, Chief Operating Officer, NEP, said: “This is an exciting programme to deliver. It recognises the importance of innovation, sustainable growth and job creation in one of Northamptonshire’s key and influential sectors impacting on the local economy. It will also help maximise global market potential for companies at the heart of the UK’s world-leading HPT cluster.”
Hillary Chipping, Head of Infrastructure at SEMLEP, added: “This is an excellent example of two LEPs working together to create high quality sustainable jobs in a sector of key significance to the whole area.”
Your login details have been used by another user or machine. Login details can only be used once at any one time so you have therefore automatically been logged out. Please contact your sites administrator if you believe this other user or machine has unauthorised access.