£50m fund to boost West Midlands electric vehicle sector
Grants of between £250,000 and £3 million will be available with at least 50 per cent private match funding required.
A major £50 million to boost West Midlands companies in the automotive sector transform has been launched.
Mayor Richard Parker said match funded grants are being made available to help businesses capitalise on new opportunities in fast-growing electric vehicle supply chains.
Suppliers can apply for a share of the £50million West Midlands Supplier Readiness and Transformation Fund and put themselves in pole position to win new contracts, create hundreds of new skilled jobs and protect thousands more.
West Midlands Combined Authority’s Investment Board backed the fund at a meeting back in February this year.
Grants of between £250,000 and £3 million will be available with at least 50 per cent private match funding required.
Companies will be given the funding to invest in new equipment, skills and production capacity to help them compete in the expanding EV market.
The fund will run for four years and forms part of the government’s DRIVE35 initiative which aims to strengthen UK supply chains and boost domestic production as the country moves towards zero-emission technologies.
The Mayor said: “The West Midlands is still the engine room of the UK motor industry. It’s one of our great economic strengths and why I put it at the heart of my Growth Plan to create skilled jobs with higher wages.
“This is a big investment by government because it knows how crucial the success of our region’s automotive sector is to the wider UK economy.
“It will help secure that success and make sure our manufacturers, suppliers and innovators stay ahead as the global market moves ever faster towards electrification.”
The region is one of just two to secure £50m of government investment and the Mayor formally opened it up to applications in a speech today at the Advanced Propulsion Centre, headquartered at the University of Warwick.
Industry Minister Chris McDonald said: “Through our Modern Industrial Strategy we’re delivering £4 billion into zero emission vehicle manufacturing, marking the biggest investment into the car industry since the post-war era and driving economic growth and innovation across the country.
“Strengthening supply chain resilience is paramount, which is why we’re investing £100million in the West Midlands and North East to electrify manufacturing, boosting supply chains and securing jobs in local communities.”
The West Midlands boasts one of the UK’s largest automotive sectors with 1,000 companies, employing more than 30,000 people making cars, engineering parts and developing state-of-the-art EV and battery technology.
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