Push to deliver West Midlands Investment Zone gets underway
The push to attract new companies to the West Midlands got underway on Thursday (October 3) as a £14.5 million funding package was approved - the first money to be made available to the region's flagship Investment Zone.
The package includes £2 million to start the Gigapark at Coventry airport (Greenpower Park) - which will be able to accommodate a battery manufacturer and associated businesses in the electric vehicle (EV) supply chain.
READ MORE: West Midlands Gigafactory in advanced talks with leading Asian battery manufacturers
The funds, approved at a meeting of the West Midlands Combined Authority’s (WMCA) Investment Zone board. will also be used to help small and medium sized enterprises (SMEs) in manufacturing break into new supply chains.
That includes access to a £6million research and development grant fund and higher-level management training.
Cllr Jim O’Boyle, cabinet member for jobs, regeneration and climate change at Coventry city council, said: "Greenpower Park has an important role to play in accelerating the UK’s transition to an electrified economy.
"The WMCA’s approval of the first phase of investment zone funding is a significant step towards boosting our country’s growing battery industry.
"With this strategic investment, Greenpower Park will act as a catalyst for a fully integrated and globally competitive battery ecosystem at the heart of the United Kingdom."
The West Midlands Investment Zone covers the whole region and is powered through three specific sites - one of which is the Gigapark.
The other two are: The Birmingham Knowledge Quarter - running northeast from the Birmingham City and Aston universities through Duddeston and Nechells to Aston - which will focus on health/med-tech and wider digital technology capabilities.
Meanwhile, the Wolverhampton Green Innovation Corridor will support the transition to the emerging green sectors through a partnership between the city council and university.
Together, these sites have the potential to attract more than £5.5bn of private investment into the region and create more than 30,000 jobs by 2034.
Richard Parker, mayor of the West Midlands and WMCA chair, noted: "With keen interest already being generated by the first three sites, this funding lays the foundation for business innovation and the creation of high-quality, high-skilled jobs.
"Crucially though, I’m ensuring that local people have the training and skills they need to take full advantage of these opportunities, driving prosperity for everyone across the West Midlands."