18M boost for South West businesses

Energy and Climate Change Secretary Ed Davey is visiting Marine Current Turbines in Bristol today as Deputy Prime Minister Nick Clegg announces over £300 million for UK businesses in Round 5 of the Government’s Regional Growth Fund (RGF).

Energy and Climate Change Secretary Ed Davey is visiting Marine Current Turbines in Bristol today as Deputy Prime Minister Nick Clegg announces over £300 million for UK businesses in Round 5 of the Government’s Regional Growth Fund (RGF).

A total of £18 million has been given to seven projects in the South West in Round 5. This is expected to raise £80 million of private investment and create and safeguard hundreds of jobs.

When added to the success of the first four rounds of the Fund, this represents a total of £190 of RGF funding for the South West. This has raised £700 million of private sector investment and will create tens of thousands of jobs in the long-term.

Marine Current Turbines (MCT) received £1 million in Round 4 of the RGF to develop tidal energy technology and establish a turbine blade manufacturing facility with 49 new jobs. Tidal power represents a promising opportunity for the UK to lead in this area of innovative renewable technology and to create new jobs and skills. MCT pioneered the development of the SeaGen S 1.2MW tidal current turbine, the world’s first and largest tidal power system at Strangford Lough in Northern Ireland, and is currently developing the next generation tidal turbines.

The Deputy Prime Minister said:

“The South West has seen major benefits from the Regional Growth fund already, and the £18 million investment I am announcing today is the latest important part in making sure the recovery is sustainable and balanced across the country.

“We’re seeing very encouraging signs that the British economy is on the road to recovery. Home-grown and British-based businesses are leading that charge for a stronger economy. The Regional Growth Fund gives businesses a helping hand from Government to fuel business expansion and create sustainable employment.

“I pay tribute to the ambitious companies who are using the Regional Growth Fund to create jobs locally, helping to build a stronger economy and doing it fairly.”

Energy and Climate Change Secretary of State, Edward Davey said:

“The Government has been striving to rebalance the economy away from London and away from the financial sector.  Here in the South West the impact the Regional Growth Fund is having is clear to see.
 
“MCT in Bristol build tidal turbines, and are part of the UK’s world leading marine energy industry. Wave and tidal power play an important part in our low carbon energy mix and MCT is a great example of how RGF is helping projects that will create green jobs and growth in the region.”

David Owen, Chief Executive, GFirst LEP said:

“Our congratulations go to SPP Pumps in Coleford, Pump Manufacturer of the year for the second time running, for receiving their conditional offer from the Regional Growth Fund. As a specialist manufacturer exporting products around the world, SPP Pumps is renowned for its exemplar standards in the industry for quality and reliability. We are delighted to have supported SPP Pumps in their application and this offer will now help them further develop their crucial test facility to allow ongoing growth and development.”

A total of 50 companies and programmes will receive cash in the latest round of the Regional Growth Fund (RGF), a Government project to create sustainable employment and rebalance the economy.    

The companies will take a share of [£300 million] in funding through Round 5 of the RGF, which will secure six times that amount in private sector investment and create or safeguard thousands of jobs across England.

Of the £300 million, £119 million of investment will help to rebalance the economy by supporting 37 companies from a range of industrial sectors and £182 million has been awarded to a  further 13 RGF intermediary programmes, both regional and national to support small businesses and promote growth.

Round 6 of the Regional Growth Fund will open for applications in the summer. Find out more about the Regional Growth Fund here.