£14.5m injection kickstarts West Midlands Investment Zone
The West Midlands Investment Zone has been kickstarted with £14.5m from the West Midlands Combined Authority (WMCA).
More than 30,000 jobs and £5.5bn of private investment are expected to be created through the zone across the region.
Funds approved by the WMCA Investment Zone Board today (October 3) will be used to begin planning the necessary infrastructure works at the Coventry and Warwick Gigapark site at Coventry Airport and to help SMEs break into new supply chains.
£2m will fuel Greenpower Park, a development-ready site for a battery manufacturer and associated businesses in the electric vehicle supply chain. When fully developed, the Gigapark site has the potential to create up to 6,000 jobs.
The remaining £12.5m will be used to work with SMEs in the advanced manufacturing sector to provide intensive technical advice, access to a £6m research and development grant fund, and higher-level management training, to help them break into the new supply chains.
This support, set to be launched early next year, will see around 2,000 jobs will be created or safeguarded and an additional £70m of economic benefits for the region.
Richard Parker, Mayor of the West Midlands and WMCA chair, said: “This new Investment Zone is a cornerstone of my vision to reignite the economic growth this region has long been waiting for. After years of missed opportunities, we now have a plan that will draw in over £5 billion of private investment and deliver 30,000 new jobs.
“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.”
The Coventry & Warwick Gigapark overall is being brought forward through a collaboration between Coventry City Council, Warwick District Council and Warwickshire County Council, with its main anchor site, Greenpower Park, being delivered through a Joint Venture between Coventry Council and Coventry Airport Ltd.
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.”
Cllr Ian Davison, leader of Warwick District Council said: “This is excellent news. We welcome the prospect of this funding which will now start bringing this ambitious concept to life. The huge benefits of this project including the plan to develop a cluster of green manufacturing industries and the creation of thousands of new jobs in the region, are now becoming reality.”
The West Midlands Investment Zone covers the whole region and is powered through three specific sites which benefit from a range of direct funding and in some cases tax incentives.
They will be focussed on driving growth in advanced manufacturing, green industries, health-tech and digital technologies.
The three sites are:
