£21m funding kickstarts major gigapark
The approval of a £21m funding package has set plans in motion for a battery manufacturing and technology hub, resulting in the closure of Coventry Airport.
The West Midlands Combined Authority (WMCA) has greenlit the funding to Coventry City Council for Greenpower Park – a 5.7m sq ft hub set to create up to 6,000 jobs across battery manufacturing, recycling and research.
Funding will be focused towards installing a 30 MVA power supply, obtaining planning consent, and completing infrastructure design, to make the site development-ready and attract private investment.
It will however result in the closure of Coventry Airport and create uncertainty for businesses currently operating from the site.
Outline planning has already been secured for Greenpower Park after an initial £1.962m of West Midlands Investment Zone (WMIZ) capital funding was approved, taking the total funding pot to £23m.
In documents ahead of the WMCA’s Investment Zone board meeting on December 5, it says this option was chosen as the most cost-effective way to deliver the site.
A global campaign targeting top battery manufacturers and related sectors is underway to draw investors, with interest already expressed by leading battery manufacturers and innovators.
Cllr Jim O’Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council said: “Greenpower Park, the UK’s Centre of Electrification and Clean Energy, has an important role to play in accelerating the UK’s transition to an electrified economy.
“The WMCA’s approval of £23m investment zone funding is a significant step towards boosting our country’s growing battery industry. This funding will enable a power supply upgrade for Greenpower Park which will help prepare the site in readiness for investors.
“Greenpower Park is the only available site in the UK which sits within an investment zone and has planning permission in place for battery production and recycling facilities. 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”.
Mayor of the West Midlands, Richard Parker said: “The Gigapark is going to make the West Midlands a global hub for cutting-edge battery technology, paving the way for a new era of manufacturing in and around our region.
“This Investment Zone funding is an exciting first step in making that vision a reality. It will bring in private investment, create thousands of quality jobs, boost the local economy, and help build a greener, more sustainable future.”
Alex Norris, Minister for Local Growth and Building Safety said: “The West Midlands has a key role to play in our plans to turbocharge economic growth and this new Gigapark will help us deliver on these ambitions and support our journey to becoming a clean energy superpower.
“This region was at the heart of the industrial revolution, and now, under the leadership of Mayor Richard Parker, it has a huge role to play as a green-industry leader, creating thousands of local jobs and delivering growth for generations to come.”
