Cutting-edge R&D projects for batteries, self-driving and the automotive industry are set to receive over £50 million in grant funding from the UK government. The government is aiming to drive innovation in areas such as self-driving technologies and energy storage solutions. The government aims to make the UK one of the best countries in the world to manufacture goods subsequently boosting the UK’s economy by creating more jobs and investing in the innovation and development of clean, green technologies.
Who will receive this funding?
Fast-start projects
£11m of the grant funding will be awarded to 12 fast-start projects through the Advanced Propulsion Centre. This aims to increase product development of cars, buses, motorcycles and more.
Self-driving technologies
The Fourth Industrial Revolution will change how goods are be transported across the nation. To ensure that the UK is prepared, the centre for Connected and Autonomous Vehicles will provide grant funding to at least 13 projects which are developing self-driving technologies.
Battery research projects
£19m will be invested by the Faraday Institution into four key battery research projects. These projects include Nextrode and NEXGENNA. Nextrode is focusing on researching and developing new solutions for manufacturing electrodes, which is a key battery subcomponent. The aim is to make batteries perform better whilst reducing the cost. NEXGENNA is conducting research and development on improving the performance of sodium-ion batteries. This is a technology that has the potential to make significant improvements towards sustainability.
Medicines Manufacturing Skills Centre of Excellence
The government will invest £5.5m in creating a Medicines Manufacturing Skills Centre of Excellence, which aims to create jobs and respond to any future health emergencies.
It is important to note that these are just some of the projects that are being supported and if you would like the full details please visit the government website.
How can we help?
Hawsons has a dedicated team of specialist manufacturing and engineering accountants in Sheffield, Doncaster and Northampton.
Our specialist team offers a wide range of services which are tailored to meet your individual needs. Our understanding of the issues faced by the manufacturing and engineering businesses means that we can proactively seek out ways for you to maximise your profitability and minimise your tax liabilities.
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Craig Burton
Partner, Sheffield
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