Monday, 17 June 2013
£90m funding for aerospace industries
Aerospace businesses are set to benefit from up to £90m of funding to develop new, advanced technologies, Business and Energy Minister Michael Fallon announced today.
Speaking at the Paris Air Show, the minister unveiled plans to hold a competitive call for businesses, through the Technology Strategy Board, for up to £25m of Government funding.
The investment will finance collaborative research and technology projects that are consistent with the objectives of the Aerospace Industrial Strategy.
It will be targeted at small and medium-sized aerospace suppliers who will be invited later in the year to submit bids for a share of the fund.
The £25m will be match funded by the winning businesses, creating up to £50m total investment.
This will be the first such call utilising some of the £2bn joint government and industry funding committed to support the Aerospace Technology Institute (ATI).
The National Aerospace Technology Exploitation Programme (NATEP), led by the Aerospace Growth Partnership to address skills shortages and improve research and development collaboration, will also be officially launched today after successfully completing due diligence.
This £40m project is supported by £23m from the second round of the Government’s Advanced Manufacturing Supply Chain Initiative (AMSCI) and £17m from industry.
Business and Energy Minister Michael Fallon said: "We have a world-leading aerospace sector underscored by our ability to excel in areas like research and development. It’s this commitment to innovation through our Aerospace Industrial Strategy that will be a crucial driver for long-term growth.
"If we are to get ahead of the game we must create the right conditions now that incentivise businesses to invest in the UK and develop new, exciting products. This new funding will help to do just that and also ensure a high level of quality projects receive the support they need to get off the ground.
The National Aerospace Technology Exploitation Programme (NATEP) is positive news for UK aerospace, and a further demonstration of government and industry working together to strengthen our supply chains.
Iain Gray, Chief Executive of the Technology Strategy Board, said: "The creation of the Aerospace Technology Institute demonstrates the UK’s long term commitment to this key industrial sector.
"As the UK’s innovation agency, the Technology Strategy Board is well placed to manage this first open technology funding competition on behalf of the Aerospace Growth Partnership. The successful projects will help the UK to deliver the leading edge innovation envisaged in the Aerospace Industrial Strategy.
Graham Chisnall, Deputy CEO of aerospace trade organisation ADS. said: "The National Aerospace Technology Exploitation Programme will embed important new technology and capability into the UK supply chain.
"Helping smaller companies to invest and develop new technologies will help us achieve long term competitive advantage.
"This funding shows that the work of the Aerospace Growth Partnership is delivering benefits at all levels of the supply chain and closely co-ordinates with the work of the Aerospace Technology Institute."Back