Member Article

Nifco UK secures £1.65m RGF funding

A Teesside manufacturing firm has successfully secured a £1.65 million grant from the Regional Growth Fund.

Nifco UK in Stockton on Tees will put the money towards an £11 million project to equip a new factory and help the company move into the electric vehicle battery market.

It will also create 128 new jobs, and safeguard a further 158.

A total on £7.9 million was given to three other firms, including e2v Technologies in Essex, Bentley Motors in Crewe and Halifax Rack and Screw Cutting Co. Ltd in Halifax.

Commenting on the announcement, Deputy Prime Minister Nick Clegg expressed his hope that the Regional Growth Find would help to unlock private sector investment.

“Creating long-term jobs and long-term growth is our number one priority for Britain.” He said.

“The Regional Growth Fund is already helping the economy grow in every region and across a range of industries. The 641 jobs announced today is more good news for people in Teesside, Essex, Crewe and Halifax.

The projects, three from round one and one from round two, successfully completed a period of necessary checks by the companies and the government to ensure the deals offer the best value for taxpayers.

Business Secretary Vince Cable added: “It’s excellent that four more companies are benefiting from the Regional Growth Fund.

“This support continues to provide a significant boost to the local economies, lever in significant investment and will create jobs where they are needed most.

“The projects will support advanced manufacturing techniques, enable R&D to develop new products and improve skills, all of which are vital to support growth and help rebalance the economy.”

£1.64 billion has been conditionally allocated to 164 projects through two rounds of bidding. It will create and safeguard more than 330,000 jobs and is supported by more than £6 billion of private investment.

This was posted in Bdaily's Members' News section by Ruth Mitchell .