Ricardo wins regional growth fund bid for new low carbon vehicle research center in UK
19 October 2012
Ricardo has won a bid for funding under round three of the UK Government’s Regional Growth Fund to support a new £10-million (US$16-million) low carbon vehicle research and training facility to be built at the Ricardo Shoreham Technical Centre.
The new Ricardo Vehicle Emissions Research Centre (VERC) will be capable of researching and developing emission reduction technologies and incorporating these technologies into hybridized, 4-wheel drive, and advanced technology vehicles.
The development of the Ricardo VERC was selected for part-funding under the £1.05-billion third round of the UK Government’s Regional Growth Fund, which is aimed at creating or safeguarding thousands of jobs over the long term, benefitting 130 projects and leveraging £6 billion (US$9.6 billion) of private sector investment.
This cash injection for Ricardo UK Ltd is part of a major Government drive to create and protect thousands of jobs that will last in the parts of the country where they’re needed most. For too long the UK economy has been focused on the City of London, ignoring places where business can thrive. The Regional Growth Fund taps into that potential, so that places like Shoreham-by-Sea and the surrounding area can benefit. The Regional Growth Fund is working, on track and supporting businesses to create jobs and grow the economy.—Deputy Prime Minister Nick Clegg
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