Decision Maker: SCR - Business Growth Board
Decision status: For Determination
Is Key decision?: No
Is subject to call in?: No
Award of £100k grant to Company 35
subject to the conditions set out in the Appraisal Panel Summary
A report was received to enable the Board to take a decision whether to support the proposal of a Business Investment Fund (BIF) Productivity Challenge grant of £100,000 to a company that operates in the Transport Equipment Manufacturing sector, specialising in electric vehicles with fully electric systems, providing the components, software, and vehicle integration abilities.
The grant would allow the company to fund the reorganisation of the electrical and mechanical assembly areas to enable a ramp up in production output and efficiencies.
The project has been estimated to result in a 137% increase in productivity, with GVA per worker forecast to increase from £29,850 to £70,748, and creation of 24 FTE’s by 2020, considered acceptable value for money for the BIF Productivity Challenge investment.
Report author: Sue Sykes
Publication date: 06/11/2019
Date of decision: 23/10/2019
Decided at meeting: 23/10/2019 - SCR - Business Growth Board