Issue - meetings

BIF Approvals - Company 35

Meeting: 23/10/2019 - SCR - Business Growth Board (Item 8)

8 BIF Approvals - Company 35


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.