Thousands of jobs are set to be created after £23 million of funding was announced for a Coventry and Warwick gigapark. Local leaders said the site around Coventry Airport would see the West Midlands become a hub for battery manufacturing and technology.
Mayor Richard Parker unveiled a £23 million funding package today (Friday January 10) to push the Coventry and Warwick Gigapark plan forward. The Gigapark, part of the region’s flagship Investment Zone, includes Greenpower Park, the UK’s Centre for Electrification and Clean Energy.
The investment by the West Midlands Combined Authority (WMCA) will prepare this key Investment Zone site for development. It’s hoped the funding will help attract international investment including battery manufacturers and other electric vehicle and energy storage sectors.
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Once fully developed, the Gigapark could create up to 6,000 jobs in battery manufacturing and in the EV supply chain. The funding, approved by the WMCA’s Board at a meeting today, will also cover further infrastructure works and the technical assessments needed for a detailed planning application.
Mator Richard Parker sad: “The Gigapark is going to make the West Midlands a global hub for cutting-edge battery technology, paving the way for a new era of manufacturing in and around our region. This Investment Zone funding is an exciting first step in making that vision a reality. It will bring in private investment.”
The Coventry & Warwick Gigapark, a joint venture between Coventry City Council, Warwick District Council and warwickshire-county-council>Warwickshire County Council, is set to create thousands of jobs, boost the local economy, and help build a greener, more sustainable future. The main anchor site, Greenpower Park, is being delivered through a partnership between Coventry Council and Coventry Airport Ltd.
This pioneering centre of excellence for electrification, battery technology and manufacturing is the first of its kind, offering an all-in-one solution for battery research, industrialisation, manufacturing, testing, recycling and electrified logistics designed to foster the UK’s growing battery ecosystem.
Cllr Jim O’Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council, said: “Greenpower Park, the UK’s Centre of Electrification and Clean Energy, has an important role to play in accelerating the UK’s transition to an electrified economy.
“The WMCA’s approval of £23m investment zone funding is a significant step towards boosting our country’s growing battery industry. This funding will enable a power supply upgrade for Greenpower Park which will help prepare the site in readiness for investors.
“Greenpower Park also forms a key part of our ambitious plans in 2025 to turn Coventry into an Electric City, alongside projects such as Coventry Very Light Rail and our Strategic Energy Partnership with E.ON.
“Greenpower Park is the only available site in the UK which sits within an investment zone and has planning permission in place for battery production and recycling facilities. With this strategic investment, Greenpower Park will act as a catalyst for a fully integrated and globally competitive battery ecosystem at the heart of the United Kingdom.
“Greenpower Park also forms a key part of our ambitious plans in 2025 to turn Coventry into an Electric City, alongside projects such as Coventry Very Light Rail and our Strategic Energy Partnership with E.ON.”
Cllr Chris King, portfolio holder for place at Warwick District Council, commented: “Creating a favourable environment and having the infrastructure in place are key ingredients needed for us to attract the partnerships and investment we need to deliver the ultimate prize of a West Midlands Gigafactory and cluster of green manufacturing industries in this location. We are therefore delighted to start the new year with this major boost to our exciting and ambitiou splans for a low carbon economy and way of living.”
Pictured L-R Mayor Richard Parker, Cllr Jim OBoyle (Coventry City Council), Cllr Martin Watson (Warwickshire County Council), Philip Clarke and Cllr Chris King (Warwick District Council).
Cllr Martin Watson, portfolio holder for economy at Warwickshire County Council, stated: “The automotive sector is a major employer and driver of economic growth. The Coventry and Warwick Gigapark, one of three key sites powering the West Midlands Investment Zone, is set to receive a significant boost.
“It builds on the region’s global reputation for innovation, Research and Development and manufacturing in EV, battery and related vehicle technologies.”
The Coventry and Warwick Gigapark is one of three key sites – alongside the Wolverhampton Green Innovation Corridor and Birmingham Knowledge Quarter – that will power the West Midlands Investment Zone.
The other two sites will also benefit from a mix of direct funding and tax incentives. These sites are expected to attract more than £5.5bn of private investment into the region and create over 30,000 jobs by 2034.
Additionally, around £1.5bn of business rates over the zone’s 25-year lifespan will be reinvested directly into the region. A range of business support and skills development programmes are being established to maximise these opportunities.
Funding, tax incentives and business rate retention have been provided by the Ministry for Housing, Communities and Local Government through the national Investment Zone programme.”