GE Aviation wins share of £72m from Regional Growth Fund
GE AVIATION Systems is set to secure £1.25 million in government cash for a research facility which promises to boost jobs and the economy.
The Cheltenham engine manufacturer is among seven successful bidders in the region in line to receive a share of £72 million from the Regional Growth Fund.
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GE Aviation
The cash will go towards a project by GE Aviation that will create up to 100 jobs over the next eight years.
The money will be used to refit laboratory facilities and buy equipment to allow continuing research and development work into "novel and new technologies to increase aircraft operational and emissions efficiencies".
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Simon Linacre, product leader for GE Aviation's Electrical Power business in the UK, said: "We anticipate that this research will lead to new products and will help be a catalyst for advanced technology in electrical power systems.
"We anticipate that this research will allow us to identify new products which would create up to 100 new jobs over the next eight years."
The £72 million provisionally awarded to the South West bidders aimed to create or safeguard 8,640 jobs over the lifetime of the schemes and lever in £148 million of private sector cash.
It formed part of the £1 billion third round of the RGF, which is aimed at boosting the economy and creating employment.
Nationally, 130 bidders out of 414 were selected to receive financial support.
Deputy Prime Minister Nick Clegg said: "This £1 billion boost for growth in towns and cities across England is creating jobs that will last in the parts of the country that need it most.
"In tough economic times the Regional Growth Fund is good value for taxpayers' money.
"This £1 billion round of the fund is pulling in £6 billion of private sector investment."
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