It was confirmed last week that Ricardo’s was one of the successful bids in the third round of the UK Government’s Regional Growth Fund.
The secured funds will create a new £10 million research and training facility and will enable the development of next-generation clean, low carbon vehicles.
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. In addition to making a valuable contribution to the improvement of urban air quality and reduced greenhouse gas emissions, the VERC will help Ricardo maintain its globally leading position in green technology and promote export projects from its Shoreham headquarters.
“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,” commented Deputy Prime Minister Nick Clegg.
“Ricardo has been an important part of the West Sussex coastal economy for almost a century, and this new development will help us to continue to fulfill this role and grow our capability in a globally competitive context.” – Ricardo UK Ltd Managing Director, Martin Fausset. “I would like to thank our many local stakeholders and supporters for their advice, assistance and encouragement, which has helped our application for this funding to be successful.”
For the full press release from Ricardo’s, please click here
To find out which other bids were successful in the RGF Round 3, please click here