Innovate UK showcases the best of British technology and companies at CENEX LCV 2015
Innovate UK, the UK’s innovation agency, has unveiled the results of research into the impact of its investment into companies developing innovative low carbon vehicle technologies since 2007, through its Low Carbon Vehicles Innovation Platform (LCV IP) and its other, targeted investments in manufacturer’s innovations.
The Low Carbon Vehicles Innovation Platform (LCV IP) supports UK companies to develop their innovations for the rapidly-developing low carbon vehicles market, helping to accelerate the adoption of low carbon vehicles and technology in the UK and establish the UK as the leading global hub for low carbon vehicle innovation.
Alongside Innovate UK, the Office for Low Emission Vehicles (OLEV), the Department for Business, Innovation and Skills (BIS) and the Engineering and Physical Sciences Research Council (EPSRC) have all co-invested in, and continue to provide support to, the LCV IP. On its own, Innovate UK has invested £45 million in the UK’s transport sector in 2014-15.
Importantly, the research has revealed that since 2007, LCV IP investments have had the following impact:
- Medium term return on investment (10 years) is between £8 to £14 for every £1 of grant in R&D for LCV
- Longer term return on investment (15 years) is between £20 to £34 for every £1 of grant in R&D for LCV
- Medium term (10 years), over 5,000 jobs will be created and safeguarded
- Longer term (15 years) nearly 12,000 jobs. Including a multiplier of 1.7 to adjust for supply chain job creation increases this estimate to around 20,000 jobs being created
- £340 million forecasted to be added to UK economy over next 10 years
- £820 million forecasted to be added to UK economy over next 15 years
Roland Meister, Head of Transport at Innovate UK said: “Innovate UK provides consistent support to the sector, working with an industry-led advisory panel to help shape the technological direction and priorities for the Low Carbon Vehicles Innovation Platform. We are helping to nurture the future of UK engineering capability in transport technologies, ensuring job creation and sustained growth.
“UK businesses are well placed to take advantage of the growing global demand and necessity for low emission, energy efficient vehicles. I’m extremely pleased to see the robust analysis economists have carried out in the Impact Review 2015. Its confidence inspiring to know we are generating in the order of 10:1 return on investment from this funding over a 10 year period. We’re helping to drive forward economic growth in this highly productive sector already rich in export success. This is what our work is all about and the sector is a prime opportunity for patient investors. My team and I are here to help investors make connections to these high growth potential companies.”
Anna Soubry, Minister for Small Business said:
“Innovation is central to growth and productivity, and this support is helping businesses turn their ideas into reality – winning new contracts, securing thousands of highly-skilled jobs and keeping the UK at the forefront of low carbon vehicle research and development.”
UK technologies and companies showcased
Along with publishing the results of the research, Innovate UK will also be demonstrating the fruit of investment in low carbon vehicles by showcasing some of the UK’s most exciting companies and technologies at CENEX LCV 2015. These include:
– Ashwoods Automotive is best known for its hybrid drive technology which has helped the company become the UK’s leading supplier of Hybrid commercial vehicles.
– Ashwoods will be demonstrating its LowCAP project at CENEX LCV 2015 which is a generator for an Electric Vehicle (EV) range-extender.
– Ashwoods’ hybrid vans have been proven to reduce emissions and fuel cost by over 15% compared with the equivalent diesel variant.
– Ashwoods has recently received a grant from the Regional Growth Fund to build a manufacturing facility for their electric motors.
– Faradion is pioneering the next generation of advanced, low-cost battery materials.
– These novel materials employ sodium-ion (Na-ion) technology which when incorporated into batteries will be virtually indistinguishable, in terms of performance, from the leading lithium-ion (Li-ion) products currently on the market.
– Faradion has been involved in two Innovate UK projects so far, including one to demonstrate its Sodium-ion battery technology.
– It plans to exhibit a new battery with a 12-cell module design at CENEX LCV 2015. These are principally used for stationary energy storage and will rival established global firms such as Tesla.
– Bladon Jets is pioneering the development of micro gas turbines – small, light and clean-burning jet engines which will provide a new generation of green and efficient power units.
– The company had raised £2m in investment and is expanding rapidly. Bladon also secured £3.5m from Regional Growth Fund for capital equipment, and are participating in the APC’s SME support programme.