West Midlands businesses set to benefit as government unveils £180m support for battery innovation
West Midlands start-up and scale-up companies are set to benefit from a major growth package delivering the Modern Industrial Strategy.
The package delivers what the government said was its largest single commitment to battery research and development.
This means £180 million will be provided through the £452 million Battery Innovation Programme announced in the UK's Modern Industrial Strategy.
A strong UK battery sector is considered vital for net zero, energy security and future manufacturing with the West Midlands one of the key regions in the sector.
It is home to car brand JLR and its vast supply chain across Shropshire and the Black Country alongside the UK Battery Industrialisation Centre in Coventry and a possible new gigafactory at Coventry Airport.
The industry already supports 10,500 jobs across the UK.The money will fund R&D projects and investor partnership grants that help battery start-up and scale-up companies to secure match-funded private capital.
The funding will go directly to companies, helping them compete globally while anchoring their growth in the UK.
Business Secretary Peter Kyle said: "For too long, Britain's most promising companies have had to look abroad for the backing they need to grow.
"Scale-ups that should have become homegrown champions struggle against a system that is too slow and too fragmented. This package changes that.
"We are placing big bets on the industries where Britain can win, backing our innovators with real firepower and cutting the red tape that holds them back."
Other measures announced as part of the package include simplifying regulation to streamline compliance, speeding up processes across key growth sectors and scrapping the Audit Reform Bill to avoid significant new costs for large firms.
Jordan Cummins, UK competitiveness director at business body the Confederation of British Industry, added: "Cutting red tape and helping businesses scale-up is central to our collective growth mission.
"This latest package is therefore a good step on the journey to helping the growing firms of today become the global leaders of tomorrow."
