The city will be home to a new national centre of excellence for developing the latest electric car battery technology.
Backed by £28 million of Government investment, the UK Battery Industrialisation Centre will fulfil ambitions for a Gigafactory in the UK.
The investment, through the modern Industrial Strategy’s Challenge Fund, follows an £80 million investment in the centre, which will provide practical training to upskill people in battery manufacturing.
The city is fast becoming a hub for battery technology, with Geely manufacturing the new electric model of the famous London black taxi cabs.
Also landing in Coventry is IPG Photonics, the world’s leading manufacturer of high-performance fibre lasers, which is investing £15 million at Ansty Park to create a new 50,000 sq ft UK headquarters and 30 new jobs.
These new investments demonstrate the region’s newly launched Local Industrial Strategy in action. Setting out the long-term vision for the region, the Strategy has been developed to increase people’s earning power and create an inclusive, clean and resilient local economy.
The Strategy outlines how the region will meet the Government’s four Grand Challenges of clean growth; future mobility; AI & data; and an ageing society to ensure the UK economy remains globally competitive in the future.
The West Midlands is the first ‘trailblazer’ region to agree a Local Industrial Strategy, which was launched by Business and Industry Minister, Andrew Stephenson, and Mayor of the West Midlands, Andy Street, at the Advanced Propulsion Centre in Coventry. Speaking at the launch, Andrew Stephenson MP said:
“I’d like to congratulate Andy Street and everyone who has been involved in this remarkable achievement. But far from being the end of the journey, this is just the beginning.
“By next year we want every person in England to be covered by a Local Industrial Strategy… So now let’s work together and inspire others to follow in your footsteps.”
Andy Street continued:
“The West Midlands is already home to the industries of tomorrow. We have some of the world’s most competitive and innovative companies in advanced manufacturing, electric and autonomous vehicle development and medical research.
“This Local Industrial Strategy also shows how we can become a global player in the digital and creative industries. The Strategy will build on these strengths to release the region’s full economic potential for the benefit of all communities across the entire West Midlands.”