£4million now available for HPT businesses

13 January 2014

We are delighted to be working with Northamptonshire Enterprise Partnership (NEP) to today launch a new £4million for High Performance Technology (HPT) businesses across the South East Midlands.

NEP and SEMLEP worked together to secure this £4million HPT R&D Investment Programme – for businesses local to both LEPs – from Round 4 of the Government’s Regional Growth Fund (RGF). The RGF supports projects that help leverage private sector investment to create economic growth and sustainable employment.

The programme will leverage a further £12million in private sector investment and create 500 jobs by March 2018.

Medium to large size enterprises in the HPT sectorare encouraged to apply for grants of up to £1million (£500,000 minimum) to undertake innovative large-scale research and development activity. Full application criteria are available online; potential applicants will need to evidence significant private sector investment in R&D activity which ultimately leads to the creation of sustainable private sector jobs and positive impact on the local supply chain.

Daniel Mouawad, Chief Executive, SEMLEP, said: “We are delighted to be working with NEP on this important project. Supporting innovative research in this key sector will encourage inward investment and provide opportunities to enhance the skills of our workforce. These are all priorities for SEMLEP to grow the economy. I am looking forward to discussing some exciting proposals with businesses in our area.”

Jo Lappin, Chief Executive, NEP, said: “Northamptonshire has an entrepreneurial culture and a strong track record of delivering return on investment which makes this new £4 million fund an exciting prospect for the local and wider economy. Positive impacts will be felt across the whole supply chain as well as the broader UK-wide HPT sector. We have tight timescales and invite businesses with developed propositions to talk to us now.”

The HPT network has been identified as having significant potential for business and employment growth. There are over 1,000 companies in Northamptonshire’s HPT network alone, a cluster which has developed from the county’s strong motorsport heritage. The network has evolved to incorporate companies operating in sectors ranging from defence and aerospace to marine, construction and renewables and is estimated to be worth over £2 billion to the local economy.

For further information go to our designated FUNDING page.