Multi-million-pound funding package to create thousands of jobs at Coventry and Warwick Gigapark

Multi-million-pound funding package to create thousands of jobs at Coventry and Warwick Gigapark

Plans for a battery manufacturing and technology hub that will create thousands of new jobs in the West Midlands have taken a significant step forward today (Friday January 10).

Mayor Richard Parker has announced a £23 million funding package to power up the Coventry and Warwick Gigapark with the installation of a dedicated energy supply capable of supporting large-scale battery production.

The Gigapark site - part of the region's flagship Investment Zone - includes Greenpower Park, the UK's Centre for Electrification and Clean Energy.

This major investment by the West Midlands Combined Authority (WMCA) will make this key Investment Zone site development-ready.

It will make this key Investment Zone site development-ready and put the region into pole position to secure the major international investment to attract battery manufacturers along with other associated electric vehicle and energy storage supply chain businesses.

Fully developed, the Gigapark could create up to 6,000 jobs in battery manufacturing and in the EV supply chain.

The funding - approved by the WMCA's Board at a meeting today - will also pay for further infrastructure works and the technical assessments required for a detailed planning application.

The Mayor said: “The Gigapark is going to make the West Midlands a global hub for cutting-edge battery technology, paving the way for a new era of electric vehicle manufacturing in and around our region.

"This Investment Zone funding is an exciting first step in making that vision a reality. It will bring in private investment, create thousands of quality jobs, boost the local economy, and help build a greener, more sustainable future."

The Coventry & Warwick Gigapark is being brought forward through a partnership between Coventry City Council, Warwick District Council and Warwickshire County Council.

Its main anchor site, Greenpower Park, is being delivered through a Joint Venture between Coventry Council and Coventry Airport Ltd.

Greenpower Park is a trailblazing centre of excellence for electrification, battery technology and manufacturing. This ground-breaking location is the first of its kind, offering an all-in-one solution for battery research, industrialisation, manufacturing, testing, recycling and electrified logistics designed to foster the UK's growing battery ecosystem.

Cllr Jim O'Boyle, cabinet member for jobs, regeneration and climate change at Coventry City Council, said: “Greenpower Park, the UK's Centre of Electrification and Clean Energy, has an important role to play in accelerating the UK's transition to an electrified economy.

“The WMCA's approval of £23m investment zone funding is a significant step towards boosting our country's growing battery industry. This funding will enable a power supply upgrade for Greenpower Park which will help prepare the site in readiness for investors.

“Greenpower Park is the only available site in the UK which sits within an investment zone and has planning permission in place for battery production and recycling facilities. With this strategic investment, Greenpower Park will act as a catalyst for a fully integrated and globally competitive battery ecosystem at the heart of the United Kingdom.

“Greenpower Park also forms a key part of our ambitious plans in 2025 to turn Coventry into an Electric City, alongside projects such as Coventry Very Light Rail and our Strategic Energy Partnership with E.ON.”

Cllr Chris King, portfolio holder for place at Warwick District Council, said: “Creating a favourable environment and having the infrastructure in place are key ingredients needed for us to attract the partnerships and investment we need to deliver the ultimate prize of a West Midlands Gigafactory and cluster of green manufacturing industries in this location. We are therefore delighted to start the new year with this major boost to our exciting and ambitious plans for a low carbon economy and way of living.”

Cllr Martin Watson, portfolio holder for economy at Warwickshire County Council, said: "The automotive sector is a major employer and driver of economic growth in the local area. We welcome this new investment that will accelerate the development of Coventry and Warwick Gigapark and give a significant boost to local supply chains and the regional economy. 

"It builds on the region's global reputation for innovation, Research and Development and manufacturing in EV, battery and related vehicle technologies."

Alex Norris, Minister for Local Growth and Building Safety, said: “The West Midlands has a key role to play in our plans to turbocharge economic growth and this new Gigapark will help us deliver on these ambitions and support our journey to becoming a clean energy superpower.

“This region was at the heart of the industrial revolution, and now, under the leadership of Mayor Richard Parker, it has a huge role to play as a green-industry leader, creating thousands of local jobs and delivering growth for generations to come.” 

The Coventry and Warwick Gigapark is one of three key sites - alongside the Wolverhampton Green Innovation Corridor and Birmingham Knowledge Quarter - that will power the West Midlands Investment Zone.

These three sites will benefit from a mix of direct funding and in some cases tax incentives with a focus on driving growth in advanced manufacturing, green industries, health-tech and digital technologies.

Collectively they have the potential to attract more than £5.5bn of private investment into the region and create more than 30,000 jobs by 2034.

In addition, around £1.5bn of business rates over the zone's 25-year lifespan will also be retained and reinvested directly into the region.

A range of business support and skills development programmes are also being established to ensure regional companies are best placed to make the most of these opportunities, and local people can access new skills and jobs opportunities.

Funding, tax incentives and business rate retention have been provided by the Ministry for Housing, Communities and Local Government through the national Investment Zone programme.

Find out more about the West Midlands Investment Zone and the three sites at www.wmca.org.uk/what-we-do/economy-and-innovation/west-midlands-investment-zone/.