Seven businesses in Northamptonshire and the East Midlands have created nearly 300 jobs thanks to £3 million of investment.
The funding was delivered by Northamptonshire Enterprise Partnerships and South East Midlands Local Enterprise Partnership to allow firms to launch research and development projects.
Cathy Martin, Senior Programme Manager, NEP, who manages the investment programme, said: “I have been really impressed not only by the projects that have been delivered but also by the level of determination shown by these companies to remain innovative and on top of their game in very competitive markets. There are no certainties when it comes to R&D but this funding has given them the confidence to move to the next level of project development and subsequent business growth.”
Hilary Chipping, Deputy Chief Executive, SEMLEP, said: “The High Performance Technologies sector continues to grow and being innovative is a major part of that growth. It is evident that without the funding from programmes such as this the growth of many cutting edge companies will be stunted. It should be recognised that the benefits are far reaching with significant positive impact on the wider supply chain. We will continue to do what we can to provide support in the future to enable continued development and growth.”
Vayon Vehicle Technologies, based in Woodford Halse, has developed a high energy, high power dense battery and cloud based management system.
Shane Hussain, CEO and chairman of Vayon Group, said: “The funding and support provided by the High Performance Technologies programme has had a direct effect on our capability to expand in this area of technology. Without the grant, the project would not have been realised for some time, if at all.
“It has enabled us to take advantage of some fantastic growth opportunities,” he said.