The Welsh government has invested £500,000 in the car maker TVR and given it a £2 million loan; this will allow the company to begin manufacturing in 2019 at a site in Ebbw Vale.

The production facility will be based in the former Techboard building in Rassau as part of the Tech Valleys project — the Welsh Government’s 10-year vision to transform part of the Gwent Valleys into a world-leading centre for advanced manufacturing.

It is expected that TVR will build its new Griffith — launched at Goodwood in September — in the new factory when it is completed in 2019.

The £500,000 investment will give the Welsh government a 3% stake in the firm. A Welsh government spokesperson said:

“TVR is making good progress with its new car and has secured all necessary funding to complete the pre-production design and engineering development work.

“The company’s move to Wales offers an exciting opportunity to create over 100 much-needed well-paid new jobs in the Valleys.”