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Funding secured to power up Coventry and Warwick Gigapark

Posted on 13 Jan 2025. Edited by: Joh Hunter. Read 532 times.
Funding secured to power up Coventry and Warwick GigaparkPictured from left to right: Mayor Richard Parker, Councillor Jim O’Boyle (Coventry City Council), Councillor Martin Watson (Warwickshire County Council), Philip Clarke and Councillor Chris King (Warwick District Council)

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. 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 also put the region into pole position to secure the major international investment to attract battery manufacturers along with other associated electric vehicle (EV) 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.

Councillor 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 a £23 million 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.”

He added: “It 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 UK. 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.”

Global hub

Mayor Parker 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 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 (JV) between Coventry Council and Coventry Airport Ltd.

It 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.

Councillor 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 2025 with this major boost to our exciting and ambitious plans for a low-carbon economy and way of living.”

Driving growth

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 £5.5 billion of private investment into the region and create more than 30,000 jobs by 2034.

In addition, around £1.5 billion of business rates over the Investment 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.

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.”