The government announced today that it is to inject £2m from its Regional Growth Fund (RGF) into the development of a breakthrough electronics material, creating 100 new jobs.
Through the governments’s RGF, it has invested the sum into global electronics firm NXP Semiconductors, which is carrying out research into Gallium Nitride (GaN) in Stockport.
The funding will supplement an existing private sector investment into the project of £7.5m, and as well as creating new jobs in Stockport, it will safeguard 400 existing roles.
Finance will be used to recruit extra research and development staff, assist in the making of prototype models, consult the UK’s leading academics and provide equipment for the development phase.
It will support NXP’s investment to create a leading centre for power semiconductors in its facility, as well as businesses and suppliers from across the area..
Chief secretary to the Treasury Danny Alexander, who announced the investment to the Manchester Chamber of Commerce, said it will provide a significant boost to the town.
“I’m very pleased that money from the Regional Growth Fund is supporting the world-leading GaN research facility in Stockport which is a real boost for the local area, supporting a huge private sector investment and local jobs,” he said.
“The Regional Growth Fund gives us the opportunity to support innovative projects like this and shows we are doing everything we can to boost growth and the position of the UK as a global leader in science and innovative technology.”
GaN is tipped to become a vital resource in the future for the power industry and electronics market, as it is more efficient than conventional silicon.
It is believed that it could even eventually replace traditional silicon components in power electronic systems, such as used in car systems, mobile phones and cloud computing.