Hybrid Air Vehicles is to receive a Government grant via the Regional Growth Fund, hoped to create economic growth and lasting employment.
The Government’s Regional Growth Fund, which the Deputy PM will announce an extension of today, has invested nearly £3bn to help businesses in England to grow; so far generating over 100,000 jobs.
The RGF funding will allow an entirely new type of aircraft to return to flight.
HAV hope the funding will enable the British SME to maintain its global market leadership in an aviation market independently assessed to be worth over $50bn over the next twenty years.
The Government backing immediately unlocks equity investment from private individuals and will ultimately lead to commercial agreements with customers, who will continue the funding of the business through a series of trials and demonstrations taking place during 2016.
Hybrid Air Vehicles will be creating hundreds of jobs in the manufacture of the aircraft, benefiting both the wider UK economy through exports and the Bedfordshire region more directly.
NE Bedfordshire MP Alistair Burt has welcomed the Regional Growth Fund award to Hybrid Air Vehicles of Cardington, for further development work on the next generation of commercial airships.
Burt, whose constituency includes the famous Cardington Sheds, which saw the building of the R101, is a strong supporter of the venture, commented: “I am delighted at the success of Hybrid Air Vehicles in winning this award, which is further proof of the sustainability of this developing technology which has so many applications.
“To see the new airship taking shape at Cardington is very exciting, an extraordinary combination of proud history and new science.
“I wish the next phase very well indeed, with all that it means for a fast-developing hub of new science, jobs and research in the area.”
This is in addition to an exciting week in which HAV also won the Smart Product Award in the South-East Regional Final of the EEF/Aldermore Future Manufacturing Awards.
This is the second major government grant HAV has received. Last year, an Innovate UK grant funded the majority of this engine and wind tunnel testing work currently taking place.
Stephen McGlennan, HAV CEO, said, “We are delighted to have received RGF funding.
“The commitment of the UK Government to our business is vital, and this will ensure we fly our innovative Airlander aircraft and enter the commercial market.
“To achieve this we need to create jobs, and the RGF grant immediately helps us to do this.
“We know the demand for Airlander is enormous, and we relish creating exports and further jobs as we lead the field globally.”
RGF support gives £297m to 63 projects aimed at creating and safeguarding thousands more jobs, and unlocking an additional £1.5bn private sector investment.