The advanced engineering, research and testing facility, MIRA, has received £19.4m from the Regional Growth Fund.
Among the 119 successful applications, MIRA, which was recently awarded Enterprise Zone status, was in value terms in the top 15% received by the government.
The funding is to be put towards a planned £300m expansion of the Technology Park in a bid to become the most advanced, independent transport technology development in Europe.
George Gillespie, CEO at MIRA, said: “Having met with Nick Clegg MP earlier this year to explain our engineering capabilities, the job creation potential and inward investment opportunities that our expansion represents, I’m very gratified with this result – which will help to create over 2,000 jobs.
“This is an excellent example of government working together with the private sector to encourage growth and investment – which in our case has been critical for the creation of the 155,000sqm MIRA Technology Park development which will incorporate a new MIRA engineering centre and will firmly establish both the region and the UK as a centre of excellence in transportation R&D.”
The majority of the money will be used to improve the road infrastructure surrounding MIRA, specifically key junctions along the A5, improving traffic flow and mitigating congestion at known bottlenecks and accident black spots. It will also accelerate the pace at which the business can re-develop its 830-acre site by reducing the amount of private investment required.
MIRA has worked closely with both its neighbouring local authorities throughout the bid process to ensure that they were aware of and prepared for the growth opportunities ahead.
Cllr Stuart Bray, leader of Hinckley and Bosworth Borough Council said: “I am delighted with this fantastic news which is great for MIRA and great for the Borough. This will help guarantee the delivery of over 2,000 new jobs to the area, many highly skilled.
“The Council has worked closely in partnership with colleagues at MIRA on the bid and will continue that work on helping deliver the exciting plans for the new world class transport Technology Park.”
