The FINANCIAL — European Investment Bank funding for research and development of a new era of low-carbon engines and commercial vehicle technologies at Ford manufacturing plants across the United Kingdom was signed off on July 12 at Ford’s Dunton technical centre.
The package, backed by a 80% loan guarantee from the UK government, forms part of Ford’s GBP 1.5 billion engine and vehicle development programme to be implemented over the next five years.
"European Investment Bank Vice President responsible for the United Kingdom Simon Brooks, Business Minister Mark Prisk and Ford of Britain Chairman Joe Greenwell toured Ford’s Dunton research and development centre, the country’s largest automotive engineering facility, where engineers put vehicles and engines through rigorous testing, from extreme altitudes to crash simulators. The investment partly funded by the European Investment Bank will safeguard around 2,800 skilled jobs," EIB informs.
“The European Investment Bank is pleased to support Ford’s cutting-edge engine research and development in Dunton and Dagenham, and the company’s upgrading of manufacturing operations in Bridgend, Southampton and Dagenham, in particular through the European Clean Transport Facility. A new generation of low-emission engines and more fuel-efficient vehicles will develop new skills and innovation across the United Kingdom, and these new vehicles will make a significant contribution to combating climate change.” said European Investment Bank Vice President Simon Brooks.
“Ford has an impressive track record in research and development. Its investment of GBP 1.5 billion over the next five years is a great opportunity to take the lead in developing low carbon manufacturing. This backing from the Government will help to ensure the long term success of manufacturing in the UK and make sure we are at the forefront of new technologies.” said Business Minister Mark Prisk.
"This European Investment Bank loan, and the loan guarantee from the UK Government, will help to unlock up to £1.5 billion in low-carbon and environmentally friendly engine and vehicle technology investment over the next 5 years. This is a testament to the skills and capabilities of our UK workforce and demonstrates the scale of our commitment to Britain." said Ford of Britain Chairman Joe Greenwell.
The European Investment Bank’s funding for Ford supports research, development and innovation of a new generation of fuel efficient and low-emission diesel and petrol engines under the European Clean Transport Facility. Research and development of petrol engines will include additional investment in Ford’s Bridgend plant, located in a European Convergence Region.
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