Optare offered £1.5m
Optare has received a conditional offer of £1.5m in funds from the fourth round of the government’s Regional Growth Fund (RGF). The RGF is provided through the Department for Business, Innovation & Skills (BIS) to support projects and programmes to create economic growth and sustain private sector employment. The bus manufacturer is one of 102 companies and intermediaries that have been selected to receive a conditional offer and which were whittled down from a list of 309 applications. Another familiar name amongst the selected bidders is Vix Technology (UK) Ltd, the transport solutions specialist.
Optare Deputy Chief Executive, Glenn Saint, said, ‘We are delighted to have received this conditional offer of funds which is directly linked to our programme of developing new products for export markets. The funding, if received, will assist in our export sales drive through boosting our research and development capabilities, and is likely to lead to more jobs at our Sherburn plant and increased overall security for the business. We’ve been very clear that our strategy is to use our market leading technology as a base for new products aimed at export markets in Europe and further afield. With the support of the global marketing resources of our parent company, Ashok Leyland, we can grow our export penetration thus lessening our dependence on the highly competitive British bus market.’