Turbo Power systems awarded grant worth 1.1m pounds
AIM-listed engineering firm Turbo Power Systems has been awarded the first instalment of its regional growth fund grant worth 1.1m pounds.
AIM-listed engineering firm Turbo Power Systems has been awarded the first instalment of its regional growth fund grant worth 1.1m pounds.
The company reported that the grant would be payable in two instalments, the conditions for the first award of £0.75m having been met and approved.
The balance of £0.35m is due in January subject to certain research and development expenditure conditions.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The grant is based on maintaining and creating an aggregate 152 jobs in the company over the next four and a half years and investment into research and development projects.
Carlos Neves, Chief Executive Officer of Turbo Power Systems, said: "We are delighted to have been awarded this grant by the Regional Growth Fund which will be invested in the acceleration of our research and development projects at our Gateshead facility.
"Our continuing drive to improve our innovative capabilities in high performance motors, generators and power electronic systems will help to ensure the future expansion of the Turbo Power Systems business and create future employment in this key sector."
Turbo's share price was up 10.53% to 0.10p at 08:55 on Friday.
MF
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
Best funds to add to your ISA or SIPP before the Budget
With Labour expected to increase taxes, ISAs and SIPPs could be a great way to protect yourself from CGT hikes. We look at the best funds to buy now
By Katie Williams Published
-
Starling Bank slapped with £29 million fine over ‘shockingly lax’ financial crime controls
The Financial Conduct Authority has fined Starling Bank £29 million over failings related to financial crime and its financial sanctions screenings
By Kalpana Fitzpatrick Published