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.

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

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
What does the Coinbase listing mean for bitcoin and other cryptocurrencies?
Bitcoin

What does the Coinbase listing mean for bitcoin and other cryptocurrencies?

As the bitcoin price hit new highs, the world's biggest cryptocurrency exchange, Coinbase, listed on the stockmarket. John Stepek looks at what that m…
15 Apr 2021
Properties for sale for around £400,000
Houses for sale

Properties for sale for around £400,000

From a converted church in Banffshire with views towards the Cairngorms National Park, to a period property in the Georgian market town of Beverley, e…
2 Apr 2021