UK Government invests £100+ million in new aerospace projects
The UK government will be providing £125 million to aerospace manufacturers to boost research and technology in the sector.
UK Business secretary Greg Clark has announced that manufacturers of drones, electric and autonomous aircraft will be receiving up to £125 million from the UK’s industrial Strategy Challenge Fund.
The money will go to manufacturers to fund the research and engineering of new technologies and infrastructure.
Whilst this investment is targeting smaller aircraft development, by 2026 the UK government expects to have invested more than £4 billion into UK aerospace.
Mr Clarke said: “This deal is our modern Industrial Strategy in action, combining the forces of government and industry to boost a sector that is vital to our future economy, export capabilities and that will place the UK at the forefront of the next generation of air travel.”
This is related to Britain’s Industrial Strategy. As part of this plan, the UK government expressed desire to push the UK to the forefront of electric air mobility. In September the department of transport said it will invest up to £150 million in innovative aerospace projects in 2018.
In July, the UK Government set aside £255 million to support 18 new research and technology projects – including those related to developing greener hybrid aircraft.
CEO of aviation trade organisation ADS Paul Everitt said: “The Future Flight challenge will ensure the UK takes a lead in delivering cleaner, quieter and more innovative aircraft. We must fast-track the electrification of flight, exploit the global potential of new urban mobility solutions and pioneer autonomous aviation.”