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 UK was signed off today at Ford’s Dunton technical centre. The package, backed by a 80% loan guarantee from the UK government, forms part of Ford’s £1.5 billion engine and vehicle development programme to be implemented over the next five years.
The investment is expected to safeguard around 2,800 skilled jobs.
“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,” says European Investment Bank vice president Simon Brooks.
“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,” comments 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.