News: Codename Canaveral - £2m for Rotherham investment zone project
The South Yorkshire Mayoral Combined Authority (SYMCA) have agreed to measures to speed up delivery in the South Yorkshire Investment Zone (IZ).
A £2m investment is in the pipeline for a "huge scale-up and reshoring" project in Rotherham.
In 2023, the region was confirmed as the UK's first investment zone, using success in advanced manufacturing to help make South Yorkshire the best place to start, scale or relocate businesses from around the world, boosting the UK economy.
Primarily focused on connecting Sheffield to Rotherham (where the research assets such as The University of Sheffield Advanced Manufacturing Research Centre (AMRC) are already located), it is expected to create 8,000 new jobs and bring in £1.2bn worth of private investment by 2030.
Rothbiz highlighted the Rotherham sites that have been given IZ status where funding can be used to offer investors, developers and start-ups a combination of targeted support and financial interventions. £160m over ten years was confirmed in the 2023 Autumn Statement.
A recent SYMCA board paper showed that there has been a change from a ten-year funding programme to two annual funding pots, which has necessitated more of a focus on single year projects.
Projects so far has seen match funding drawn in at a ratio of 9:1 with £71m private investment for £8m IZ investment.
Featured projects include £3m towards £34.8m scheme to establish a flexible fund to encourage and accelerate development in the (IZ), and £375k for FerretWorks - an AMRC project to help mature and de-risk the formation of disruptive technology businesses.
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Earlier this year, Rothbiz revealed that an unnamed manufacturer was preparing to invest in a £21.3m expansion project in Rotherham, backed by a £2m grant via SYMCA.
Papers show that the project is known internally as "Canveral" with phase 1 in line for "£2m for a huge scale-up and reshoring of blade manufacturing."
SYMCA papers state: "The Advanced Blade Casting Facility (ABCF) in Rotherham is a cutting-edge supplier of high-value superalloy turbine blade castings for large civil jet engines. The investment is for tooling and precision machine tools to help to satisfy demand by uplifting blade output above the existing factory capacity."
An advisory group meets to provide guidance on investment with funding based on criteria including: strategic fit, value for money, match funding, deliverability, productivity growth, affordability, and innovation.
The SYMCA board has recently agreed to tailor their assurance procedure so smaller projects are not subjected to the same assurance process and timeline as multi-million pound schemes. It relates to funding for projects under £500k which SYMCA says would "speed up delivery whilst also having the right level of assurance."
Rothbiz reported earlier this year on SYMCA's support for support the Ultimate Battery Company's move to Rotherham with £5.2m in loans and grants. Due to issues encountered by the projects, the company has since ceased trading without the repayment of loans to the authority.
There is a £17m IZ budget for 2025-26 with all projects needed to be assured before acquiring approval.
South Yorkshire Investment Zone website
Images: Rolls-Royce
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A £2m investment is in the pipeline for a "huge scale-up and reshoring" project in Rotherham.
In 2023, the region was confirmed as the UK's first investment zone, using success in advanced manufacturing to help make South Yorkshire the best place to start, scale or relocate businesses from around the world, boosting the UK economy.
Primarily focused on connecting Sheffield to Rotherham (where the research assets such as The University of Sheffield Advanced Manufacturing Research Centre (AMRC) are already located), it is expected to create 8,000 new jobs and bring in £1.2bn worth of private investment by 2030.
Rothbiz highlighted the Rotherham sites that have been given IZ status where funding can be used to offer investors, developers and start-ups a combination of targeted support and financial interventions. £160m over ten years was confirmed in the 2023 Autumn Statement.
A recent SYMCA board paper showed that there has been a change from a ten-year funding programme to two annual funding pots, which has necessitated more of a focus on single year projects.
Projects so far has seen match funding drawn in at a ratio of 9:1 with £71m private investment for £8m IZ investment.
Featured projects include £3m towards £34.8m scheme to establish a flexible fund to encourage and accelerate development in the (IZ), and £375k for FerretWorks - an AMRC project to help mature and de-risk the formation of disruptive technology businesses.
Advertisement
Earlier this year, Rothbiz revealed that an unnamed manufacturer was preparing to invest in a £21.3m expansion project in Rotherham, backed by a £2m grant via SYMCA.
Papers show that the project is known internally as "Canveral" with phase 1 in line for "£2m for a huge scale-up and reshoring of blade manufacturing."
SYMCA papers state: "The Advanced Blade Casting Facility (ABCF) in Rotherham is a cutting-edge supplier of high-value superalloy turbine blade castings for large civil jet engines. The investment is for tooling and precision machine tools to help to satisfy demand by uplifting blade output above the existing factory capacity."
An advisory group meets to provide guidance on investment with funding based on criteria including: strategic fit, value for money, match funding, deliverability, productivity growth, affordability, and innovation.
The SYMCA board has recently agreed to tailor their assurance procedure so smaller projects are not subjected to the same assurance process and timeline as multi-million pound schemes. It relates to funding for projects under £500k which SYMCA says would "speed up delivery whilst also having the right level of assurance."
Rothbiz reported earlier this year on SYMCA's support for support the Ultimate Battery Company's move to Rotherham with £5.2m in loans and grants. Due to issues encountered by the projects, the company has since ceased trading without the repayment of loans to the authority.
There is a £17m IZ budget for 2025-26 with all projects needed to be assured before acquiring approval.
South Yorkshire Investment Zone website
Images: Rolls-Royce