This review shows how Innovate UK is helping businesses develop low carbon vehicle technologies and the forecast impact on the UK economy.
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Innovate UK set up the Low Carbon Vehicles Innovation Platform in 2007. It has 3 main goals:
- to contribute to the growth of the UK automotive sector
- to increase and speed up the introduction of vehicle-centric technologies to the low carbon vehicles market
- to help the UK reduce CO2 and other emissions caused by road transport
This review shows the impact that the investments made through the platform are forecast to have on business and the UK economy. For instance, every £1 invested through the Low Carbon Vehicles Innovation Platform (LCV IP) is forecast to return £20 to £34 over 15 years and £8 to £14 in the medium term. Businesses funded also expect to create or protect up to 12,000 jobs over the same period.
The report looks at 4 areas of impact:
- achieving return on investment
- creating sales and economic growth
- increasing and protecting jobs
- attracting private finance and capital investment
The LCV IP receives funding and support from Innovate UK, the Office for Low Emission Vehicles, the Department for Business, Innovation and Skills and the Engineering and Physical Sciences Research Council.
Find out more about some of the businesses that have benefited from the LCV IP:
Published: 9 September 2015
From: Innovate UK