THE CITY council’s cabinet member for jobs, regeneration and climate change, Coun Jim O’Boyle, has approved an extra £500,000 investment into the West Midlands Gigafactory project.
The extra cash will be invested in two £250,000 installments, split between the 2023/24 and 2024/25 financial years.
This is in addition to the £1.25million approved by cabinet in February 2021 and an extra £500,000 approved last June.
The extra funding will enable the project to continue, providing planning, quantity surveying, architectural, technical, battery specialist and power support services.
The West Midlands Combined Authority has agreed Coventry Airport as the preferred site for the regional Gigafactory which could bring 6,000 new jobs and lead to significant investment in the local economy.
A joint venture agreement has been reached with Coventry Airport Ltd and planning has been approved.
The extra £500,000 is a 50 per cent share of the required costs with Coventry Airport Ltd putting up the same amount.
Officers will also continue the current conversations with potential global investors who are considering Coventry Airport as the site to produce batteries for the UK.
