Belfast Telegraph

Tuesday 16 September 2014

Government funds to exploit Formula 1 technology

Vince Cable will hail the 'business bank' initiative in his speech to the Liberal Democrat conference in Brighton
Vince Cable

Projects that will put Formula 1 technology into buses and diggers and develop the next generation of engines are to receive money from a joint £1bn Government-industry fund.

Business Secretary Vince Cable will announce £133m of new investment for the winning projects during a visit to Ford's site in Dunton, Essex, today.

The Government and industry will each invest £500m over the next decade to research, develop and commercialise technologies for vehicles of the future.

Ministers said the initiative had the potential to secure up to 30,000 jobs currently linked to producing engines and create many more in the supply chain.

Consortia led by Ford, GKN, Cummins and JCB have all received funding for projects to improve fuel efficiency and reduce carbon emissions.

Mr Cable said future cars, buses and diggers will be powered by "radically different technologies".

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