Low carbon technologies in the country are about to get a significant boost as around £56 million in investment is going to be put into the industry. Around £27 million of this is going to come from the Office for Low Emission Vehicles. This funding from the public sector is going to be complimented by nearly £30 million from the private sector and it is expected that this is going to fund 17 development projects and major research ventures.
It is thought that is going to involve many different projects from some of the leading car manufacturers in the country including Nissan, Land Rover, Jaguar and Ford. The idea behind the investment is that a new EV drive system is going to be created. This system is going to include the gearbox, controller, motor, connectors, and cooling system of a car.
Another project that is going to be funded by the money is from the Mi Technology Group. They are going to be creating a car that has been specifically designed for young drivers. It is going to include a great deal of extra safety features to make sure that young people are safe on the road.
Money is also going to Wrightbus who are developing a type of engine for a bus which is going to have a flywheel and will reduce the need for fuel by around 15 percent. Many other companies are also going to be seeing funding from the investment pool which is going to help a great deal with the creation of low carbon technologies.
These are going to help the country meet its aggressive climate change targets which have been set by the EU. It is also hoped that this money is going to stimulate employment in the sector and create a great deal of new jobs.