The delivery of a new West Midlands Investment Zone has commenced with the announcement of a £14.5 million funding package.
The money will be used to begin planning the necessary infrastructure works at the Coventry and Warwick 'gigapark' site at Coventry Airport and to help small companies break into new supply chains.
The funding package, the first money to be made available as part of the new zone, was approved at a meeting of the West Midlands Combined Authority's Investment Zone board.
It includes £2 million for the gigapark, making the central site known as Greenpower Park, ready for development to house a battery manufacturer and associated businesses in the electric vehicle supply chain.
When fully developed, the gigapark site has the potential to create up to 6,000 new jobs.
Sign up for your free West Midlands newsletter and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.
Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out 'Breaking News' emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our
The investment zone is expected to attract new companies to the region but the combined authority said it was also making sure existing businesses were able to benefit from the opportunities created by the gigapark and two other investment zone sites in Birmingham and Wolverhampton.
The £12.5 million programme will work with SMEs in the advanced manufacturing sector to provide intensive technical advice, access to a £6 million R&D grant fund and higher-level management training to help them break into the new supply chains.
Most Read
This support, set to be launched early next year, will see around 2,000 jobs either created or safeguarded and an additional £70 million of economic benefits for the region.
The investment zones were first announced by then Chancellor Jeremy Hunt in his Autumn Statement last year and the West Midlands zone is said to be capable of driving more than £5 billion of investment and creating 30,000 new jobs,
West Midlands Mayor Richard Parker said: "This new investment zone is a cornerstone of my vision to reignite the economic growth this region has long been waiting for.
"After years of missed opportunities, we now have a plan that will draw in over £5 billion of private investment and deliver 30,000 new jobs.
"With keen interest already being generated by the first three sites, this funding lays the foundation for business innovation and the creation of high-quality, high-skilled jobs.
"Crucially though, I'm ensuring that local people have the training and skills they need to take full advantage of these opportunities, driving prosperity for everyone across the West Midlands."
The overall Coventry and Warwick gigapark is being brought forward through a collaboration between Coventry, Warwick and Warwickshire councils, with its main site, Greenpower Park, being delivered via joint venture between Coventry Council and Coventry Airport.
Don’t miss
The two other sites in the West Midlands Investment Zone are Birmingham Knowledge Quarter close to Birmingham City and Aston universities, focussing on healthcare tech and other digital services, and Wolverhampton Green Innovation Corridor.
This will support the transition to the emerging green sectors such as clean tech, sustainable construction, cyber security and green engineering through a partnership between the city council and university.