LONDON (dpa-AFX) - UK Business and Trade Secretary Jonathan Reynolds has announced more than £100 million of funding for cutting-edge aerospace research and development projects.
Reynolds announced the government-industry funding for the projects to support greener air travel at the launch of the 2024 Farnborough Airshow.
'It's fitting that I'm launching this new support here at Farnborough Airshow, where the best of British innovation is showcased on the global stage, reinforcing our commitment to placing innovation and manufacturing at the heart of our Industrial Strategy,' Reynolds said.
It comes as the latest figures from the aerospace industry's trade body ADS show the sector contributed £38 billion, or $49 billion, to the UK economy in 2023.
Just under £103 million ($133 million) of funding in total, delivered through the Aerospace Technology Institute (ATI) Programme, has been announced for five aerospace R&D projects led by GKN Aerospace, Queens University, Rolls-Royce, Short Brothers and ZeroAvia.
The projects will help pioneer innovations such as zero emission hydrogen-powered flight, new sustainable propulsion systems and turbine technologies, boosting thousands of high-skilled aerospace jobs across the UK and encouraging investment into the UK's aerospace industry, as the Government prepares to launch its new Industrial Strategy.
Rolls-Royce Director of Research and Technology Alan Newby said, 'The HOTLINE project, together with other projects that have been supported by the ATI, will improve the cost competitiveness and product performance of our current and future engines, vital for meeting not only industrial and government Net Zero targets but potential growth opportunities for the UK'.
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