Purpose

Awards to support businesses grow, diversify, or invest in new equipment and facilities linked to EV and related technologies.
 

Decision

(1)  That the recommendation to award grant funding of £550,000 to PAB Coventry Ltd be approved.

(2)  That the recommendation to award grant funding of £1,500,000 to C. Brandauer & Co Ltd, subject to the receipt of:

•         Evidence of Board approval;

•         West Midlands economic impact case;

•         Governance and accountability arrangements;

•         Additionality assessment; and

•         Supporting financial assumptions; be approved.

(3)  That the recommendation to award grant funding of £3,000,000 to Longbow Motorcar Company Ltd, subject to further evidence of match funding and an agreed asset-backed financial assurance mechanism being incorporated into the Grant Funding Agreement, be approved.

(4)  That approval of all awards shall remain conditional upon acceptance of the amended DBT Memorandum of Understanding and Section 31 arrangements by the Section 73 Officer.