The UK government and the auto industry will invest 1 billion pounds ($1.5 billion) in a research center to develop low-carbon technologies.
Backed by 27 companies in the automotive sector, including supply chain companies, the commitment is expected to secure at least 30,000 jobs currently linked to producing engines and create many more in the supply chain.
The government and a group of 27 firms including Jaguar Land Rover owner Tata Motors and component maker GKN will each invest 500 million pounds over the next decade in an Advanced Propulsion Centre. Other companies backing the investment include BMW Group, Robert Bosch, Ford Motor Co., Caterpillar and Nissan Motor Co.
The center will look to research, develop and commercialize new propulsion technologies.
In a related news, The European Commission has announced that around ?1.4 ($1.8) billion worth of funding is set to be made available to make hydrogen fuel cells more energy efficient and affordable.
Under the second phase of the Fuel Cells Hydrogen and Joint Technology Initiative which originally launched in 2008, funding will be available for projects which make fuel cells commercially attractive.
The Fuel Cells Hydrogen and Joint Technology Initiative is one of five announced as part of a new EU-industry investment of ?22 billion ($28 billion) in research and innovation.
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