Freeport seed funding signed off to deliver jobs

A package of Plymouth and South Devon Freeport seed funding is helping to sow the seeds of prosperity and jobs in and around Plymouth. The remainder of the GBP25m of Government’s Freeport seed capital funding will soon be fully allocated across a range of projects all designed to create jobs, support innovation and deliver blue/green skills across key sectors including marine, defence, advanced manufacturing and net zero tech. Five businesses cases are being signed off by Plymouth City Council as the accountable body for the Freeport this week.

This will give certainty to local authority partners and businesses to get down to the job of developing key employment sites for eligible new and high growth businesses coming into the Freeport. In Devonport GBP3.556m of seed capital is being made available for innovation barns to be built in the South Yard tax site adjacent to Oceansgate. A planning application has just been submitted for two buildings which will deliver modern employment space in part of the site, creating 49 direct jobs.

The network of innovation services including the University of Plymouth, PML and the SW Defence and Security Cluster working with the Freeport will support product development and sea trials for companies based there. Princess Yachts is to get GBP315,000 for a project that will enable them to build a new motor yacht incorporating all the latest sustainability developments, including efficient hull design, electrification, decarbonisation and sustainable materials. Click here to sign up to receive our new South West business news…