Romax reaffirmed its commitment to driving technology innovation, following a visit from the Minister of State for Universities, Science and Cities, the Rt Hon Greg Clark MP, to promote the Government’s Regional Growth Fund (RGF) scheme.
The RGF scheme is designed to support eligible projects and programmes that are raising private sector investment, in order to create economic growth and lasting employment across specific regions of the country.
Recently, Romax was awarded over one million pounds from the RGF to help the company develop new simulation software for key markets including automotive drivelines and gearboxes. In total, £160 million has now been invested in 27 projects across the East Midlands, which will create or safeguard around 32,000 local jobs and attract around £1bn of further investment from the private sector.
During his visit to Romax’s head office at the University of Nottingham’s Innovation Park (UNIP), Mr. Clark singled out the firm as a “great-example” of a business reaping the benefits of the scheme: “The Government is supporting local businesses and enterprise across the country, helping them to expand and create long-term, skilled jobs.
“Romax is a great example of an enterprising firm with fantastic potential to grow. This RGF investment will help them fulfil their ambitions, create jobs and boost prosperity in the East Midlands.”
Andy Poon, CEO of Romax commented: “We are delighted to able to welcome the Minister to our facility, and we are equally pleased to see him recognise the success of our involvement with the RGF scheme.
"The RGF has allowed us to create and enhance our product portfolio enabling us to continue being a market leading business. Innovation has always been at the forefront of our core values and for us initiatives like the RGF scheme, means we can continue to push the boundaries when it comes to R&D.
“Last year we moved into our new offices at University of Nottingham’s Innovation Park and central to that move was our commitment to the East Midlands. We have strong connections with the University, which provides us with the ideal opportunity to work alongside strategic partners on the latest innovations and technologies that benefit the economy on a local and national scale - critical to this has been our involvement with the RGF scheme. We are incredibly grateful to the opportunity given to us, and hope that it allows us to continue working with local partners and the University to drive new innovations and solutions."
The success being seen from the RGF scheme follows news that Deputy Prime Minister Nick Clegg recently awarding £9 million of extra funding from the RGF to help companies in the region to continue to flourish.