£1m boost for SME technology firms in Motorsport ValleyJun 26, 2013
The investment will allow businesses to develop new energy and emission efficient technologies that could be transferred into the pit lanes of famous races such as the Monaco Grand Prix, Indy 500 and Le Mans 24 Hour.
The Launchpad competition is being opened ahead of Sunday’s British Grand Prix at Silverstone (pictured).
“This new £1 million Launchpad will give some of our brightest companies the chance to strengthen the industry, bring in further investment, and keep the UK as a world leader for the motorsport industry.”
Iain Gray, chief executive of the Technology Strategy Board, said: “Motorsports Valley is one of a whole host of Launchpads that we are running this year. We aim to draw more investment and more people into the area and to encourage networking to strengthen this cluster of motorsport companies.”
Companies in this cluster supply cutting-edge technologies and components used in the majority of world motorsport series.
The success of this sector will be demonstrated this weekend as the majority of Formula 1 cars lining up in this weekend’s British Grand Prix will be using a gearbox system supplied by Berkshire-based Xtrac.
Another business making an impact on the global scale is Williams Hybrid Power, based in Oxfordshire and which has developed an electric flywheel energy storage system for the Williams F1 team.