Wolverhampton unveils £7 million green innovation corridor
The project aims to create nearly 600 jobs and attract £22 million in investment
Around £7 million funding for a major scheme to transform brownfield sites in Wolverhampton and create hundreds of jobs in ‘cutting edge’ green technology has been approved.
West Midlands Combined Authority’s Investment Board gave the green light to help kickstart Wolverhampton’s Green Innovation Corridor (GIC).
The funding will be used to redevelop two hectares of brownfield land across four plots, known as the ‘Six Mile Green’, near the University of Wolverhampton Science Park.
It is hoped the project will deliver more than 12,000sqm of commercial space, attract more than £22 million in investment and create up to 595 jobs with a further 110 construction jobs.
West Midlands Mayor Richard Parker said: “Manufacturing remains at the heart of the West Midlands economy, but what we make, and how we make it, is evolving fast.
“Just as Watt and Boulton powered the first Industrial Revolution two centuries ago, the investments we’re making now will help our region drive the next one.
“My Growth Plan sets out our vision for an ambitious, resilient West Midlands economy that’s fit for the future.
“The Wolverhampton Green Innovation Corridor will at the cutting edge of sustainable, tech-led manufacturing, helping position our region as the best place for forward-looking businesses to invest and innovate.”
The GIC – one of three key Investment Zone sites in the region – is being delivered by City of Wolverhampton Council and University of Wolverhampton.
It will connect the university’s Springfield Campus, Science Park, and the i54 advanced manufacturing business park.
Councillor Chris Burden, City of Wolverhampton Council cabinet member for city development, jobs and skills, said: “The council and university have an extensive track record of working together with developers and investors to deliver transformative regeneration projects and we are already in active discussions with businesses seeking to locate at GIC and be part of a community of innovators.
“The Green Innovation Corridor will drive the Green Industrial Revolution, building upon Wolverhampton’s sustainable construction, green credentials and circular economy for transformation that will create quality jobs and training opportunities for local people.
“Once planning approval is in place we can set about bringing forward Six Mile Green.”
The region’s Investment Zone covers the whole region and is powered through three specific sites – the Wolverhampton GIC, the Knowledge Quarter in Birmingham and the Coventry and Warwick Investment Zone site.
All three will benefit from a range of direct funding and in some cases tax incentives.
In addition to 30,000 new jobs and £5.5billion of investment, around £1.5 billion of business rates over the zone’s 25-year lifespan will also be retained and reinvested in the region to drive economic growth.