Government funding for motorsport R&D

£1m of Technology Strategy Board cash is up for grabs to firms in 'Motorsport Valley'

The government has launched a £1 million competition for R&D funding aimed at innovative businesses in the motorsport industry, it has been announced.

The Launchpad competition, run by the Technology Strategy Board, aims to encourage innovation in “Motorsport Valley” - an industrial cluster of companies in and around Oxfordshire.

The Technology Strategy Board says the competition will enable businesses to develop new energy and emission efficient low-carbon technologies that could be used in motorsport and which have the potential to be used across the transport, aerospace and defence industries.

Projects which are selected will have up to 60% of their research costs paid for by the Technology Strategy Board (up to £200,000). The winners will also receive business support and and help with external funding and commercialisation.

Universities and science minister David Willetts, said: “The Motorsport Valley cluster is a hotbed for innovation and a key driver for growth in the UK. With over 3,500 businesses employing around 40,000 people, the area is already generating global sales in the region of £7 billion.

“This new Launchpad will give some of our brightest companies the chance to strengthen the industry, bring in further investment and keep the UK as a a world leader in motorsport.”

Xtrac, a company whose gearbox system is used in the majority of F1 cars this season and Williams Hybrid Power, which has developed an electric flywheel energy storage system for the Williams F1 teams, are two examples of the type of company and technology this competition is looking for.

• For more information visit the Motorsport Valley Launchpad competition website.