Dynex Secures £1 Million Support from UK Government’s Regional Growth Fund
Dynex Power Inc., a leading specialist high power semiconductor company, today announced that its UK subsidiary, Dynex Semiconductor Ltd, has secured £1 million support from the UK Government’s Regional Growth Fund.
Lincoln, England, April 7th, 2014 – Dynex Power Inc., a leading specialist high power semiconductor company, today announced that its UK subsidiary, Dynex Semiconductor Ltd, has secured £1 million support from the UK Government’s Regional Growth Fund.
The funding is linked to safeguarding existing jobs and creating 27 new positions over the next five years in the Company’s R&D Centre in Lincoln, England. The projects being supported will develop the next generation of high power semiconductor devices and production technologies and will underpin the future of manufacturing jobs in Lincoln. The money will be paid to the Company over the next twelve months, although for accounting purposes it will be released to the income statement over five years.
Dynex recently announced that it had signed an agreement with its majority shareholder, Zhuzhou CSR Times Electric Co., Ltd., who will provide funding of 80% of the total £19.9 million costs of carrying out R&D projects for high power semiconductor devices over the period January 2014 to December 2016.
Dr. Paul Taylor, President and Chief Executive Officer said, “We are very pleased to receive this grant from the UK Government which enabled us to sign an agreement with CSR Times Electric where they inject major funding to support 80% of our costs in carrying out high power semiconductor R&D projects. Dynex is committed to remaining at the forefront of high power semiconductor developments and to maintaining production and R&D in the UK and the support of both the UK Government and CSR Times Electric is essential if we are to do that.
About the Regional Growth Fund
The Regional Growth Fund is a £3.2 billion fund designed to help companies in England to grow. So far £2.6 billion of funding has been allocated to support projects and programmes committed to delivering sustainable jobs and economic growth. Round 5 selected bidders will be announced in spring. A sixth-round will launch in summer. For more information, please go to www.bis.gov.uk/rgf