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Innovative vehicle manufacturing companies have been put on alert after the government announced it is granting £30m to fund self-driving technologies.

The Centre for Connected and Autonomous Vehicles (CCAV) – in partnership with Meridian Mobility and Innovate UK – will provide the money for projects that support the development of connected and autonomous vehicles.

Businesses and research organisations are being invited to enter up to two competitions in order to acquire the funding. The first competition is offering £5m for one project that supports the sharing and trading of data generated by infrastructure, connected or autonomous vehicles or other third parties. The second competition has £25m up for grabs for six projects to support the testing of connected and autonomous vehicles for highways, rural roads and parking.

Mark Kozo, Head of Marketing at Portman Asset Finance, said: “We’re always proud to support manufacturing companies that want to invest in rapidly developing technology by arranging finance on their behalf. We’ve helped finance a wide range of high-tech machinery and equipment for vehicle and other manufacturers, as well as any related IT software. Whatever your business needs to expand or innovate, asset finance allows you to get what you need without draining your working capital.

“It’s heartening to see the government funding the infrastructure behind this cutting-edge, self-driving technology, which of course comes with the responsibility of being produced as safely and efficiently as possible. We wish everyone who enters the competitions the best of luck!”

Find out more about our finance products for manufacturing companies here, while you can discuss your requirements with our dedicated Account Managers – vastly experienced in the manufacturing sector – on 01604 321 995.

Portman Asset Finance