The money, as part of the sixth round of the fund, will be used to help the company expand and take on more staff.
Derek said: “This is exactly the kind of investment we need in Cornwall. Companies like Avanti, based at the former Goonhilly BT Satellite Station, create the opportunity for local people to remain in West Cornwall, earn a decent wage and raise their families here. Avanti Communications is a leading provider of satellite data communications services in Europe, the Middle East and Africa. They are at the cutting edge of science and technology and I’m delighted this Government is doing everything it can to support its management and staff. This which in turn will help attract similar companies to Cornwall in the future.”
Prime Minister David Cameron said: “Our long-term economic plan has already helped create 1.75 million new jobs and this investment will lead to more jobs and growth. I know local champion Derek Thomas is backing businesses to create more jobs meaning more people in West Cornwall taking home a pay packet each month and being able to provide for their families.”
After launching The Regional Growth Fund (RGF) in 2010, the Government is today (Thursday 12 February) awarding close to £300 million of extra funding to help regional businesses grow in the sixth round of the Regional Growth Fund (RGF). In total, £2.85 billion has now been invested in regional companies, helping them to expand and take on more staff.
Today Avanti is one of 63 new projects and programmes across England awarded a further £297 million. The investment from the RGF will fuel business expansion and is expected to unlock £1.5 billion of additional private sector investment and create or safeguard thousands of jobs.
Universities, Science and Cities Minister Greg Clark added: “Through the RGF, the Government is working together with businesses to generate the investment we need to fuel long-term economic growth across the whole country. This latest round of investment will help local firms fulfil their ambitions for growth, encourage more businesses to set up bases in the UK and boost jobs and prosperity in the regions.”
Avanti Communications is a leading provider of satellite data communications services in Europe, the Middle East and Africa with significant international spectrum rights and a network covering over one billion people.
The Group has designed and launched a new generation of high throughput Ka band geostationary satellites, in order to address an estimated market opportunity of over $11 billion per annum across EMEA. These satellites, together with Avanti’s highly resilient Ground Earth Stations and proprietary Cloud software management system, are able to deliver levels of performance, service and resilience that have been previously unmatched in the industry.
Avanti’s growing customer base includes many of the World’s leading telecoms and media companies, together with government users with civil and security requirements.
Avanti Communications is listed in London on AIM (AVN:LSE).