A new electric motor factory pledging to build up to 100,000 motors for hybrid and electric vehicles a year was officially opened by business secretary Greg Clark last week.
Motor manufacturer YASA, based in Yarnton, which is considered a world-leading electric motor manufacturer, said the factory would create 150 jobs.
The Oxford University spin-out company, based at Oxford Industrial Park, builds next generation environmentally-friendly hybrid and fully electric vehicles.
It aims to export 80 per cent of the technology across the world, including China.
Mr Clark used his visit to Oxfordshire last Thursday to announce the government’s major £184million investment in engineer training.
The cash will be handed to 41 UK universities to help train the next generation of world-class engineers and exceptional scientists through doctoral training partnerships.
YASA CEO Chris Harris said: “YASA is a great example of what the UK can and should expect to achieve if we invest in the innovative and creative ideas emerging from our best universities, and have the determination and patience to turn those great ideas into world-beating companies.
“With the right support and investment, companies like YASA can become the powerhouse of the UK’s future economy, creating a wide range of high-skilled jobs and benefiting the communities of which they are a part.”
The funding pot aims to develop the UK economy as the most innovative in the world based around high-quality infrastructure and businesses that can lead the world in high-tech, highly-skilled industries.
Mr Clark said: “Innovation is the lifeblood of our industrial strategy and our economy.
“This spirit is embodied by YASA, a thriving business that has emerged from one of our finest academic institutions and is now helping to deliver the UK’s ambition to lead the world in meeting [what] the [government terms] the grand challenges.
“The factory I have opened [YASA] is testimony to what can be achieved through our industrial approach, when academia, government and industry come together.”
The government’s industrial strategy identified four key main challenges: growing an artificial intelligence and data driven economy; clean growth; future of mobility and an ageing society.