Rolls-Royce PLC has received almost four times as much innovation grant funding as other UK companies, new research has indicated.
The Derby-based aero-engine maker has received almost £689mln over the past 18 years, according to GovGrant, the equivalent of £38.2mln annually.
Rolls-Royce received 7% of all funding available from the national innovation agency during the period 2004-2022, said GovGrant, which carried out the research through an analysis of government agency Innovate UK’s website.
Four of the top five recipients of innovating grants were aerospace firms, it added, with Airbus and GKN the second and third largest beneficiaries. Both received upwards of £100 mln.
Airbus’ UK arm separately received £48 mln with an overall £1bn invested into the top aerospace recipients
“Innovation awards for Rolls Royce are clearly contributing to the wider UK economy by financing training academies, filing the countries talent pool” Luke Hamm, GovGrant CEO, stated.
Neil Fraser, at satellite group, NSSLGlobal said the innovation grants also supported the UK's “vital” space industry: “Investment also helps UK play important roles within international space agencies... developing high-speed aircraft propulsion systems, including for spacecraft.”