LONDON, May 13 (Reuters) – Britain’s National Wealth Fund announced its first investment in the defence \u200csector on Wednesday, providing British engineering business \u200cRowden with 25 million pounds ($34 million) of funding to open new \u200bmanufacturing sites.<\/p>\n
\u2022 Investment in Bristol-based Rowden is the first into the defence and national security industries by the National Wealth Fund, which was set up in \u200c2024 to drive \u2060economic growth and is primarily focused on helping to fund the country’s net zero \u2060transition.<\/p>\n
\u2022 Rowden builds sensing and information systems for use in low-connectivity situations for customers including the Ministry \u200bof Defence \u200band emergency services, and \u200bthe new investment will \u200chelp it open two new sites and create 100 jobs over the next 12 months.<\/p>\n
\u2022 “Defence is an engine for growth, and this is what it looks like in practice,” said Minister for Defence Readiness \u200cand Industry Luke Pollard in \u200ba statement.<\/p>\n
\u2022 The company was \u200bone of the \u200bfastest-growing engineering companies in Europe, the \u200cstatement said, and was founded \u200bby CEO Rob \u200bHarper, who was formerly in the British Army.<\/p>\n
\u2022 Rowden’s technology is being geared towards use \u200bon new submarines \u200cas it contributes to the AUKUS AI \u200bfor Acoustics programme.<\/p>\n
($1 = 0.7396 pounds)<\/p>\n
(Reporting by Sarah Young; \u200bEditing by Alex Richardson)<\/p>\n","protected":false},"excerpt":{"rendered":"LONDON, May 13 (Reuters) – Britain’s National Wealth Fund announced its first investment in the defence \u200csector on…\n","protected":false},"author":2,"featured_media":35130,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[12347,633,1498,254,11,12348,4356,12353,12349,12350,12354,12355,5775,12356,3051,1460,12357,12351,12352,12358,12359,73,12360,5,6],"class_list":{"0":"post-35129","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"tag-401k","9":"tag-business","10":"tag-business-news","11":"tag-economy","12":"tag-finance","13":"tag-financial-information","14":"tag-investing","15":"tag-investment-tools","16":"tag-investor","17":"tag-market-news","18":"tag-mortgage","19":"tag-mutual-funds","20":"tag-personal-finance","21":"tag-quote","22":"tag-real-estate","23":"tag-retirement","24":"tag-stock","25":"tag-stock-research","26":"tag-stock-valuation","27":"tag-stocks","28":"tag-suze-orman","29":"tag-tax","30":"tag-track-portfolio","31":"tag-uk","32":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116565792711937219","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/35129","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=35129"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/35129\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/35130"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=35129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=35129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=35129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}