AVID Technology and Caterpillar receive $42 million from UK to develop electric construction machinery

The United Kingdom government has awarded EV component manufacturer AVID Technology and construction machinery giant Caterpillar €33 million (about $41.7 million) to develop fully electric construction machinery.

The funding, which is made possible by the UK’s Advanced Propulsion Centre, will benefit 32 companies and create 2,230 jobs, according to a government statement.

Ian Constance, Chief Executive of the Advanced Propulsion Centre, said, “Supporting the development of cutting-edge low carbon vehicle technology is crucial to ensuring we have a robust supply chain that enables the future of the UK automotive industry. We must continue to collaborate across sectors in order to boost innovation in many aspects of the industry so we can take advantage of export opportunities to other markets.”

Source: AVID Technology