Lotus Will Get £10 million from Regional Growth Fund

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is due to receive a £10 million ($15 million) cash payment from the UK government's regional growth fund, which is meant to go towards creating new jobs, training and research and development. The news was revealed in the Eastern Daily Press newspaper. 

“We have now agreed the regional growth fund for Lotus. It was a few weeks ago that we finally signed off on it. There is a lot of detail still to grind through, but we have basically approved the bid," said Lotus business secretary Vince Cable. 

Lotus has not officially announced the funding yet because it still has to complete final portions of the application.

Because the money has to be used for creating jobs and new products, it appears that Lotus might be trying to emerge from the doldrums that it has been in since former CEO Dany Bahar's departure. It just started taking orders for the Exige S Roadster, over a year after first publically showing the car.

Bahar first applied for the money two years ago to fund the development of five new models, but the company never received the money. 

Source: Autocar