AIM-listed engineering firm Turbo Power Systems has been awarded the first instalment of its regional growth fund grant worth 1.1m pounds.

The company reported that the grant would be payable in two instalments, the conditions for the first award of £0.75m having been met and approved.

The balance of £0.35m is due in January subject to certain research and development expenditure conditions.

The grant is based on maintaining and creating an aggregate 152 jobs in the company over the next four and a half years and investment into research and development projects.

Carlos Neves, Chief Executive Officer of Turbo Power Systems, said: "We are delighted to have been awarded this grant by the Regional Growth Fund which will be invested in the acceleration of our research and development projects at our Gateshead facility.

"Our continuing drive to improve our innovative capabilities in high performance motors, generators and power electronic systems will help to ensure the future expansion of the Turbo Power Systems business and create future employment in this key sector."

Turbo's share price was up 10.53% to 0.10p at 08:55 on Friday.

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