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CHICAGO, Nov 16, 2006 -- BUSINESS WIRE
The North of England Inward Investment Agency (NEIIA), responsible for promoting direct business investment from North America into Northern England, announced that it expects the fuel cell technology sector to be an important part of the area's continued growth. "North England has a rich heritage of energy production, process industries and precision engineering, and offers unrivalled benefits to U.S.-based companies looking to expand into the very lucrative European market," said Sean Croson, Vice President for Business Development for NEIIA. "New and renewable energies are no longer merely 'an industry of tomorrow.' The future of this sector is taking shape within companies, research facilities and universities in North England right now." Croson added that to promote the region's unique offerings within the fuel cell sector, NEIIA representatives are attending the 2006 Fuel Cell Seminar, the premier event for many key stakeholders in the fuel cell industry including fuel cell developers, researchers, component suppliers, buyers, sellers, investors, government agency representatives and a new generation of fuel cell advocates. Energy Expertise & Tax Credits A significant attraction for many energy companies investing in North England is the region's numerous research centers. Key among them is the Center for Process Innovation's Fuel Cell Application Facility--which is dedicated to R&D and commercialization of fuel cells--which collaborates with many national and international groups in the industry and offers expert advice on how new investors can best maximize the commercial opportunities of low-carbon technology products, particularly fuel cells. The region also has nine universities researching hydrogen and fuel cell development, catalysis and materials, giving investors a leg up on the competition. Additionally, North England offers unparalleled R&D tax credits that allow qualifying companies to claim enhanced tax relief for their qualifying R&D spending. Implemented by the British government, there are currently two tax programs which are based on the size of the company applying for the credit. If a U.S. company has less than 250 employees worldwide it can claim back 150% of the UK-related R&D expenses as a tax credit, while if there are more than 250 employees worldwide the company can claim 125%. Should the business be unprofitable, it can roll the credit over for up to three years or claim a one-time, cash-in-hand advance on the exact amount of that tax credit. "It's easy to see that there are tremendous opportunities in North England for U.S. fuel cell companies looking to expand their businesses abroad and gain a competitive advantage," commented Croson. About North England With a population of over 14 million people (7 million skilled employees), North England is home to more than 3,600 foreign companies including 1,300 from North America. With a GDP that exceeds $300 billion, the region's economy is bigger than that of Austria, Sweden and Belgium. North England boasts internationally renowned cities, such as Manchester, Newcastle, Liverpool, Leeds and Sheffield, each of which offers truly distinctive commercial environments with strong expertise in the IT, energy, healthcare, financial services and aviation/aerospace sectors. In addition, the region possesses direct air links with nine gateway cities in North America and throughout Europe. About The North of England Inward Investment Agency The North of England Inward Investment Agency (NEIIA) is a UK Government sponsored organization that provides advice, and collaborates and partners with businesses--from small technology start-ups to Global 100 companies--seeking to gain entry and succeed in the European market through a North England location. NEIIA represents the three key Regional Development Agencies of Northern England--Northwest Development Agency, Yorkshire Forward and One NorthEast--in the USA and Canada from offices in Chicago, Boston, Los Angeles and Atlanta. For more information, please visit: www.northengland.com. SOURCE: The North of England Inward Investment Agency News Provided By |
