British sports car maker TVR will open its new production facility in the Ebbw Vale Enterprise Zone in South Wales, with investment from the Welsh Government.
The manufacturing project represents over £30 million of capital expenditure over the next five years, and production will begin in 2017.
The contracts to locate the new TVR factory in Wales were signed on the 18th March and the deal was officially announced by Rt. Hon Carwyn Jones, the First Minister of Wales this morning. Currently, TVR is looking at several specific options for the precise location of the factory, the outcome of which will declared in the coming weeks.
Les Edgar, chairman of TVR said: “This is a fantastic opportunity both for TVR and the Welsh Government. South Wales is becoming a major hub for automotive and motorsport technology and development and the area is a serious opportunity for business development and job creation.
"We have a sports car project that has garnered global approval and excitement, and we are delighted that the Welsh government wish to become a part of an exciting new era for TVR.”
The new TVR project, which was announced in early 2015, has already secured in excess of 350 deposits for the new launch edition car, which features design and styling that maintains the distinctive TVR DNA, but also includes F1 inspired, ground-effect technology.
The chassis and body has been designed by Gordon Murray of Gordon Murray Design, and power is provided by a Cosworth tuned and enhanced V8 engine.
It is 10 years since TVR's previous factory in Blackpool closed, however its new owners are confident of reviving the brand.
Edgar added: “We are a well-funded, well-supported organisation and boast a vastly experienced management team.
“We have a fully evolved 10-year plan for business and product development and are here to stay.”