Decision details

LCR 120 - Strategic Investment Fund - Grant Support to Vynova Runcorn LTD

Decision Maker: Liverpool City Region Combined Authority

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

Vynova Runcorn Ltd is one of the businesses on the INOVYN campus in Runcorn. It manufactures ethylene dichloride for export to be used in manufacture of PVC.

 

£3,000,000 grant is requested to support investment and improve energy efficiency in the plant.

Decision:

The Liverpool City Region Combined Authority resolved that:-

 

(i)        the provision of grant funding of up to £3,000,000 from the Strategic Investment Fund (“SIF”) in support of Vynova’s integration of new, more energy-efficient reactor technology into its existing industrial process;

 

(ii)       such support to be subject to implementing the recommendations of the Investment Panel, namely that robust conditions are agreed for the repayment of any funding should Vynova be able to exceed its business case; and

 

(iii)      delegated authority be granted to the Director of Commercial Development and Investment to finalise negotiations of detailed funding terms and associated agreements in consultation with the Combined Authority’s Monitoring Officer and Combined Authority Treasurer.

Publication date: 20/03/2020

Date of decision: 20/03/2020

Effective from: 28/03/2020

Accompanying Documents: