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UK Shipbuilding boosted by £500m Government Scheme

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Posted on: July 27, 2023

Artemis Technologies, a leading developer of clean maritime technologies, welcomed the launch of the Shipbuilding Credit Guarantee Scheme (SCGS). The scheme, which is backed by the UK government, hopes to boost sales of UK-made ships with £500m of credit guarantees.

As a company committed to promoting innovation, sustainability, and growth in the maritime sector, Artemis Technologies welcomes this landmark initiative which will help speed up decarbonising the maritime sector.

Artemis Technologies’ CEO, Dr. Iain Percy OBE, said:

We are delighted to see the launch of the SCGS. This is a significant boost for the UK maritime industry, and it will help us to accelerate our plans to deliver innovative, sustainable maritime solutions to ferry operators, offshore wind companies and ports right across the UK.

As recent global events have shown us, the need to decarbonise continues at pace. The SCGS will make it easier for UK operators to access finance for UK-built vessels, and this will help to create jobs, speed up the transition to net-zero technologies and boost economic growth. We are committed to working with the government and other stakeholders to ensure that the SCGS is a success.

The SCGS is part of the government’s £4 billion plan to support shipbuilding through the National Shipbuilding Strategy Refresh. The scheme is expected to create hundreds of jobs and contribute millions of pounds to the economy.

Percy added:

The SCGS is a clear signal of the government’s commitment to the UK maritime industry. We are confident that this scheme will level the playing field and help make the UK a leading global hub for clean maritime technologies and vessels.

Artemis Technologies is a world-leading developer of sustainable maritime technologies. With its headquarters based in Belfast, Artemis Technologies acknowledges the potential for the scheme to generate hundreds of high-quality jobs in the region and beyond.