Chelmsford technology company, e2v is to get a £6.2 million grant, creating new jobs in the town.
The grant has been awarded to the company for a research and development programme, from the UK Department of Business Innovation and Skills.
e2v is the only company in the East of England to secure a grant.
The funding will secure existing jobs in the company and create over 100 new jobs in the company headquarters, based in Chelmsford, over the next 3 years, as well as extra academic posts at Nottingham University, e2v's research partner.
The region's technology and manufacturing business have been steadily declining over the past few decades but e2v is contradicting that trend and has experienced 13% increase in sales over the last year.
The company is planning to grow and aims to secure 427 jobs across Chelmsford and Nottingham, as well as over 350 jobs throughout its supply chain UK wide over the next ten years.
Simon Burns, Chelmsford MP said, "This is very good news for both e2v and the community."
