Rolls-Royce Making HUF 6.9 bln R&D Investment in Hungary
Artist’s rendering of Rolls-Royce Hungary technology in operation in Budapest.
U.K. industrial technology company Rolls-Royce is investing HUF 6.9 billion in a research and development project in Hungary, Minister of Foreign Affairs and Trade Péter Szijjártó said on Monday, according to a report by state news wire MTI.
Rolls-Royce will plan the equipment for the future of transportation at its base in Budapest, including parts for hybrid and electric aircraft and systems based on high-speed generators, Szijjártó said.
The state is supporting the investment, which will create 20 jobs for engineers, with around HUF 1.7 bln, he added.
British companies have invested close to USD 6 bln in Hungary and provided jobs for over 50,000 people, he noted.
Rolls-Royce in Hungary, part of the global Rolls-Royce Electrical business, is focused on the design, development, and integration of electrical power and propulsion systems for the aviation market. Rolls-Royce employs around 120 people at its base in Budapest at present.
Rolls-Royce Electrical director of operations Sara Poxon acknowledged the "strong engineering competencies" of the Budapest innovation and knowledge center in a press release.
"With the support of the Hungarian government, we can increase our competitiveness and advance power and propulsion systems for all-electric and particularly hybrid-electric flight. This support can accelerate technological breakthroughs by Rolls-Royce that will support low and zero-emission air travel by 2050," she said.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.