G24iNewHighValue

Earlier today, I was delighted to announce the decision by G24 Innovations to invest at Wentloog Park in Cardiff in a multi million pound project to manufacture dye sensitised solar cells, one of the latest, lightest, most efficient and least costly solar technologies in the world. This project will create 300 high quality well paid jobs for chemists, engineers and technicians.

G24 Innovations, whose major shareholder is Renewable Capital of the United States, will operate from the 187,000 square feet facility at Wentloog Park that had been built for Acer Peripherals. The product has potential applications in a wide range of sectors such as mobile telephone chargers, smart textiles, emergency and homeland security applications, MP3 players, laptop computers and handheld game consoles, all high growth sectors and products.

Along with the First Minister and officials from my Department, I have been closely involved in developing this project for Wales since its conception. We met the principals in the summer and, while representing Wales at the Ryder Cup we met the principals again to finalise the deal that encouraged them to invest in Wales. We were in competition with other parts of the United Kingdom and the Republic of Ireland for this investment and our success, especially in winning a high technology development providing high quality well-paid jobs is testament to the value and relevance of our proposition, a proposition built on the right commercial environment for success, our ‘WALES CAN DO IT’ attitude and our solution focused approach. It is also ample demonstration that our sector focused approach to the development of our industrial base is the best way of achieving our high but realistic aspirations.

This is an exceptional project sponsored by individuals who are hugely experienced and successful in the renewables industry. It has brought together a very impressive team with clear direction and focus and their project will enhance our already sophisticated and significant sustainability agenda. Importantly, the project embraces a large scale research and development element. And, collaboration with Solarcoating Machinery of Germany will help G24 develop up to 200 Megawatts of production capability by the end of 2008. Building further on the sustainability agenda, the company has a strong corporate social responsibility ethic and plans to meet its own energy needs from green sources such as solar, wind, geothermal and other means.

We can now look forward to 300 new jobs for Wales in a UK registered company whose major shareholder is a company based in the vital North American market. Following a lean period in that market, we are beginning to see real opportunity and G24 is the first realisation of that opportunity. The International Business Wales team will now build on the momentum under the leadership and direction of a new and dynamic Head.

It has taken a team effort to win this project that has multinational credentials involving North American, German and Swiss partners, one of which is a Swiss Federal Institute of Technology which has more than 250 laboratories and research groups on its campus.

We won this project because Wales has a robust and dynamic proposition. I am pleased to tell you that it has not been necessary for the Welsh Assembly Government to offer financial incentives to achieve this success. Wales has won on the basis of its very compelling commercial and sustainability merits.

I am sure that you will welcome today’s news and that, like me, you will applaud the company’s decision to invest here rather than in one of the competing locations which, although offering stiff competition, could not match the quality of the offering by my new department and the speed with which to respond to investors’ needs. This is a tremendous day for Wales and I have every confidence that G24’s decision will be the precursor to many more high value successes in the months and years ahead, especially in building a niche specialism in solar engineering and other renewable energy technologies.