UK National Wealth Fund’s $34 Million Defence Investment Backs Rowden Expansion
National Wealth Fund’s Strategic Move into Defence Sector
LONDON, May 13 (Reuters) - Britain's National Wealth Fund announced its first investment in the defence sector on Wednesday, providing British engineering business Rowden with 25 million pounds ($34 million) of funding to open new manufacturing sites.
Significance of the Investment
• Investment in Bristol-based Rowden is the first into the defence and national security industries by the National Wealth Fund, which was set up in 2024 to drive economic growth and is primarily focused on helping to fund the country's net zero transition.
Rowden’s Role and Expansion Plans
• Rowden builds sensing and information systems for use in low-connectivity situations for customers including the Ministry of Defence and emergency services, and the new investment will help it open two new sites and create 100 jobs over the next 12 months.
Government and Industry Response
• "Defence is an engine for growth, and this is what it looks like in practice," said Minister for Defence Readiness and Industry Luke Pollard in a statement.
Company Background and Technology Focus
• The company was one of the fastest-growing engineering companies in Europe, the statement said, and was founded by CEO Rob Harper, who was formerly in the British Army.
Innovations and Future Projects
• Rowden's technology is being geared towards use on new submarines as it contributes to the AUKUS AI for Acoustics programme.
Additional Information
($1 = 0.7396 pounds)
(Reporting by Sarah Young; Editing by Alex Richardson)
