The general manager says the investment means the facility in East Cowes, which employs over 1,000 Islanders, will not only be able to survive, but thrive and grow.
The fund has been extended to include any SMEs in the Solent maritime, defence, aerospace, advanced manufacturing and general services support for the defence and advanced manufacturing cluster supply chains.
MHI Vestas - the world leading offshore wind project company - has announced 70 new jobs at its blade production facility on the Isle of Wight this week.
Businesses in the marine, maritime and advanced manufacturing sectors, including those in composite engineering, are being invited to bid for funding after a new grant was made available.
Nearly two weeks into another public consultation, residents are curious as to why there hasn't been a second public meeting as promised by proposed asphalt plant applicant Eurovia Roadstone.
BAE say the job cuts are necessary to "align our workforce capacity more closely with near-term demand and enhance our competitive position to secure new business". BAE confirm how it will affect the Isle of Wight workforce.
Britten-Norman has made significant investment and will now re-establish new build and aftermarket support for landing gear manufacture at its UK facilities.
Isle of Wight businesses are being asked whether they can step up and help with the production of 30,000 new ventilators - whether that be as a medical device company or manufacturer of components
The new curriculum will include boat-building, including specifications and designing prototypes; navigation electronics; celestial navigation; tides; admiralty chart conventions; shipping forecasts; practical boat-handling skills; and attending Cowes Regatta to celebrate the production of boats.