Red Jet 7 will be built at East Cowes, securing 85 jobs there - and will join the fleet next summer.
Ainslie Awarded Freedom of Lymington
Sir Ben Ainslie has been presented with the Freedom of Lymington.
It's the highest honour the town can give out, and the 36-year-old became the first person ever to receive it on Thursday 24th October.
Sir Ben was met by the Mayor and presented with a special scroll.
The Freedom of the town is a civic honour which doesn't actually give him any special rights, but is to recognise his achievements in sailing and contribution to the town.
He's won four Olympic gold medals, one silver medal, ten World titles and nine European Championships - as well as the America's Cup in 2013 with US team Oracle. He's also been named World Sailor of the Year four times.
His four Olympic triumphs came in Sydney 2000, Athens 2004, Beijing 2008 and London 2012 - in the Finn class at Weymouth and Portland.
Ainslie was born on 5 February 1977 in Macclesfield, Cheshire and grew up in Cornwall, before moving to Lymington. He went to school at Peter Symonds College in Winchester.
With his fourth Olympic Gold medal at Weymouth and Portland in 2012 he became Britain’s most successful Olympic sailor of all time and the most successful Olympic sailor in history. Sir Ben was then made Team GB’s flag bearer for the London 2012 Closing Ceremony.
After the Games, he was honoured with a gold post box in Lymington and in January 2013 Ben was knighted by Princess Anne at Buckingham Palace.
Five men have been questioned after shots were heard in Wimborne Road.
24-Year-Old Nikki Henderson Become The Youngest Ever Skipper Of A Clipper Round The World Yacht
18-Year-Old Found Injured In Old Christchurch Road On Friday Morning.
Recently Played Tracks
Now playing: The best feel good music
Deposit £10 to get a £40 Welcome Bonus - That's £50 to play bingo, slots and more!*
Over 50 tracks to make you feel-good. New album out now...
Find your local four day weather report here.
What's happening on the roads where you are?
Make Heart the soundtrack to your day and you could be a winner with great prizes up for grabs throughout the day.
Find out more about some of the companies advertising on Heart.
Get some great ideas on how to advertise your business on radio, online and on mobile.