North East Firms Get Backing from Innovation Funding
The North East mayoral authority has announced a multimillion-pound innovation programme that brings together world-class university research and leading innovators. The first four projects will receive a share of £23.7m from the Government’s Local Innovation Partnerships Fund (LIPF), unlocking an additional £55m in private investment.
The programme is expected to boost innovative businesses and deliver hundreds of high-value jobs.
Business Live is reporting that the announcement came as Innovate UK hosted an innovation forum in Newcastle to bring together regional leaders, businesses and investors to discuss how innovation can accelerate growth and unlock new opportunities across the region.
The North East Green Economy
Projects receiving backing include a scheme to accelerate the green economy in the North East, in which life sciences firm Procter and Gamble is working with other businesses and universities in the North East to develop the next generation of clean chemicals.
County Durham’s Low Carbon Materials, a spin-out from Durham University, will work on scaling up and diversifying opportunities for carbon-negative additives for use in concrete and asphalt. Other projects involve CPI and Durham University.
Dr Natasha Boulding, CEO and co-founder at Low Carbon Materials, said: “Through the Local Innovation Partnerships Fund (LIPF) and Project Sycamore, we will accelerate the development, scaling, and commercial deployment of our advanced materials to decarbonise and improve our built environment. With this continued support, we can bridge the gap between world-class research and commercial application, scaling our operations to drive regional economic growth, create high-value green jobs, and reinforce the North East’s position as a leader in innovation.”
North East mayor Kim McGuinness said: “The North East is at the forefront of next-generation technologies. Our new programme will turbocharge innovation in North East England, boost investment in research and development, and accelerate the delivery of our Local Growth Plan.
“This programme brings together our world-class universities with some of our most innovative, cutting-edge businesses, collaboration that will deliver hundreds of good-quality jobs for local people, major private sector investment to benefit our region’s economy, around 90 new products to market and wider benefits including new facilities and growth across the supply chain. This is great news for innovation in the region.”
Glen Sanderson, leader of Northumberland County Council and North East Mayoral Strategic Authority cabinet member for the economy, said: “Our region has always been at the forefront of innovation, and these first four projects highlight the cutting-edge work taking place, focusing on clean technology and sustainability.
“Just as important, they are creating high-quality jobs and providing a major boost both to the region’s economy and our reputation as a place to set up and do business.”
UKRI’s chief executive, Professor Ian Chapman, said: “These projects in North East England are all excellent examples of what can be achieved when world-leading researchers, innovative businesses and regional partners come together around a shared ambition.
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