Four projects have received funding support from the North East mayoral authority
A multimillion-pound innovation program bringing together world-class university research and leading innovators has been announced by the North East mayoral authority. The first four projects will receive £23.7m of funding from the Government’s Local Innovation Partnership Fund (LIPF), unlocking an additional £55m of private investment.
It is expected that the program will promote innovative businesses to deliver hundreds of high-value projects.
The announcement comes as Innovate UK hosts an innovation forum in Newcastle to bring together regional leaders, businesses and investors to discuss how innovation can accelerate growth and unlock new opportunities in the region.
Projects receiving backing include a plan to accelerate the green economy in the North East, which involves the life sciences firm Procter and Gamble working with other businesses and universities in the North East in the development of the next generation of clean chemistry.
And County Durham’s Low Carbon Materials, a spin out of Durham University, will seek to scale up and diversify opportunities for carbon negative additives used in concrete and asphalt. Other projects include 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, scale, and commercial deployment of advanced materials to decarbonise and improve the built environment. With this continued support, we can bridge the gap between regional research, high economies of scale, and commercial development. projects, and strengthen the North East’s position as a leader in innovation.
Mayor of the North East, Kim McGuinness, said: “The North East is at the forefront of the next generation of technology. Our new program will turbocharge innovation in the North East of England, boost investment in research and development, and accelerate the delivery of our Local Growth Plan.
North East Mayor Kim McGuinness(Image: Newcastle Chronicle)
“This program combines a world-class university with some of the most innovative, cutting-edge businesses, a collaboration that will provide hundreds of good quality jobs for local residents, major private sector investment to benefit the economy of our region, around 90 new products for the market and more benefits including new facilities and growth in the supply chain. This is good news for innovation in the region.”
Glen Sanderson, leader of Northumberland County Council and North East Mayor’s Strategic Authority cabinet member for the economy, said: “Our region is always at the forefront of innovation, and these first four projects highlight the cutting-edge work taking place, focusing on clean technology and sustainability.
“Equally important, they create quality jobs and provide a major boost to the region’s economy and our reputation as a place to set up and do business.”
Professor Ian Chapman, chief executive of UKRI, said: “The project in North East England is a great example of what can be achieved when researchers, innovative businesses and world-leading regional partners come together around shared ambitions.
“Building on local strengths and prior UKRI investment, will create quality jobs, attract investment and deliver real benefits to people and communities in the region.
“Through the Local Innovation Partnership Fund, UKRI is supporting partnerships across the UK to build distinctive strengths, translating innovation into impact that improves knowledge, improves lives and drives growth.”