Tees Valley Mayor Ben Houchen has today welcomed the news that £107million has been awarded from central Government to the Centre for Process Innovation (CPI).
Mayor Houchen hailed the news for the business, whose headquarters are located in Redcar, as a “monumental vote of confidence in the Tees Valley.”
Business Secretary Greg Clark pledged the cash from a £180million pot which was also split with the Offshore Renewable Energy Catapult in Blyth.
The five-year commitment will help move forward innovation and research, supporting hundreds more businesses to develop and manufacture cutting-edge products, boosting local growth and the creation of highly-skilled jobs in the area.
The Government investment will attract more than £150million of additional revenue and places the Tees Valley at the forefront of the UK’s Industrial Strategy.
The funding is being delivered as part of the High Value Manufacturing (HVM) Catapult programme.
CPI employs 400 people in the region and is the process manufacturing partner of the HVM Catapult scheme. Made up of seven centres across the UK, the Catapult programme brings together UK business, science and engineering to “catapult” products from concept to market.
Commenting on the announcement, Mayor Houchen said: “Not many Teessiders will be aware of CPI, but they’re doing some ground-breaking work right here in Redcar. I’m over the moon that brains in the Tees Valley have been recognised by Government with this massive funding commitment.
“This cash is a huge vote of confidence in Tees Valley’s expertise in next-generation manufacturing. Along with the announcement that we are working with Government on a Local Industrial Strategy, it highlights just how much our region is punching above our weight in what we contribute to UK plc.”
Nigel Perry MBE FREng, CPI Chief Executive, said: “We are delighted to receive confirmation of this funding. Our deep understanding of innovation processes, combined with our outstanding technical expertise and state-of-the-art facilities help companies develop, prove and prototype next generation products and processes that deliver highly-skilled jobs and sustained economic growth for the UK. This support will allow us to continue providing that vital support and position CPI as an increasingly important player role in the Government’s modern Industrial Strategy and Northern Powerhouse.”
Business Secretary Greg Clark said: “The UK has a world-beating reputation for innovation and we are building on this strength as part of our Industrial Strategy with the largest investment in research and development in 40 years.
“This investment will drive local growth and innovation across the country, creating more opportunities for high-skilled, well-paid jobs across the country.
“The Catapult network plays a key role in building on UK strengths in sectors and technologies that are going to be in high demand in the years ahead, bringing ideas to products and services on the market.”