Almost £1bn of government funding set to boost Tees Valley

Almost £1bn of Government funding has been allocated to a series of projects which will help boost job growth and transform transport in the Tees Valley area.

Business Secretary Greg Clark confirmed Redcar’s Centre for Process Innovation (CPI), a High Value Manufacturing Catapult centre, will benefit from a £180m pot, split with the Onshore Renewable Energy Catapult in Blyth.

The cash will support hundreds more businesses to develop and commercialise products and services which will be used to support the £6bn Dogger Bank Wind Farm project – 80 miles off the coast of Redcar.

Once complete, it will be the world’s largest offshore wind farm and connect into a site in Lackenby.

The announcement came as Tees Valley Mayor Ben Houchen joined Cabinet Ministers in Gateshead, where it was revealed Government will work alongside the Tees Valley on a Local Industrial Strategy.

The Strategy will focus on opportunities such as Clean Growth and the circular economy, as well as the region’s other sectors, such as Advanced Manufacturing, Chemicals, Process and Energy and Digital.

Mayor Houchen said: “Over the past year the Tees Valley has secured almost £210m in new funding from central Government. We’re using these funds to clean up the former SSI steelworks site; invest in local rail connectivity; and support unemployed people back into work.

“I’m delighted that the Government has today announced a massive funding boost for our innovators at CPI in Redcar, plus cash to start upgrades to the East Coast Main Line so we’re ready for the new Azuma high-speed trains.”

Nigel Perry MBE FREng, CPI Chief Executive, commented: “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.”

A support package for UK’s offshore wind sector was also revealed, with Clean Growth Minister Claire Perry stating clean energy electricity auctions will begin by May 2019, and then every two years.

These auctions will help inward investment and provide certainty to renewable energy businesses in the region, helping them, and supply chain businesses, prepare for the benefits this will bring.

Prime Minister Theresa May has also confirmed an investment of £780m into the East Coast Main Line, with upgrades set to begin from next year. Tees Valley residents will see faster, more frequent journeys to London with improvements to platforms, tracks, signals and junctions across the route.

Tees Valley Mayor Ben Houchen added: “Today’s announcements are great news for the Tees Valley. Our businesses, supply chains and travellers set to benefit enormously from the opportunities these cash injections will open up.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →