Teesside industrial research firm announces £30m investment partnership

A Teesside industrial research firm has announced a new partnership with an investment fund manager.

The Materials Processing Institute’s partnership with technology investment fund manager NorthEast Capital will aim to support the growth of the region’s technology underpinned businesses.

The planned £30m equity fund from NorthEast Capital will invest in companies emerging from regional universities and technical institutes as well as investing in existing science and engineering companies.

The Materials Processing Institute will also introduce NorthEast capital as a potential source of funding to SMEs it already works with.

Chris McDonald, chief executive of the Materials Processing Institute, explained: “The institute already provides support to start-up and scaleup businesses in the Tees Valley and we welcome this opportunity to make our expertise available to benefit other emerging enterprises to put them on the path to commercial success.”

Businesses can access support services from the Institute’s SME Technology Centre at its Middlesbrough Campus, where the expansion of its flexible working area was recently announced.

Simon Robeson, chief executive of NorthEast Capital, said: “The Institute can provide our investee companies with incubation services including technical support, access to test facilities, industrial know-how and pilot manufacturing.”

He continued: “Whilst our fund will generate financial returns for investors, we will also focus on delivering a positive, sustainable impact on innovation and entrepreneurship.”

It is hoped that the collaboration will help facilitate the development of a North East technology investment ecosystem.

Jacob Young, MP for Redcar, added: “I’m delighted that the Materials Processing Institute has partnered with NorthEast Capital. This represents support for technology businesses in our region and will be a catalyst for the growth that’s just waiting to be unleashed.”

He continued: “Millions of pounds of investment have been secured for the Teesworks site, and with the announcement of a Freeport in Teesside, there has never been a more exciting time for innovation and investment in our region.”

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