Humber Freeport attracts £1bn of investment as ‘success story’ shared at summit

Humber Freeport tax sites have already attracted £1bn of investment which will create up to 600 jobs across the region, a major decarbonisation conference has heard.

Humber Freeport’s Interim CEO Simon Green told an event during The Waterline Summit that “tangible success” is already being seen at tax sites in Hull and Goole. Major investments announced have included Finnish company Metsä Tissue’s plans to build the UK’s largest tissue paper mill in Goole, creating more than 400 jobs on site.

At Saltend Chemicals Park, part of the Hull East tax site, Pensana is investing more than £150m in a rare earth processing facility, while Meld Energy plans to invest £180m in a green hydrogen production facility at the site. Mr Green joined a panel of experts on the final day of the summit, discussing the importance of collaboration to drive clean growth.

He said: “The success we have already seen across our freeport sites has been very tangible. Investments totalling around £1bn have been announced, which will create up to 600 jobs in both Hull and Goole. Crucially, those investments are innovation-led, from companies across the world who are bringing new skills and technologies into the region.

“Collaboration is a key measure of success in freeports and what we’ve created across our sites in the Humber is a portfolio which meets the investment needs of the region – from advanced manufacturing and engineering to decarbonisation and clean energy projects.”

Mr Green also praised the collaboration between freeport site landowners who have “complemented each other” and brought forward development sites with distinct and unique opportunities for investors.

He said stakeholders involved in Humber Freeport were aligned on its three key objectives: to drive clean, low carbon growth, the creation of new skilled jobs, and to become a testbed for innovation and emerging technologies.

Mr Green spoke on The Waterline Summit panel alongside Harry Jones, Freeports Programme Director at the Department for Levelling Up, Housing and Communities.

Mr Jones and representatives from the Department for Levelling Up, Housing and Communities, HM Treasury and HM Revenue & Customs visited the Humber for a two-day tour of the freeport tax and customs sites in Hull, Grimsby, Immingham and Goole.

They also spoke to major investors and stakeholders, including businesses which are receiving a share of £25m seed capital funding awarded by Humber Freeport.

The Humber Freeport Board recently signed off on funding for seven projects across both banks of the estuary, supporting major new facilities that will accelerate the decarbonisation of the Humber, which is critical for the Government to meet its net zero ambitions.

By Matthew Neville – Senior Correspondent, Bdaily

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