North East Technology Park gets an extra £100m funding in 2024 to continue expansion - Sept 2024

The North East Technology Park (NETPark) celebrated its 20th anniversary on 5th September 2024.

NETPark is one of the UK's premiere science and technology parks and is already home to three innovation catapults and three national innovation centres, with 40 companies employing 700 people.

Companies located at NETPark have access to a focused and international science park community where talent flourishes, ideas are generated and businesses have the infrastructure, support and resources to compete with the best in the world.

Their anniversary was marked by an event with Representatives from NETPark businesses, Durham County Council, and the North East Combined Authority.  Cllr Hopgood said: “We’re now investing £100million to expand NETPark and this will take things to a new level, bringing another wave of high-value jobs. The new units are attracting major interest, while enabling us to retain growing companies like Filtronic in County Durham so they can realise their ambitions here and not somewhere else.

“All in all, we expect the expansion will unlock over 285,000 sq ft of new lab and scale-up production space and create up to 1,250 high-value jobs on site along with a further 2,200 jobs in wider supply chains.”

Earlier this year, NETPark was confirmed as a Growth Site in the North East Investment Zone as part of the £4.2billion devolution deal.

North East Mayor, Kim McGuinness, said: “NETPark has become a driving force for attracting national and international businesses in Durham and the North East, demonstrating our reputation as a fantastic place to live, work and do business.

“As Mayor, I will back NETPark, and the whole of County Durham, so we create more jobs, attract businesses and investment and create real opportunity for local people. As a Combined Authority we are investing in NETPark through our Investment Zone, creating over 1,200 high skill, high-paid jobs, building amazing new lab and production spaces for businesses to grow; and adding over £600million to the North East’s economy.

“We have spades in the ground, with infrastructure and enabling works already underway. From semi-conductors to the next generation in space technology, we can create a very bright future for NETPark, County Durham and our great North East.”

Source - https://www.northeasttechnologypark.com/post/20-years-of-netpark

More recently the North East Combined Authority's Cabinet has approved £11.3m of funding for the Sedgefield site from its £160m flagship North East Investment Zone (NEIZ), which aims to drive growth across green energy and manufacturing businesses and is expected to unlock around £3 billion in private sector investment over the next decade.

North East Mayor Kim McGuinness said: "The North East is a manufacturing powerhouse, with a proud heritage, and our investments are unlocking jobs and training for local people in the industries of the future.

"From battery technology to green energy, we're playing a leading role in the creating prosperity and opportunity for our region and nation - whilst ensuring people in the North East can enjoy a well-paid job where they have live, rather than leaving us to secure decent work.

"I'm determined to attract more investment for local people in the North East, and we're getting on with the job."

The NEIZ is set to unlock growth across clean energy and green manufacturing businesses through its ten year programme.  It is in addition to the £4.2bn secured as part of the North East devolution deal.

The NEIZ will have a particular focus on offshore and renewable energy, electric vehicle and battery manufacturing, and associated low-carbon manufacturing, materials, and research.

Source -https://www.durham.gov.uk/article/32211/News-11m-funding-for-NETPark





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Published 17/09/24