The commitment, announced during today’s Cabinet visit to the North-East, covers a five-year period and will allow CPI to continue its extensive track-record of helping industry bridge the gap between innovation and commercialisation to bring new products and processes to market.
The funding will be delivered as part of the High Value Manufacturing Catapult (HVM Catapult) programme, which supports UK manufacturing in the commercialisation of cutting-edge technologies.
The move will boost local growth and is expected to create highly-skilled jobs, with CPI playing a crucial role in delivering the Government’s modern Industrial Strategy.
CPI is the process manufacturing partner of the HVM Catapult network, which comprises seven centres across the UK, and works from sites across the North-East.
Supporting partners in markets such as healthcare, electronics, energy, aerospace, chemical processing, food and agriculture, transport and construction, CPI’s innovation processes and scientific expertise helps get products to market faster at lower cost.
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 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.”
Mr Clark added the funding builds on the success of the Catapult centres and represents a huge vote of confidence in the scheme.
The Catapults have seen £7.5bn invested in their first seven years and will play a crucial role in the Government meeting its commitment to spend 2.4 per cent of GDP on research and development.
Dick Elsy, CEO at the HVM Catapult, added: “The Catapult is perfectly placed to make a full contribution to a successful UK Industrial Strategy.
“In our first six years of operation, we have established a proven track record, generating investment in research and development and driving improvements in manufacturing productivity and competitiveness.
“The five-year funding package allows us to build on our early successes, broadening our productivity impacts while equipping British firms with the manufacturing innovation they need to compete in uncertain and challenging international markets.”
The Offshore Renewable Energy Catapult, based at Blyth, Northumberland, will also benefit from Government funding support.