Plymouth’s position as a global centre of excellence for science, innovation and marine energy research is receiving a major boost with the announcement of a £25 million investment plan.
The cash boost will build new facilities and transform the way world-leading research in the city is turned into commercial success.
The Plymouth Science and Innovation Programme (PSIP) has been created by a partnership led by the South West RDA (Regional Development Agency), University of Plymouth and Plymouth City Council. It will put in place a city-wide strategy aimed at creating jobs, businesses and economic success from science and innovation related activities in marine renewables, engineering, marine science and other technologies.
A new £18 million marine building will be developed by the University of Plymouth on its city campus, housing state-of-the-art research facilities including new wave tank testing equipment that will be unique in the UK.
This and other world-leading research will be supported by a completely new structure to be set up in the city to encourage innovation and enterprise and help turn research into business opportunities. Centred on the Tamar Science Park it will provide incubation and support services to help fledgling companies with good ideas to thrive and grow to become the high-value employers needed for Plymouth’s future economic growth.
Overall responsibility for coordinating the PSIP’s strategy and ensuring it is delivered on the ground will be taken by a newly created PSI Council, which will bring together key stakeholders, education and research institutes, investors and innovative businesses.
A package of regional and national funding was today confirmed for the Plymouth Science and Innovation Programme:
• £7 million from the South West RDA
• £4 million from the Department of Business Innovation and Skills (BIS) and the Department of Energy and Climate Change (DECC)
• £11.8 million from the University of Plymouth
• £1.5 million from Plymouth City Council
The RDA has previously announced £1.2 million funding for the wave tank as part of the Agency’s three-year £7.3 million investment in the Peninsula Research Institute for Marine Renewable Energy (PRIMaRE), led by the Universities of Plymouth and Exeter.
Today’s announcement coincides with the national launch of the Marine Investment Strategic Framework. The investment from BIS and DECC is part of £19.5 million pledged to South West England last summer to deliver the Low Carbon Economic Area initiative.
Ian Lucas, Business Minister, said: “I am delighted that today we have announced £4m of support for a new marine building on the University of Plymouth campus. This cross-government funding will help enable collaborations between academics and industry to drive this sector forward. The Building will house new wave tank facilities as part of the Peninsula Research Institute for Marine Renewable Energy (PRIMaRE) project, which will provide a unique UK capability for this sector. It will also help to further strengthen the South West as a Low Carbon Economic Area for marine energy. ”
Jim Knight, Minister for the South West, said: “Plymouth has a fantastic maritime heritage and I am delighted the city will be the home of a centre of excellence for science and innovation. This project will make Plymouth a global leader in science, innovation and marine research and create new jobs and more opportunities for our young people.”
Stephen Peacock, Enterprise and Innovation Director for the South West RDA said: “This project is about investing in the future economic growth plans of Plymouth and the wider region, capitalising on the city’s strengths in marine science and engineering and building upon the South West’s position as the UK's first Low Carbon Economic Area.
“It puts Plymouth at the forefront of research into low carbon technologies and developing a world class marine renewables sector. More than that, it sets a long term framework for turning knowledge and innovation, in marine and other areas of research, into commercially viable business opportunities.”
Professor Wendy Purcell, Vice-Chancellor and Chief Executive of the University of Plymouth, said: “Our marine and maritime research has now achieved world-class recognition and status, so it is fitting that Plymouth should be the location for this world-leading facility.
“The plans will create valuable opportunities to support the marine sector and the economy; attracting people to the area to work alongside our leading researchers, encouraging people to stay to build new jobs and businesses and creating opportunities for our young people to further our underpinning maritime heritage.”
Tamar Science Park will work closely with the University of Plymouth and take the lead in the City in creating a thriving innovation network and dealing with enterprising firms, business advisors and investors. It will become the main provider of business incubation support in the City, working alongside the University, and will have extra resources to allow it to work seamlessly with businesses to help them fulfil their potential.
Councillor Ted Fry, Plymouth City Council’s Cabinet Member for Economic Development, said: "I am delighted that Plymouth City Council has been able to support this major investment which we hope will ultimately result in the creation of significant numbers of new high value jobs in emerging sectors of the economy such as marine renewable energy and low carbon technologies.
“This investment is not only in world class infrastructure with the Wave Tank but is also about how the City supports and nurtures enterprise and innovation building on the unique resource we have in the Tamar Science Park. It is increasingly important that Plymouth's economy continues to diversify and PSIP will establish the city nationally as a centre of excellence for science and innovation.”
Nick Buckland, Chairman of Tamar Science Park, said: “Tamar Science Park is an established and successful science park and we welcome the enhanced role for the Park within the Plymouth Science and Innovation Programme.”
hash patel, cheltenham around 1 year, 3 months ago