The commitment, announced during the Cabinet visit to the North-East, covers a five-year period and will allow CPI to continue to help industry bridge the gap between innovation and commercialization to bring new products and processes to market.
The funding will be delivered as part of the High Value Manufacturing Catapult (HVM Catapult) program, which supports UK manufacturing in the commercialization of cutting-edge technologies.
The move will boost local growth and is expected to create highly-skilled jobs, with CPI playing a role in delivering the government’s modern Industrial Strategy.
CPI is the process manufacturing partner of the HVM Catapult network, which comprises seven centers 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.
“This investment will drive local growth and innovation across the country, creating more opportunities for high-skilled, well-paid jobs across the country,” business secretary Greg Clark said. “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.”
The Catapults have seen £7.5 billion invested in their first seven years and will play a role in the government meeting its commitment to spend 2.4% of GDP on research and development.