The government has given £1bn funding to support British innovation, including to the company Centre for Process Innovation.
The funding is to support British innovation, specifically next-generation manufacturing work across the High Value Manufacturing Catapult programme. The programme is a five year agreement to encourage projects across the Catapult network, which supports the innovation and commercialisation of new technologies using novel processes.
The Centre for Process Innovation funding
The Centre for Process Innovation (CPI) was awarded £170m of this funding, which the CPI says will be used to continue advancing its next-generation manufacturing technologies. The CPI has partners in several markets, including healthcare, electronics, energy, aerospace, chemical processing, food and agriculture, transport and construction.
The funding will allow for a more cost-effective and efficient commercialisation of new products and processes which will increase the manufacturers’ productivity.
How will the innovations benefit the UK?
The aim of the High Value Manufacturing Catapult is to improve the UK’s economic growth by helping the UK’s high value manufacturing companies to achieve success within the competitive global market. Allan Cook, the chair of the High Value Manufacturing HVM Catapult, said: “Innovation is a risky business…By removing risk and providing access to expertise and the tools of innovation, the HVM Catapult plays a key role in boosting the performance of manufacturers across the UK.”
Referring to the CPI’s share of the funding, CPI’s CEO, Nigel Perry, commented: “I’m delighted with this funding; it will allow us to continue operating and working at what we do for the next five years, playing a key role in the Government’s modern Industrial Strategy and the Northern Powerhouse.”
Perry added: “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.”