The New and Renewable Energy Centre (Narec), an European Union backed project aimed to provide technology and business support to create new energy companies, is benefiting from additional £2.4m investment from regional development agency One North East.
The funding will be used to finance an Incubation & Inward Investment project as well as support the development of technology based businesses and their products.
The target is attracting new businesses into the region, providing 40 jobs and assisting over 100 companies with innovation. It will also offer 150m2 of R&D premises and incubation space for Small and Medium Enterprises (SMEs) to test ideas and accelerate product development.
In an official statement from One North East, Andy Williamson, Narec’s Director of Business Development, was reported as saying: “Narec is the UK’s lead centre for the testing and development of renewable energy technology and provides a wide range of specialist consultancy to encourage early stage companies and university spin-outs to enter the market.
“The provision of specialist business support will continue to attract international investors through the development of a North East technology hub for clean technology.
“Our focus will be on low carbon renewable energy technologies and closely aligned support service companies with potential for commercialisation and growth.
“Incubator space will be provided to new or developing energy technology companies through the Charles Parson’s Technology Centre and Brunel Building”, he added.
The project is being part financed by the European Regional Development Fund (ERDF) 2007-13, securing £502,000 investment, to which the agency has added £1.49m.
Narec is headquartered in Blyth, Northumberland, UK.