David Willetts, Minister for Universities and Science, has announced seven new deals struck between universities and businesses in the UK to help increase global competitiveness.
Partnerships will be created in a variety of sectors, including life sciences, energy efficiency and advanced manufacturing, after funding was awarded through the UK Research Partnership Investment Fund (UK RPIF).
The winning bids will join seven other partnerships that already won funding, while a new round of bidding for £80m of public investment will open up shortly.
University-business partnerships around the UK have secured £220m of public funding, and £600m of support from the private sector will be drummed up.
Mr Willetts, MP, commented: “It is fantastic that our top businesses and top charities are queuing up to collaborate with our world-class universities.
“They want to work together to deliver innovation, commercialisation and growth, which will help make sure the UK competes and thrives in the global race.
“The winning projects will tackle the key issues we face – like fighting disease, ensuring energy efficiency and improving infrastructure – for the benefit of all.”
The Government expects to raise around £1bn of further funding for research when the projects are complete.
The largest chunk of funding was awarded to Imperial College London. It received £150m for its partnership with real estate fund investor Voreda, while UCL joined up with St Ormond Street Hospital for £85m and the University of Manchester was given £38m for its agreement with The Christie hospital.
Further to these deals, Brunel University and TWI partnered with £60m funding, Queen’s University was granted £32m in its deal with The Atlantic Philanthropies, and Swansea University secured £38m to work with BP.
The University of Nottingham also confirmed a £34m pot of funding for its partnership with GlaxoSmithKline to support the Centre in Sustainable Chemistry.
Chief Executive of the Higher Education Funding Council for England (HEFCE), Sir Alan Langlands, commented: “The support from international companies and world-leading charities – all making hard-headed investments – is a tribute to the excellence of scientific and research staff in our universities.
“The demand for funding from the UK Research Partnership Investment Fund demonstrates the power of universities in promoting economic growth through research and knowledge exchange.”
The 14 projects supported by UK RPIF will receive private and public funding after the cash pot was launched in May 2012 to underpin economic growth and meet the health needs of the UK. Universities will also pass over £70m from their own budgets to support projects.