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NAREC funding for further energy sector development

Another £2.4m is on the way for North East enterprise development, with a European Union-backed project to provide technology and business support leading to the creation of new energy companies.

The New and Renewable Energy Centre (Narec) is benefiting from additional investment from regional development agency One North East to fund its Incubation & Inward Investment project, supporting the development of technology based businesses and their products.

This will create and attract new businesses into the region, providing 40 jobs and assisting over 100 companies with innovation.

“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,” explained Andy Williamson, Director of Business Development from Narec.

“The provision of specialist business support will continue to attract international investors through the development of a North East technology hub for clean technology. We will offer a bespoke package of technology support to potential businesses from each of these avenues, leading to the generation and growth of a hub of energy technology companies in the region.”

Narec will provide niche technology business support, signposting clients where appropriate and providing direct services where specialist expertise is not available elsewhere. Services will include access to testing and prototyping space and technology development advice.

Narec will support work led by One North East and UK Trade & Investment to identify opportunities for overseas energy sector companies to locate to the region, accelerating the development of a hub of energy technology businesses.

“This project will help the region maintain and exploit its position to be an early leader in forming clusters of energy technology companies,” added One North East chief executive Alan Clarke.

“Our intention is that Narec becomes a magnet for further investment opportunities, with energy businesses feeding off each other and bringing sustainable growth to the sector.”

For further information about Narec’s Incubation & Inward Investment support, call Alan Walker on 01670 357 626 or email: alan.walker@narec.co.uk

This was posted in Bdaily's Members' News section by Ruth Mitchell .