RDA One NorthEast has launched its £2.4m Three Pillars Investment Fund to support the north east’s pioneering energy sector.
The fund is specifically targeted at three of the sectors identified as having the most potential to spearhead major new growth in the north east - new and renewable energy, process industries and healthcare and health sciences.
The fund, part of One NorthEast’s Innovation, Industry and Science programme, is aimed at helping innovative regional small and medium-sized companies continue to grow and thrive.
One NorthEast Chairman Margaret Fay said: ‘This fund will help bolster the development of companies in these growing and vitally important sectors.
‘New and renewable energy alone has the potential to generate an estimated £2bn worth of new growth for the regional economy through the development of a new generation of high-tech companies.’
The north east is home to some of the leading academic and research and development facilities in the UK, including the Centre for Process Innovation (CPI), New and Renewable Energy Centre (NaREC) and Centre of Excellence for Life Sciences (CELS).
Investment and development company NStar, which was established by One NorthEast to support business growth and create new jobs, is managing the Three Pillars Fund.
NStar’s Three Pillars Fund Manager Dr Amanda McMurray said: ‘The Three Pillars Fund is an important addition to the existing family of NStar funds, and is focused on the three industries that are vital to the long-term success and productivity of the north east.’
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