Our North East Technology Park (NETPark) is to receive more than £11m towards its expansion.
The North East Combined Authority's Cabinet has approved £11.3m of funding for the Sedgefield site from its £160m flagship North East Investment Zone (NEIZ), which aims to drive growth across green energy and manufacturing businesses and is expected to unlock around £3 billion in private sector investment over the next decade.
Cllr Amanda Hopgood, our Leader and combined authority Cabinet member for culture, creative, tourism and sport, said: "This is a huge step forward for County Durham. It's a significant investment that is in recognition of the fantastic employment opportunities that NETPark presents our region and is a further boost on the back of the £62m we as a council committed to the third phase of the site with support from the former North East Local Enterprise Partnership.
"We're talking about the potential for ultimately thousands of new jobs and the ability to attract and retain businesses in the science, technology and engineering sectors."
The NEIZ stretches from County Durham in the South to Northumberland in the North and includes sites in Newcastle, North Tyneside, South Tyneside, Gateshead and Sunderland.
