NEWS
£ 160m investment zone to supercharge region ’ s digital and creative sectors
new scheme to unleash the strengths
A of digital and creative companies in the Tees Valley has been confirmed – bringing with it £ 160m of government cash .
The Tees Valley Investment Zone aims to increase inward investment , productivity and jobs in the region ’ s digital and creative technology sectors across the region .
Home to world-leading companies in these sectors , the Investment Zone will seek to bolster the region ’ s strength even further with investment in infrastructure , skills and workforce development , business support , planning and research and innovation .
The Investment Zone is primed to help create more than 2,000 jobs and potentially unlock £ 175m of investment in the next decade .
The Tees Valley Combined Authority worked with Teesside University as a cosignatory and the Tees Valley Business Board to develop the proposals .
The business board has been positioned to provide oversight on the further development and delivery of the proposals to engage with businesses and ensure the Investment Zone is business-led .
Investment Zones are aimed at boosting high-potential sectors in areas in need of levelling up to increase productivity and growth .
Digital and creative innovation plays a crucial role in supporting the digitisation of all sectors and the Investment Zone will provide specialist support to businesses in the sector to boost productivity , create jobs and help transform communities across the region .
Pneuma Group , the parent company of Middlesbrough-based video games developer Double Eleven , has committed to making the first new major contribution to the Investment Zone . The group is investing at least £ 15m , primarily to support Double Eleven ’ s growth but also the dynamism of the region .
Step forward for nuclear reactor
X-energy , the nuclear reactor fuel design company proposing to develop a multibillion-pound reactor plant at Hartlepool , has announced a new partnership that will assess viability and explore deployment of its nuclear technology .
Mohamed Al Hammadi , managing director and CEO of the Emirates Nuclear Energy Corporation ( ENEC ), signed a memorandum of understanding with J Clay Sell , the CEO of X-energy , at COP28 .
They will work together to assess technical design and commercial viability of X-energy ’ s nuclear technologies for the UAE market and will also evaluate potential project partnerships for developments in the UK and Europe , such as at Hartlepool .
X-energy is proposing to develop a 12-reactor Teesside plant to be ready by the early 2030s and is interested in land next
Game-changer - Double Eleven is part of the new Investment Zone .
Reactor agreement – X-energy ’ s J Clay Sell ( left ) with ENEC CEO Mohamed Al Hammadi .
to the site of the existing Nuclear Power Station in Hartlepool .
The company plans to build more of the small , modular Xe-100 power plants in the UK and that will create thousands of highquality jobs in construction and operations .
BUSINESS BITES
EXTENSION WORK STARTS Work has officially started on a modern extension to Preston Park Museum , which will create a space for nationally significant touring exhibitions and loans .
The mayor of Stockton unveiled a plaque to commemorate construction work beginning on the 500 sq m building before putting the first spade in the ground .
He was joined by guests including His Majesty ’ s lord-lieutenant of County Durham , Sue Snowdon , Stockton South MP Matt Vickers and appointed contractors Galliford Try at the ground-breaking ceremony .
The new building will provide a space to showcase more of the museum ’ s fantastic collections and will transform Preston Park Museum into an innovative and inspiring visitor destination .
INNOVATORS ’ AWARD Three North-East-based organisations are set to cement the region ’ s reputation as the UK ’ s hub of cultivated ( lab grown ) meat production after winning a grant worth close to half a million pounds from Innovate UK to develop new , more cost-effective technologies in a burgeoning market .
Tees-based Centre for Process Innovation ( CPI ), MarraBio and Aelius Biotech will work together to develop low-emission food production systems at a lower cost than is currently possible .
The project – which will take place at recently established Novel Food Innovation Centre in Wilton , Redcar – is set to use engineered protein materials produced by MarraBio , which may come to replace more expensive materials currently being used in larger scale productions for cultivated meat at a significantly reduced cost .
HR HAIR DEAL Two of the Tees Valley ’ s leading businesswomen have formed a partnership to enhance talent management and build a highperforming team for a flourishing hair brand .
Additional Lengths ’ managing director Victoria Lynch decided to collaborate with HR Alchemy managing director Jo Davies because of Jo ’ s significant experience working at board level , managing people and forming people strategies , which she believes are crucial skills needed to grow the already successful Stockton-based company .
Under Jo ’ s leadership , HR Alchemy has established itself as one of the region ’ s most forward-thinking HR companies , directing employee provision and services for some of the Tees Valley ’ s fastest-growing companies .
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