Five-year funding package announced for ORE Catapult

“This is an extremely welcome and significant investment in the future of the Offshore Renewable Energy Catapult. This long-term investment will allow us to continue to support vital technology innovation in the UK’s offshore renewable energy industry, supporting the industry’s vision of delivering at least 30GW of installed capacity by 2030, helping deliver the Grand Challenges of the Industrial Strategy and allow us to expand our support for UK businesses wishing to innovate and invest in R&D. With a planned investment by industry of £48bn in offshore wind infrastructure, combined with our expertise in applied research, we are well placed to ensure the UK supply chain benefits from the economic opportunities presented by this growing industry.

“Over the next five years, we hope to attract significant match funding from industry to help us to deliver our vision to support 1,400 UK businesses, create 16,000 new jobs and contribute more than £900m to the UK economy.”