Massive expansion has been granted for NETPark in Sedgefield – with 1,200 jobs ongoing.
The flagship tech park has been given the green light for a £ 50million development with new laboratories, offices, production and storage space.
Durham County Council has agreed to £ 49.6million to fund the first phase.
Read more: Go here for the latest regional affairs and political news from Teesside
It will triple the number of high-value science, engineering and technology jobs in the park.
Another 2,200 will also be generated in the supply chain.
Since opening in 2004, NETPark (North East Technology Park) has grown into a growing business community, home to over 40 companies.
About 600 are currently employed on site.
NETPark’s success comes from providing space for expansion so that businesses can reach their full potential.
Phase three of NETPark will be developed on council-owned land to meet growing demand, both from businesses already established in the park and businesses looking to relocate or expand their operations.
The technology park is managed by Business Durham, Durham County Council’s business support service, which will also oversee the new development.
Larger expansion plans include a master plan for up to 433,800 square feet on a 26-acre site.
Cllr James Rowlandson, Cabinet Member for Resources, Investments and Assets at Durham County Council, said: “This investment reaffirms the board’s original vision for NETPark and our commitment to the continued creation of a world-class center for companies developing the next generation of advanced technologies. .
“Not only is it the place of choice for people and companies with big ideas and ambition, but it plays a key role in creating more and better jobs for our workforce.” artwork.
“The expansion will create 1,250 direct jobs and 2,200 more in the supply chain in thriving industries, which will help create a strong and competitive economy. “
With increasing demand for specialized on-site facilities, NETPark Phase 3 will enable more high-growth science, engineering and technology companies to design and build bespoke premises to develop, develop and market their operations in the science park.
Dr Gary Gibson, Founder of Dyman Advanced Materials, said: “I have worked for various NETPark companies over the past 15 years and have watched the science park grow from a first incubator housing innovative start-ups to a science in its own right. to park.
“As a business owner, in addition to the quality of the accommodation, the support provided by the team at Business Durham has made the difficult path of growing a business much easier.
“I have had the opportunity to review the ideas for the development of phase three and the design and type of buildings will be a hugely interesting improvement for the park, providing accommodation which I believe will be extremely attractive to people. companies. “
Atif Syed, CEO and Founder of Wootzano Ltd, based at NETPark, said: “Wootzano is on the cusp of building clever robotic systems for fruit packaging, which has already started at NETPark in the offices of ‘Explore 2.
“Following the £ 300million deal signed by Wootzano earlier this year, Wootzano aims to expand its manufacturing capabilities and intends to occupy more than 80,000 square feet in NETPark Phase 3.
“We look forward to continuing our business expansion and places like NETPark are instrumental in our expansion.”
NETPark was nationally recognized in a Campaign for Science and Engineering (CaSE) report, which called the site a “strong example of local leadership delivering great benefits.”
The plans include the ambition to develop the North East Space Hub at NETPark, providing the UK’s next space innovation gateway to boost and develop the space industry in the region.
NETPark is also home to three national innovation centers operated by the CPI (National Formulations Center, National Center for Healthcare Photonics & National Center for Printable Electronics) as well as the Center for Advanced Instrumentation and Orbit at Durham University, the new University Enterprise Zoned.
Arun Harish, Chief Strategy Officer at CPI, said: “This investment for growth will build on the capabilities of NETPark and help the region transform its research ideas into new products, helping to create jobs and support the regional economy. “
For the latest local news straight to your inbox as we go, go here to subscribe to our free newsletter