Manchester’s own Henry Royce Institute, an innovation centre for advanced materials research and innovation, is receiving a £95 million investment to boost development of “super-materials of the future”.
The large investment was revealed by the newly anointed Business Secretary Grant Shapps. The Business Secretary detailed the purpose of this investment as being important to both the environment and future of advanced materials in the UK.
The investment will focus on developing “super-materials of the future”, meaning the development of products using 2D bio printing techniques and the creation of robots for plastic recycling.
“Today’s £95 million investment will do just that, bringing together the brightest minds across our businesses and institutions to help future-proof sectors from healthcare to nuclear energy.”
The investment money was provided by the Engineering and Physical Sciences Research Council (EPSRC), and followed a previous investment made over the course of 5 years which amounted to an estimated £258 million.
Ultimately, the purpose of this investment is to boost the local economy and future proof the city:
“R&D investment is a critical way to turbocharge Britain’s growth. Growing an economy fit for the future means harnessing the full potential of advanced materials, making science fiction a reality by supporting projects from regenerative medicine to robots developing new recycling capabilities, right across the country - including here in the heart of Manchester,”
This thought process can be previously found in the UK’s Green Trade initiative. Created by the UK government, the idea focuses on domesticating the production of net zero alternatives to oil and gas. This will encourage investment and growth in green industries and provides the opportunity of dealing in new global markets for environmental goods and services.
At the time, the Trade Secretary commented that investment in net zero alternatives not only future proofs the UK economy but will have a long-lasting positive impact on it. This was seen almost instantly as upon the news breaking, with recent reports suggesting that the green economy will see predicted growth of up to 11% per year up until 2030. It has also been reported that by 2050, 1.2 million people could be employed in low-carbon goods and services divisions across the country- resulting in a potential six-fold increase from 2012.
Investment into green tech is crucial in growing the UK’s economy and achieving both its net zero goal and future economic success.