Begbroke Science Park was one of the winners in a deal in which £67 million of funding was pledged to fund the future development of four science hubs in Oxfordshire.
The chancellor George Osborne pledged £30m of government money from which Begbroke will receive £4.2m. This will be matched by £7m from Oxford University to build a new Innovation Accelerator at the Park.
Building on BSP’s successful cross-disciplinary approach, the new multi-use building will help small and medium-sized science businesses take their projects to market, and provide facilities for researchers from the University developing new innovative products and technologies.
Dr Caroline Livingstone, Begbroke Science Park’s manager, said she was delighted by the news, adding that “the announcement of funding for further expansion of the Park’s facilities will allow us to meet the needs of emerging businesses and their research counterparts in the future, and provide welcome employment for the county”.
Forming the centre piece of the Oxford City Deal, the chancellor also announced cash for a further three Oxfordshire incubator centres: Harwell, Culham and the Oxford Bio-escalator in Headington.
The funding will establish the region as a centre for high-tech production, attracting investment from both global and smaller companies into advanced manufacturing for jet and aerospace technology, medical research, nuclear engineering, superfast computers and robotics.
The chancellor said: “Oxfordshire is internationally recognised as a hub of innovation and we have to keep this up.” In a later announcement, the Government also set out how it would improve local infrastructure and invest in skills in Oxfordshire.