The Department of Trade and Industry today announced funds that will help Britain compete in a global nanotechnology market that is set to be worth $1 trillion within the next decade.
Twenty five projects are to receive £15 million worth of funding for projects ranging from anti-corrosion coatings to water purification and printing. This new Government investment will provide up to a maximum of 50% of each project’s total value.
A further £3 million will be given to INEX, a microsystems and nanotechnology facility for industry based in Newcastle.
The DTI says these grants are the first to be allocated from the Government’s £90 million micro and nanotechnology manufacturing initiative in support of both nanotechnology applied research programmes and for the creation of new nanotechnology facilities across the UK. Further grants will be made available over the next five years to complete the initiative.
Speaking on behalf of the UK Micro and Nanotechnology Network, chairman Dr Hugh Clare said: “The commercial exploitation of nanotechnologies presents a great opportunity for UK business. A well funded and supported nanotechnology sector means more high quality research, more sustainable jobs and increased wealth creation.”