Durham spin-out LCM shares in £23.7M North East innovation grant
What's the deal? Low Carbon Materials (LCM)Dealroom has a profile for this one. Try Dealroom →, a Durham UniversityDealroom has a profile for this one. Try Dealroom → spin-out based in County Durham, is among four North East projects sharing £23.7m in grant funding from the UK government's Local Innovation Partnerships Fund (LIPF). The award, administered by UK Research and Innovation (UKRI)Dealroom has a profile for this one. Try Dealroom →, is expected to unlock a further £55m in private investment.
What's the endgame? LCM makes carbon-negative additives for concrete and asphalt. The company will use the funding, under its Project Sycamore, to scale production and commercialise its materials for the built environment.
What's LCM building? Chief executive and co-founder Dr Natasha Boulding said the backing would help the firm "bridge the gap between world-class research and commercial application," scaling operations to "create high-value green jobs."
Who else is backing? The other three projects include a clean chemicals scheme involving consumer goods firm Procter and GambleDealroom has a profile for this one. Try Dealroom →, alongside work with research body CPIDealroom has a profile for this one. Try Dealroom → and Durham University. Across the programme, the projects aim to create hundreds of jobs and bring around 90 new products to market.
Why now? The announcement coincided with an Innovate UKDealroom has a profile for this one. Try Dealroom → forum in Newcastle, where regional leaders, businesses, and investors gathered to discuss accelerating growth. North East mayor Kim McGuinness said the programme would "turbocharge innovation" and support the region's Local Growth Plan.
The signal: The grants reflect a UK push to tie university research to regional industry, with clean technology and sustainability at the centre. UKRI chief executive Professor Ian Chapman said the fund backs partnerships "to build on their distinctive strengths, translating innovation into impact."
Read more: britbrief.co.uk
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