The European Union has boosted Menai Science Park project, located in Anglesey, north-west Wales, with £10M.
The funding provided by the EU equals that of Welsh government that was already provided for the project led by Bangor University, the Welsh government states.
The EU grant provides the remainder of the investment needed for the first phase to get underway that comprises the construction of a center which will focus predominantly on low carbon and renewable energy businesses.
The aim of the Menai Science Park (M-SParc) is to encourage collaborations with research organisations on innovative projects and create employment opportunities for north-west Wales.
It will also complement the Energy Island initiative and the Anglesey Enterprise Zone, which was recently extended to include a new marine renewable energy zone in addition to the M-SParc.
Carwyn Jones , First Minister of Wales, said: “I am delighted to announce £10m EU Funds for this exciting new Menai Science Park. It will provide a dynamic and supportive environment for low carbon energy businesses in North West Wales, encouraging collaboration in the development of new products, processes and services. The investment will also support job creation, helping secure a sustainable future for Anglesey and contributing to economic growth for the area and the wider Welsh economy.”
M-SParc’s director, Ieuan Wyn Jones, said the first designs for the first building on site are ready and his team is preparing to submit a full planning application to Anglesey Council before the end of the year.
Construction is set to begin on the complex at Gaerwen, Anglesey, during summer 2016 with first businesses expected to move in during early 2018.
Image: Welsh Government/M-SParc Design