finance

Industrial Biotechnology Innovation Centre to receive £11m of Scottish Government funding



The Scottish Government has announced an £11 million investment in the industrial biotechnology (IB) sector.

The Industrial Biotechnology Innovation Centre (IBioIC) will receive the funds over five years as part of a national plan to drive the sector forward.

Industrial biotechnology is the use of biological sources to produce or process materials, chemicals or energy.

The innovation centre – whose members include multinational companies and public-sector organisations – facilitates collaboration between industry and academia to bring these products and processes closer to commercial reality.

Ivan McKee, minister for trade, investment and innovation, said: “Today’s investment from the Scottish Funding Council, Scottish Enterprise and Highlands and Islands Enterprise builds on the £120 million already invested in Scotland’s eight innovation centres which are already having a transformational effect on our economy.

“I am pleased to confirm that the Scottish Government, through our national agencies, is able to invest £11.1 million to support the IBioIC to drive forward Scotland’s industrial biotechnology sector.

“This funding has the potential to boost Scotland’s economy by £130 million and create over 1,400 jobs.”

Dame Anne Glover, chair of the IBioIC governing board, said: “IB is an enabling technology, which underpins innovation in multiple sectors, and can contribute to reducing greenhouse gas emissions and the use of fossil fuels, as well as supporting sustainable production.

“IBioIC is, therefore, wonderfully positioned for a successful future in delivering significant value for the Scottish Government, businesses and general public.”



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.  Learn more