The Offshore Renewable Energy (ORE) Catapult has facilitated almost £470 million in collaborative research and development (R&D) since its inception in 2013, according to an independent analysis released on Wednesday.
The study, conducted by Frontier Economics, found that the Catapult’s support for nearly 800 UK companies over its first decade helped create 5,400 supply chain jobs and generated an additional £93 million for the UK economy over a five-year period.
Companies supported by the Catapult recorded a 111% increase in turnover and a 36% rise in labour productivity compared with similar firms, the report said.
“Investment in innovation pays off,” said Steve Foxley, chief executive of ORE Catapult. “When UK supply chain companies are given the right support, they can reach new heights. We are building on strong foundations.”
Established by Innovate UK, the Catapult aims to accelerate technology development in offshore wind and marine renewable energy sectors.
Dave Wilkes, Innovate UK’s innovation ecosystem director, said the findings “confirm the Catapult’s role in helping deliver net zero targets and creating high-skilled employment.”
Among suppliers surveyed, 96% reported that ORE Catapult’s support enabled faster or more advanced progress than would have otherwise been possible.
