The Offshore Renewable Energy Catapult has helped deliver nearly £470m in collaborative R&D since its launch in 2013, according to new independent research.
An analysis by Frontier Economics found that the Catapult’s support for nearly 800 UK firms over its first ten years contributed to the creation of 5,400 supply chain jobs and generated an additional £93m for the UK economy over five years.
Supported companies also recorded a 111% increase in turnover and a 36% improvement in labour productivity compared with similar firms, the study found.
ORE Catapult chief executive Steve Foxley said the figures confirmed that “investment in innovation pays off”.
“When UK supply chain companies are given the right support, they can reach new heights,” he said. “We are building on strong foundations.”
The Catapult was established by InnovateUK to accelerate technology development in offshore wind and marine renewables.
InnovateUK innovation ecosystem director Dave Wilkes said the report confirms the Catapult’s role in helping deliver net zero targets and high-skilled employment.
Among suppliers surveyed, 96% said ORE Catapult’s support enabled faster or more advanced progress than would have otherwise been possible.