Port of Tyne launches Venture Connect

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Port of Tyne launches Venture Connect

The 2050 Maritime Innovation Hub, an initiative led by the Port of Tyne, has announced the launch of the Venture Connect Green Investment Programme (Venture Connect).

The Port of Tyne has collaborated with several partners including Connected Places Catapult, Offshore Renewable Energy Catapult (OREC), Nissan, and the Department for Transport, for this initiative.

Venture Connect is a green enterprise development scheme and is expected to further the growth of innovative businesses in the North East of England.

Venture Connect will reportedly provide a unique opportunity to link local businesses developing solutions for decarbonisation in maritime, including university spin-offs and start-ups seeking investment, with responsible investors wishing to support a more sustainable, low-carbon maritime industry.

Venture Connect aims to accelerate the decarbonisation journey for maritime organisations by funding the development of innovative solutions for important and currently unanswered maritime challenges.

It will also support the maritime industry’s transition to adopt Maritime 2050 targets, by sharing the expertise and commercial opportunities to apply new, green technologies and solutions in their business operations.

“The North East is well known for its tech start-up scene and Venture Connect will build on this,” said Jo North, the Technology and Transformation Director at Port of Tyne.

“We want the Green Investment Programme to inspire green growth and ambition locally and across the wider maritime industry, delivering real results through collaboration, investment, and clear commercial opportunities,” North added.

READ: UK Government backs Port of Tyne 2050 Maritime Innovation Week

Julia Prescot, the Deputy Chair at Port of Tyne, further stated: “The Maritime Innovation Hub has an outstanding record in the North East for advancing innovative developments in the maritime and logistics sectors – to ensure sustainability, this activity needs to be matched to long-term investment from responsible investors to enable such developments to expand and reach scale.

“Venture Connect will act as a much needed and exciting new platform to bring investors and innovators together,” Prescot continued.  

Earlier this summer, the Port of Tyne obtained a £100 million ($130 million) refinancing package, marking a national first for a British major trust port.

More recently, Port of Tyne went live with 4G and 5G private network access, bringing together its aim to become a leading smart port.

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