The new Transport Systems Catapult Centre will help UK businesses to develop solutions to public transport and freight needs. It will also help Milton Keynes to exploit huge growth opportunities in an industry estimated to be worth up to £900 billion by 2025.
The Catapult Centre will be funded by up to £50 million over 5 years through the UK’s innovation agency, the Technology Strategy Board.
With private sector business and collaborative research & development projects, the total funding for the centre over 5 years is expected to be around £150 million.
The Centre will be a national hub for transport modelling and monitoring. It will test the latest theories on how transport systems interact and function against real-world examples.
Universities and Science Minister David Willetts said:
The Catapult will establish the UK as a world leader in transport systems, creating new technologies that can be exported across the world, boosting growth.
New systems will also help businesses get access to real time information so they can travel more efficiently, reduce lost time and save money.
Over £1 billion of public and private sector money is being invested in seven Catapult Centres across the country, covering different areas such as High Value Manufacturing and Cell Therapy.
Milton Keynes was selected for the Transport Systems Catapult following an extensive nationwide search. The final decision was based on:
- ease of access for the transport community
- a skilled talent pool with the relevant expertise
- travel times from locations across the UK and abroad
- availability of high quality business space to set up the centre