PRESS RELEASE ISSUED BY INFLUENTIAL ON BEHALF OF INVEST LIVERPOOL, SENSOR CITY, ZHENGXIN GROUP & THE MAYOR OF LIVERPOOL
Photo: Mr Zhihua Feng, Executive Vice President Zhengxin Group, Liverpool Vice Mayor Gary Millar and Dr Joanne Phoenix , Business Development Sensor City
GLOBAL SENSOR CENTRE STRIKES CHINA DEAL
LIVERPOOL’S global hub for the development of sensor technologies has struck a deal which could see a sister centre open in China and pave the way for a new fund to invest in UK businesses operating in the field.
Sensor City, one of four Government-sponsored University Enterprise Zones and a joint venture between the University of Liverpool and Liverpool John Moores University, has signed a Memorandum of Understanding (MoU) with the Tianjin-based Zhengxin Group.
The deal, which is expected to be ratified early next year, would see a Chinese Sensor City established in Tianjin, which is in North East China close to the capital Beijing.
It would also see an investment fund established by the Zhengxin Group to support early stage companies based at Sensor City, and help to support Chinese student entrepreneurs studying in Liverpool to develop their idea for new sensor-related technologies and companies.
The sister Sensor City in China would also provide hands-on support to UK companies wanting to do business in China.
The deal is a consequence of contacts made between Sensor City and the Zhengxin Group during the International Festival for Business 2016, which took place in Liverpool in June this year.
The global sensor market is currently worth some £400 billion and growing at over 10% each year. Sensors play an important role in day-to-day life with increasing use in industry, safety and security, and in personal gadgets and devices.
Sensor City Liverpool aims to create 300 start-up businesses and 1,000 jobs over the next decade, as well as foster industry-academic collaborations. It will include a Technology Development Zone, an Open Innovation Lab and offer coaching, business mentoring and access to funding.
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Dr Joanne Phoenix, Head of Business Development at Sensor City, said the deal could lead to financial and practical support for early stage UK companies, including those wishing to explore China market opportunities.
She added: “The signing of the MoU is the first step in what we hope will be a long-term partnership that will significantly enhance our international standing, adding a unique dimension to the enterprise eco-system which we are creating.
“It will help put Liverpool on the map as a globally important research and enterprise centre for this exciting and rapidly developing technology.”
Liverpool Mayor Joe Anderson, who attended the signing ceremony in Tianjin, said: “This is a significant step towards the fulfilment of our vision to put Liverpool at the centre of the global sensor technology industry.
“It is also an example of the very real benefits we are seeing as a result of our long-term engagement with China and our investment in the International Festival for Business.”
Mr Zhihua Feng, Executive Vice President of Zhengxin Group, said: “The government’s approval for the joint project has ensured the two parties’ cooperation has moved to a new level. Tianjin has a good financial investment environment and policy support, and will provide a great help for Sensor City’s landing here.
“Tianjin is also the most important high-end manufacturing production base in northern China so offers opportunities for industry collaboration on a massive scale.”.
The signing of the MoU came during a two-week trade delegation to China organised by inward investment agency Invest Liverpool on behalf of the city region. Representatives from Sensor City and the Zhengxin Group signed the MoU at a ceremony in Tianjin.
Companies from the marketing, property and technology sectors, as well as representatives from academia and Chambers of Commerce, have been taking part in the visit, which is jointly led by Liverpool Mayor Joe Anderson and Wirral Council Leader Councillor Phil Davies.
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NOTES TO EDITORS FOLLOW
About Invest Liverpool
Part of Liverpool Vision, Invest Liverpool provides a wide range of practical support services to companies interested in growing or establishing their business in Liverpool City Region. From initial contact to project realisation, Invest Liverpool offers services such as help with bespoke intelligence and advice, reconnaissance visits and introductions to key networks and service organisations. If necessary, it also offers support and guidance around finance and financial incentives.
About Sensor City
Sensor City is a joint venture project between the University of Liverpool and Liverpool John Moores University which brings together knowledge and experience in sensor technology and houses and supports high-tech businesses working on sensor systems and applications. It aims to create 300 start-up businesses and 1,000 jobs over the next decade, as well as foster industry-academic collaborations. Sensor City will include a Technology Development Zone, an Open Innovation Lab, and offer coaching, business mentoring and access to funding. Both universities will support entrepreneurial talent to enable the translation of innovative ideas from bench to revenue, stimulating business growth regionally, nationally and internationally. Occupying a prime position in the city center, Sensor City will be sited at the heart of the city’s Knowledge Quarter. The University of Liverpool and Liverpool John Moores University is each committing £1.5m to the project and £2m of co-investment from corporate sponsors is to be secured over the next 5 years.
The UK Government’s Department of Business, Innovation and Skills (now Business, Energy and Industrial Strategy, BEIS) backed the project with a £5 million University Enterprise Zone status capital investment award in 2014. In 2016, the England European Regional Development Fund (ERDF), part of the European Structural and Investment Funds Growth Programme 2014-2020, awarded £5 million in capital investment as match funding to support the development of the hi-tech sensor hub.
www.sensorcity.co.uk
About the European Regional Development Fund
Sensor City is receiving up to £5m of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.
www.gov.uk/european-growth-funding
About the Tianjin Zhengxin Group
Tianjin Zhengxin Group, which mainly engages in investment, is a young and modern enterprise group with international development strategy. After more than 20 years’ development, Zhengxin has accumulated rich experience in financial investment and technology investment.
Media contact details follow
For media enquiries contact:
Invest Liverpool
Jon Brown Ruth Cobban
07811 451184 07814 556 567
brown@thisisinfluential.com cobban@thisisinfluential.com
Sensor City
Dr Joanne Phoenix
joanne.phoenix@sensorcity.co.uk