MALVERN Science Park has secured a £4 million investment which will create new jobs and allow businesses on the site to expand.
The Government will release £1 million of the funding this year and the rest in 2014 to complete construction on a new building at the Geraldine Road site.
It will provide space for small start-up firms and allow existing business at the site to grow.
Chief executive Alan White said: “This is excellent news as the development will not only safeguard existing jobs within our 23 companies but also provide the right environment for these, and other high-growth technology companies, to flourish and grow new jobs here in Malvern.”
MP Harriett Baldwin welcomed the move after a recent meeting with Philip Dunne, Minister for Defence Equipment, Support and Technology.
She said: “It is great news that the Government has approved the funding for the new building programme and I am told there is great demand for the space that this building will free up.
“We were able to lay out some ambitious plans for significant future growth across ‘Cyber Valley’ with Malvern at its heart.
“We have many brilliant people working in and around the town and it was useful to bring many of the key players together in a room with the Minister to discuss the future.
“The Phase 4 building is the next part of a strategy to ensure Malvern stays at the heart of cutting edge research and development supplying expertise to Government and private enterprises.”