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Peterborough has been awarded a £3million grant by the UK’s innovation agency the Technology Strategy Board to develop a smarter city of the future.

Last year Peterborough was one of only four UK cities to be shortlisted as a finalist in the Technology Strategy Board’s Future Cities Demonstrator competition, which intended to demonstrate how a city of the future might work more effectively, efficiently and sustainably.

Although, in January 2013, Glasgow was announced as the overall winner of the £24m competition, Peterborough’s bid was highly praised by the Technology Strategy Board. The bid, named ‘Peterborough DNA’, built on the excellent work and innovation already underway in the city but set out how the city could be transformed for economic and environmental sustainability.

Now, Peterborough has been awarded £3million to take forward some of the pioneering elements included within the Future Cities bid. For example, it will help local companies bring innovative products to market as well as drive the development of local skills to meet the city’s business needs and growth ambitions. The funding will enable companies to test environmental solutions, supporting the city’s environment capital agenda, and create jobs through business growth and opportunity, to underpin the city’s economic development.

Opportunity Peterborough and Peterborough City Council led a partnership made up of local businesses and third sector organisations, with vital input from local consultancies, which successfully secured this funding.

Leader of Peterborough City Council Marco Cereste is delighted with today’s announcement, “This is fantastic news for Peterborough. It will allow us to drive forward some exciting projects in the city to benefit local business and local people. This is a vital injection of finance to Peterborough for completely new projects, which can be a great boost to the local economy at a time of severe financial pressure.”

The Technology Strategy Board has awarded the money to help drive integration across the systems that make the city function, leading to economic growth, through innovation and sustainability.

Steve Bowyer, head of economic development at Opportunity Peterborough said: “The competition was a complex one but has provided invaluable insights into how the city operates and all the innovative companies that are here. This funding will provide opportunities for businesses to bring new innovations to market as well as developing skills locally to drive Peterborough’s business success and its growing reputation for environmental and technological solutions. It was a great partnership that submitted the bid, and that will be invaluable going forward.”