Through a joint venture company, the Combined Authority and Photocentric are developing the Manufacturing and Materials Research and Development Centre on the Anglia Ruskin University (ARU) Peterborough campus.

The centre has two prime objectives: to research technology which will allow for reduced carbon emissions within business and to provide students with access to innovative manufacturing technologies.

Both established and start-up companies will be housed within the centre and the cutting edge manufacturing technologies will link up academia and industry as well as positioning Peterborough at the core of a new net zero economy.

Photocentric, as the anchor tenant for the building, employs more than 30 scientists who are working on creating better ways to manufacture products using 3D printing concepts that they have invented.

Paul Holt, managing director of Photocentric, said: "As a result of our long-standing commitment to invest significantly in research and development we have collaborative partnerships with universities around the world. We are therefore delighted to now be in a position where we can advance this activity in our home city.

"The research undertaken at this centre will directly contribute to developing the manufacturing technologies of the future. We are also proud of the important role that the centre will play in developing the engineers of tomorrow – so vital for the net zero economy.

"A strong and innovative manufacturing sector is at the heart of a modern economy and at Photocentric we are helping global businesses today to reimagine their manufacturing processes.

"From new battery technologies to innovative healthcare products, the future of advanced manufacturing presents boundless opportunities, and this centre will play an important role in the development of the disruptive technologies that will shape tomorrow."

Councillor John Holdich OBE, leader of Peterborough City Council, added: "These are exciting times for the development of our university, with the announcement of this innovative new facility which will link the present with the city's future; a project which I am proud to have been involved with since the very beginning.

"High value manufacturing and knowledge intense businesses have traditionally been key to Peterborough's economic success, and this new centre will help revitalise those sectors which have suffered in recent years, supporting us in our ambition to attract new cutting-edge businesses to our area."