A £7.4M science and technology park development has officially opened.

Business leaders and dignitaries gathered to celebrate the Explorer facilities at NetPark, in Sedgefield, County Durham.

The development will house facilities such as laboratories, clean room space and offices for firms to scale up work as they target global growth.

The scheme forms part of a ten-year strategy to create 3,000 jobs and pump £400m into the region’s economy and comes after officials told The Northern Echo that NetPark needed to expand to meet a waiting list of companies.

Business Durham, the business division of Durham County Council, received £3.2m from the North-East Local Enterprise Partnership’s Local Growth Fund towards the cost of Explorer, which already houses x-ray technology operator Ibex Innovations and electronics firm Pragmatic.

Brian Archer, managing director at Business Durham, which manages NetPark on behalf of the local authority, said: “The site offers a dynamic environment for hightech companies wanting to make a big impact in global markets.

“Explorer only strengthens its offering to companies wanting to grow and locate here.”

The building was officially opened by Stuart Martin, chief executive at the Satellite Applications Catapult, who spoke at a space conference in the region today (Thursday, March 22).

He said: “Space is a growing sector in the North-East and Explorer provides even more opportunities for companies to access the facilities and support they need to excel.”

Ibex, known for x-ray detectors, says its Explorer switch will aid plans aimed at doubling its workforce and creating a “multi-million pound” business, with Pragmatic, which makes circuits thinner than a human hair, previously revealing a 20-job expansion ambition.

Councillor Simon Henig, leader of Durham County Council, added: “Explorer will open up even greater opportunities for companies to flourish.”