Chancellor George Osborne has announced the award of investment funds totalling nearly 22 million pounds to institutions including Durham University to develop commercial uses for the "super-material" graphene.
The Engineering and Physical Sciences Research Council has identified the most promising graphene-related research projects in British universities to benefit from state funding.
The universities will be working with industrial partners including Nokia, BAE Systems, Procter & Gamble, Qinetiq, Rolls-Royce, Dyson, Sharp and Philips Research, which will together bring a further 12 million pounds to the table.
– George Osborne
"The Government moved quickly and decisively to make sure this Nobel Prize-winning technology invented here in the UK was also developed here.
It's exactly what our commitment to science and a proactive industrial strategy is all about - and we've beaten off strong global competition.
Now I am glad to announce investment that will help take it from the British laboratory to the British factory floor.
This shows that even in tough times we are investing in science which is vital to helping the UK get ahead in the global race."