The government has committed £71m towards transforming the former SSI steelworks in Redcar.
Rishi Sunak, chief secretary to the Treasury, is expected to tour the site with Ben Houchen, the Tees Valley Mayor, on Friday morning.
The steelworks went into liquidation in 2015. Two years later Theresa May's government launched the South Tees Development Corporation, a 4,500 acre development.
Nearly £140 million has already been awarded to prepare the site for private investment. Now the government is allocating an additional round of funding to "support work demolishing old buildings and preparing the site for redevelopment to attract new businesses and investment."
The government says the area could house a "huge business zone" home to "world-leading clean energy, manufacturing and tech companies."
The award of the funding is subject to a business case assessment.
Speaking ahead of his visit, Rishi Sunak said: