The facility will feature four laboratories to research fields such as geothermal energy and hydrogen-fuelled cars, while also furthering an $239.5m collaboration with other Midlands region universities.

The list includes spinouts aiming to tackle arthritis, cognitive disabilities and diseases of citrus plants.

University of Pittsburgh and accelerator BioMotiv are set to generate a spinout based on anti-inflammatory research by Rama Mallampalli and Beibei Chen.

Imstem Biotechnology, a spinout from Connecticut, has won a patent for its stem cell-based treatment of autoimmune diseases such as multiple sclerosis.

A Duke University spinout based on research by Lawrence Carin, professor of electrical and computer engineering, has received $10m of initial funding from Carrick Capital Partners.

The Northern Accelerator partnership of Durham University and Newcastle University has helped set up Atelerix, a human cell storage developer.

Washington University in St Louis spun out eight companies during the past financial year and marked a 16% increase in novel invention disclosures.

University of Minnesota has spun out CoreBiome, which will commercialise genomic and informatics technology aimed at the agricultural, environmental and healthcare sectors.

Imperial College London and Imperial Innovations have introduced Founders Choice, a program that offers academics the option to retain 95% of equity.