US intelligent computing firm Qualcomm has reached an agreement for the terms and conditions of its acquisition of Leeds-based Alphawave Semi, with an implied enterprise value of approximately $2.4bn.
The acquisition of Alphawave Semi aims to further accelerate, and provide key assets for, Qualcomm’s expansion into data centers.
Alphawave Semi is a leader in high-speed wired connectivity and compute technologies delivering IP, custom silicon, connectivity products and chiplets that drive faster, more reliable data transfer with higher performance and lower power consumption.
Alphawave Semi’s products form a part of the core infrastructure enabling next generation services in a wide array of high growth applications, including data centers, AI, data networking and data storage.
“Under Tony’s leadership Alphawave Semi has developed leading high-speed wired connectivity and compute technologies that are complementary to our power-efficient CPU and NPU cores,” said Cristiano Amon, president and CEO of Qualcomm Incorporated.
“Qualcomm’s advanced custom processors are a natural fit for data center workloads. The combined teams share the goal of building advanced technology solutions and enabling next-level connected computing performance across a wide array of high growth areas, including data center infrastructure.”
“Qualcomm’s acquisition of Alphawave Semi represents a significant milestone for us and an opportunity for our business to join forces with a respected industry leader and drive value to our customers,” said Tony Pialis, president and CEO of Alphawave Semi.
“By combining our resources and expertise, we will be well-positioned to expand our product offerings, reach a broader customer base, and enhance our technological capabilities. Together, we will unlock new opportunities for growth, drive innovation, and create a leading player in AI compute and connectivity solutions.”
This acquisition of Alphawave Semi is expected to complete during the first quarter of 2026.
University of Sheffield spinout company awarded £2.3m to develop motor neuron disease therapies
Biotechnology company Crucible Therapeutics, a University of Sheffield spinout company, has been awarded £2.3m to develop breakthrough therapies that address underlying causes of motor neuron disease (MND).
The grant from the Innovate UK Biomedical Catalyst program will support the advancement of Crucible’s differentiated siRNA program aimed at treating MND, which is also known as amyotrophic lateral sclerosis (ALS), and other devastating neurodegenerative conditions.
The funding will enable Crucible, in partnership with Sheffield Institute of Translational Neuroscience (SITraN), to scale up manufacturing and advance its lead clinical candidate into pivotal non-clinical safety studies – an essential step toward initiating first-in-human clinical trials for MND/ALS.
Crucible’s unique therapeutic approach targets rogue RNA molecules and toxic proteins that contribute to neurodegeneration, aiming to protect motor neurons from progressive damage. This innovative strategy holds promise as a first-in-class, disease-modifying treatment for patients affected by MND/ALS.
MND/ALS is a progressive, fatal neurodegenerative disorder characterised by muscle weakness, paralysis, and ultimately respiratory failure. Toxic protein accumulation, seen in the vast majority of MND cases, directly damages motor neurons, disrupting nerve signaling and leading to severe muscle atrophy and loss of function that defines the disease.
Jonathan Foley, executive director and CDO of Crucible Therapeutics, said: “We are thrilled to receive Innovate UK funding as part of the Biomedical Catalyst, which will accelerate our research into a potential new treatment for ALS. This funding will support crucial translational research that brings us a step closer to delivering a therapy that could make a real difference for people living with this devastating disease.”
Zonal pricing model could unlock millions in savings for UK manufacturers
A new independent analysis by FTI Consulting suggests that adopting zonal pricing in Britain’s electricity market could save industrial manufacturers in East Yorkshire and Lincolnshire nearly £20 million, with broader national benefits exceeding £ 1 billion in cost reductions.
The study, commissioned by Octopus Energy, outlines how zonal pricing, which charges electricity based on regional supply and demand, would offer a more efficient alternative to the current flat-rate model. Under the proposed system, large industrial users in high-renewable or low-demand regions would benefit from significantly reduced electricity rates, relieving pressure on sectors already burdened by globally uncompetitive energy costs.
The findings are especially relevant for energy-intensive industries such as steel, chemicals, ceramics, paper, automotive, and tech, many of which are currently excluded from the government’s British Industry Supercharger scheme. While the Supercharger provides subsidies to about 370 firms, it does so by increasing costs for other consumers. That levy, currently totalling £410 million, is projected to more than double by the 2030s.
In contrast, zonal pricing is positioned as a zero-cost reform for households and small businesses. By reducing costs at the source rather than redistributing them, it could bring immediate relief to thousands of firms. Examples include savings of up to £19 million for a glassworks in Scotland, £14.5 million for a paper mill in North Wales, and £5–6 million for a car manufacturer in the North East.
The proposal has gained traction across the regulatory and industrial landscape, with support from Ofgem, NESO, Citizens Advice, the House of Lords Industry and Regulators Committee, and trade groups including techUK. These backers argue that energy cost reform is essential to maintaining the UK’s industrial competitiveness and attracting investment in future-facing sectors, such as data infrastructure and green manufacturing.
Electric HGV trial marks milestone in Royal Mail fleet transition
Magtec has begun a government-backed trial with Royal Mail to test new 19-tonne electric HGVs, as part of efforts to decarbonise one of the UK’s largest delivery fleets. The Rotherham-based manufacturer is supplying the fully electric trucks, developed and built in the UK, for operations at Royal Mail’s Greenford Mail Centre in North West London.
The project, supported by an £800,000 Innovate UK grant, will assess the vehicles’ performance under real-world conditions compared with Royal Mail’s existing fleet. With a range of up to 125 miles and a top speed of 56mph, the trucks are designed to handle typical urban routes while maintaining payload capacity for heavy-duty logistics. The flexibility of battery configurations allows operators to tailor the range to meet route requirements.
Magtec’s Gen2 electric driveline system builds on its proven track record, with over 2.5 million miles logged on UK roads. The company has previously delivered successful innovations under the APC and SBRI programmes and is positioning its technology as a scalable solution for fleet operators targeting net-zero emissions.
Royal Mail, which already operates over 7,000 electric vans powered by 100% renewable electricity, is on track to meet its 2040 net-zero target. The company reports the lowest carbon emissions per parcel among UK couriers and aims to halve its Scope 1 and 2 emissions by 2030. This trial provides an opportunity to extend decarbonisation into heavier segments of its fleet.
Outbound travel growth offers £62bn boost by 2030
The UK’s outbound travel sector is projected to grow 20% by 2030, reaching an annual value of £62 billion, according to new data from Abta. The report positions outbound travel as a critical contributor to the UK economy, up from its current £52 billion valuation, with significant implications for regional infrastructure and wider economic resilience.
The study highlights the role of outbound travel in sustaining regional airports, where leisure travel accounts for up to 90% of passenger volume in specific locations, such as the East Midlands, Manchester, Birmingham, Bristol, and Exeter. Without robust outbound demand, these airports risk financial instability, which could undermine inbound tourism and harm local economies that rely on visitor spending.
Abta also underlines the broader commercial ripple effect, including support for domestic tourism and facilitation of international trade via business travel and cargo transported on passenger flights.
However, the trade body warns that realising this potential depends on government support through targeted tax and regulatory reforms. These include advancing sustainable aviation fuel initiatives, easing UK-EU travel frictions, and avoiding compounding taxes on tourism businesses.
Abta is calling for policy acceleration and strategic backing to position the UK as a global leader in sustainable travel and strengthen the sector’s contribution to jobs, trade, and regional development.
Battery storage approved for West Yorkshire site
Wakefield Council has approved plans for a large-scale battery energy storage system (BESS) on a six-acre site near Castleford. The project, led by Harmony Energy, will feature 36 storage units designed to capture renewable energy and release it to the National Grid during periods of high demand.
The site, located off Holmfield Lane, was previously designated as greenbelt land under the council’s January 2024 Local Plan. Still, a national policy revision in December reclassified it as “grey belt,” easing planning restrictions. Despite objections from 49 residents citing concerns over traffic, fire risk, and wildlife disruption, the scheme was granted planning permission.
The project aligns with Wakefield’s target of reaching net zero by 2038 and reflects the wider national shift toward decentralised, renewable-focused grid infrastructure. The West Yorkshire Fire Service has requested that the design adhere to national safety guidelines for battery facilities.
This approval follows a similar green light for another BESS development less than a mile away near the former Ferrybridge Power Station, signalling increased momentum for grid-balancing infrastructure in the region.
Sheffield Forgemasters details £1.3bn plans
Ministry of Defence-owned Sheffield Forgemasters has seen its recapitalisation plan increased from £900 million to £1.3 billion to increase capacity for defence manufacture.
Under the Government’s announced increase in defence spend, the infrastructure at Sheffield Forgemasters has been challenged to meet additional demand for its unique output, with greater resilience, faster production, and reduced lead times.
The company supports UK sovereign production of nuclear submarine and warhead programmes through BAE Systems, Rolls-Royce Submarines Limited, Babcock International and the UK’s Atomic Weapons Establishment.
Gary Nutter, CEO at Sheffield Forgemasters, said: “When the company was acquired by the MoD in 2021, the recapitalisation programme was in its infancy as we looked to upgrade our capability from legacy assets installed in the 1960s and 1970s.
“We originally aimed to use existing buildings to house new machinery, but as we explored increasing defence output, space became paramount, so we purchased an additional 21 acres of predominantly brownfield land to build a dedicated, new machining facility.
“The number of machines required to meet targets for the UK submarine programme has also grown to include 15 of the world’s most advanced, large vertical turning lathes, and associated equipment.
“Our new Forging Line has also been reconfigured, with increased capacity for furnaces, quench tanks and cranes so that defence critical submarine components can be delivered to an increased drumbeat.
“This has seen our workforce grow from 600 to more than 720, intake of apprentices averaging 25 to 30 per year, construction work on-site now employs more than 900 people and more than 35 per cent of the spend has been made in Yorkshire.
“Recapitalisation is driving a broader business transformation, delivering operational excellence and significant productivity improvements. This underpins our priority requirement to deliver excellent products, on time, to our key customers.”
Sheffield Forgemasters’ new Forge and Machine Shop are set to be operational by the end of the decade, dramatically increasing the company’s efficiency and accuracy for some of the world’s most complex cast and forged products.
Gary added: “The volume of investment is an incredible story not just for Sheffield, but for the UK, with these facilities protecting hundreds of highly skilled engineering jobs for decades to come.
“We are well underway with the new Forging Line, with foundations almost completed and steelwork due to go up at the end of the year, and our New Machine Shop site has been prepared for piling work to begin.
“What is being created here is an incredible legacy for the UK and for our allies and will play a fundamental role in the defence of our realm.”
RIEGL UK expands footprint at York Science Park
LiDAR technology firm RIEGL UK has relocated to a larger facility at York Science Park to support growing demand across the UK and Ireland. The new site, located at No. 4 Innovation Close, offers expanded infrastructure to support increased project activity, new client inquiries, and operational requirements.
The upgraded premises feature a dedicated workshop for sensor calibration, validation testing, and light inspection work, designed to accelerate service turnaround times and enhance quality control. A new training facility has been introduced to deliver technical education to clients, partners, and end-users. The site also features expanded space for meetings, demonstrations, and customer engagement activities.
This move marks a strategic investment in local support and training capabilities as RIEGL UK continues to scale its presence in the region. It aligns with the company’s global strategy of delivering advanced LiDAR solutions with strong technical backing and regional service.
Medical tech firm expands in York with council backing
Canadian medical technology company Icentia has established and expanded its UK operations in York, citing the city’s talent pool, infrastructure, and tailored business support as key enablers of growth.
Founded in Quebec in 2012, Icentia develops wearable ECG devices that monitor cardiac rhythms and support early diagnosis of heart conditions. After a monitoring period of up to 14 days, patients return the devices by post to Icentia’s UK base in Monks Cross, where cardiac physiologists analyse the data and send results directly to clinicians.
The company initially launched at York Science Park and later relocated to larger premises at Monks Cross to accommodate its growing operations. Icentia has recruited several graduates from the University of York and York St John University, and continues to benefit from the region’s skilled workforce.
The City of York Council’s Economic Growth team has played a key role in the company’s growth. Assistance included site identification, local network access, funding introductions, and guidance on sustainability initiatives such as a bespoke Carbon Reduction Plan. The business is also navigating exports into Europe with the council’s help amid wider regulatory changes.
Icentia’s experience highlights the value of regional partnerships in supporting international firms to scale and embed within the UK’s life sciences sector.
Saffery makes partner promotion in Leeds
Chartered accounting and business advisory firm, Saffery, has promoted Rick Dunkley to partner within its corporate audit division in its Leeds office.
Rick, who joined Saffery in 2022, previously worked for RSM UK for ten years. He specialises in advising owner-managed businesses, entrepreneurs, and medium to large corporates across a wide range of sectors, including recruitment, construction and manufacturing. He also has experience in auditing specialist Financial Conduct Authority (FCA) regulated entities and leading pension scheme audits.
With experience delivering statutory audits for UK based and international firms – including those with a turnover in excess of £500m – Rick works closely with Nexia, a global network of independent accounting and consulting firms of which Saffery is a member, providing support to clients operating across borders and in complex regulatory environments.
His technical expertise includes providing International Financial Reporting Standards (IFRS) support for AIM-listed companies and advising on complex accounting transactions, such as reverse acquisitions and IFRS 2 warrant arrangements.
Commenting on his promotion, Rick said: “It’s a real privilege to be joining the partnership at Saffery and to be part of a team that is genuinely passionate about client service. I’m looking forward to continuing to support our clients’ growth ambitions and further developing our presence in Yorkshire from our incredible office base in Wellington Place in Leeds, as well as helping to develop the brilliant team we have at Saffery.”
Sally Appleton, partner and head of the Yorkshire office, added: “Rick’s promotion is a reflection of his outstanding contribution to our clients and the team since joining us. His technical expertise, commercial acumen, and dedication to client service make him a valuable asset to our leadership group in Leeds.
“Rick will continue to lead on delivering high-quality audit services, building trusted relationships with clients, and supporting the next generation of professionals at Saffery.”
