Tenerife Boosts Science and Technology Park Funding to Expand Innovation Hub
Tenerife has increased funding for its Science and Technology Park by 850,000 euros to expand facilities and modernize infrastructure in a bid to diversify the island's economy and retain local talent.
Tenerife is boosting its economic diversification strategy with an extra 850,000 euros for the Tenerife Science and Technology Park (PCTT). This funding, which brings the specific allocation for 2026 to 1.53 million euros, was approved to address the fact that current facilities are at full capacity due to high demand from tech companies.
The total investment for this year has now reached 1.41 million euros, significantly higher than the 567,172 euros originally planned. Island President Rosa Dávila stated that this move is essential to retain young talent and modernize the local economy, reducing its heavy reliance on the service sector.
The investment goes beyond just new construction; it includes a comprehensive modernization plan. The funds will be used to upgrade equipment, digitize management systems, and refurbish key sites, including the Cuevas Blancas building, the Nanotec complex, Innovaparq ULL, IACTEC, and the Barranco Grande facilities. This budget is separate from the 1.36 million euros already set aside for the Cuevas Blancas Clean Room, allowing these new funds to focus entirely on expanding and improving existing centers.
Local authorities view the current lack of space at the PCTT as a positive sign of the island’s growing appeal as a hub for innovation. By increasing the budget, the Island Council aims to ensure that a lack of physical space does not hinder the progress of science and technology projects looking to establish a base in the Canary Islands.