Government funds research into prize-winning material Chancellor of the Exchequer, George Osborne, said: "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 beat 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," said Mr Osborne. 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. Graphene has been tipped as the material of the future. It is the one of the thinnest, lightest, strongest and most conductive materials known to man. It can be used in electronics, energy generation and telecommunications. Other projects earmarked to receive funding include those at Durham University, the University of Manchester, the University of Exeter and Royal Holloway. The universities will be working with industrial partners such as Nokia, BAE Systems, Procter & Gamble, Qinetiq, Rolls-Royce, Dyson, Sharp and Philips Research. The company's are due to invest another £12m in the research Minister for Universities and Science David Willetts said: "Scientists at the University of Manchester won the Nobel Prize for the discovery of graphene. It's now vital we harness the excellent research taking place in our world class institutions to exploit the commercial potential of this astonishing material.