Start-up technology company ST2's £100m development of a new data centre at the former ICI site in Redcar will create circa 400 local jobs.
Anne Stokes, CEO of ST2, said: "This is an important step forward in our ambition to develop an environmentally sustainable data centre and technology services business in the north east.
"Not only will this be an important source of quality jobs for the area, but demonstrates that the tech sector isn't just a phenomenon for the south of England.
"Our planned development in Redcar is part of a 20 year investment that will create long-term skilled employment.
"Data centres have become an essential part of the country's critical economic infrastructure so we will also be supporting a wide range of businesses and encouraging them to either set up shop or grow their existing activities in the north east."