The Aurora Energy Research company is set to lease a new office space at St Aldate's Chambers in Oxford city centre, allowing it to continue operating its global headquarters from the city.

This will be done through a partnership with Oxford City Council which aims to transition the company's global headquarters by 2024 while retaining strong links with the University of Oxford and contributing to the local economy.

According to the City Council, this long-term leasing agreement presents a significant income source to bolster funding for key services amidst a challenging financial climate for local authorities.

It also meets the council's objective of keeping spinoff businesses from Oxford's two universities within the city for the surrounding economy's benefit.

John Feddersen, founder and chief executive of Aurora Energy Research, said: "Oxford is Aurora's home. We operate in a competitive global knowledge industry, which plays a vital role in managing climate change.

"Central Oxford—which has been a mecca for the world's smartest and most enquiring minds for centuries—is the natural place to locate."

St Aldate's Chambers, covering over 38,000 square feet across five floors, will facilitate Aurora's ambitious growth plans by tripling its Oxford-based office space.

Since launching in 2013, Aurora has evolved from a concept created by Oxford University researchers to become a leading provider of energy transition software globally.

Currently, the firm's services extend to over 30 countries, delivered by staff in 14 offices worldwide.

Councillor Ed Turner, cabinet member for finance and asset management, Oxford City Council, said: "The partnership with Aurora Energy Research is a big win for all involved.

"Not only does it reduce our energy bills and provide a significant long-term income stream to help fund the City Council's key services in an increasingly challenging financial environment, but it also enables us to retain a business rooted in the University of Oxford in the city, so it continues to employ local people and benefit our city's economy."

As Aurora plans for future expansion, the new office space is critical to its increasing product offering, growing client base, and continuously expanding personnel count.

Its Cambridge Terrace office houses over 200 employees at the moment.

While Aurora focuses on safeguarding its place in Oxford's future, the company will continue to collaborate with the University of Oxford in multiple capacities.

These include funding scholarships at the Smith School of Enterprise and the Environment and attracting students to its two Oxford-based graduate schemes.

Its annual Aurora Spring Forum in Oxford, which invites influential figures in the global energy sector, will also proceed.