Wales has won 44.27 million in funding to create a high performance computing centre.
Aside from access to cutting edge computing, HPC Wales will offer consultancy services to local businesses, as well as providing training.
It will be based out of the University of Swansea and the University of Cardiff, and is expected to create 400 new jobs in the high-tech sector.
Welsh Secretary Peter Hain said it would be a "world-class facility."
"By giving companies in Wales improved access to the latest technologies and training we can ensure that Welsh businesses are able to compete on a global stage alongside other world-leading innovators," he said in a statement.
"It's important we do everything we can to equip industries with the solutions and real help they need to aid recovery and long-term growth," he added. "This means creating the right conditions for enterprise and maintaining the UK's position as one of the best places in the world to start and grow a business."
The centre is being funded by the Department of Business, the EU, Welsh higher education and the private sector.
