Money from the councils regeneration fund will benefit the project to transform the 47 acre site, reintroducing marine manufacturing and support industries to the upper Clyde.

When complete, the quayside is expected to bring almost 1,000 jobs to West Dunbartonshire as well as adding £65.6 million annually to the Glasgow City Region economy.

Councillor Iain McLaren, convener of infrastructure, regeneration and economic development, said: “This investment provides the council with a significant opportunity to support the regeneration of a derelict and contaminated Carless site into a manufacturing facility with substantial job creation for West Dunbartonshire.

“I look forward to seeing the transformation of this derelict land, and I am sure the development will positively impact upon Clydebank and West Dunbartonshire for many years to come.”

The investment comes after the Council was granted £1.98m last year from the Clyde Mission Catalyst as part of Mission Clyde to support site owners Malin Group’s vision for the Carless site.

That funding was earmarked for piling work for the creation of the new modern quay at the site, as well as creating a flood basin to mitigate flood risk, a publicly accessible woodland path linking to nearby canal path and a secure base for any subsequent works.

Councillor Diane Docherty, vice convener of infrastructure, regeneration and economic development, added: “This project in Old Kilpatrick will take an 18 hectare polluted brownfield site which has lain unused for almost 30 years and create an inclusive technology park which will have significant long term economic and social benefits for West Dunbartonshire.

“We have a proud history of shipbuilding and I am delighted that we as a Council are investing in the Scottish Marine Technology Park, to help bring marine manufacturing back to the river.”

The Regeneration Fund can be used to invest in opportunities which return economic benefits and potential financial returns for the council.

A development agreement will now be progressed and finalised by officers.