Businesses across the UK are set to benefit from £134m investment from the Government, enabling ground-breaking clean growth projects to develop new technologies and helping them to create new jobs.
The funding is being made available to keep businesses thriving during the coronavirus pandemic and is part of the Government’s commitment to support the UK’s risk takers to bring their novel ideas to market.
Some of these ideas could transform whole industries such as manufacturing, hospitality and the automotive sector by helping them respond to the unique challenges presented by the pandemic.
Businesses that are set to benefit include projects to service offshore wind turbines autonomously, companies using Artificial Intelligence (AI) to reduce beer waste in the brewing process, and those converting seaweed into compostable packaging to tackle plastic waste.
The projects mentioned are just some of over 1,000 that will receive Government investment. Businesses right across the UK are set to benefit, enabling 1,069 clean growth projects to develop new technologies, secure and create jobs, drive productivity and tackle climate change.
Business Secretary Alok Sharma said: “The UK’s response to coronavirus has demonstrated the very best of British ingenuity, and it is this resourcefulness that will help us navigate our way through this pandemic.
“Today’s investment will ensure that our innovators and risk-takers can continue to scale up their ideas, helping the UK to build back better and ensure we meet our clear commitments on tackling climate change.”
The £134m funding comes from Innovate UK’s Sustainable innovation Fund, which was launched as part of the £550m package of measures to support innovative SMEs respond to Covid-19. Each business will receive up to £175,000 from the £134m funding.
For a smaller number of recipients, their award is the first phase of a two-part competition under the Small Business Research Initiative (SBRI) that addresses specific net zero and clean growth challenges as part of the Government’s pledge to tackle climate change.
Executive Chair Innovate UK Dr Ian Campbell said: “Yet again we see the exciting range of business innovation taking place across the United Kingdom, despite these difficult times.
“Every initiative we’ve supported here represents an important step forward in sustainable economic development, but also one step nearer dreams becoming reality for ambitious hard-working company owners and their staff.”
The investment forms part of the Government’s commitment to support the UK’s entrepreneurs and start-ups to scale up their innovations, set out in its R&D roadmap in July this year.
For more information on how to access funding please visit the Government website.
For advice and support for Sandwell businesses during the Coronavirus visit our Coronavirus: support for Sandwell businesses page.