A new funding of GBP 57.5 million was announced for the UK’s energy and infrastructure, biomedical and quantum technology sectors, with GBP 28 million set aside for innovation in infrastructure systems and first of a kind deployment of innovation, both including offshore wind projects.
A series of competitions will open over the next 2 weeks and be run by Innovate UK and its partner organisations.
Two competitions totalling GBP 28 million have been set to develop new solutions to provide affordable, sustainable and secure energy delivery, integration of different modes of transport or tackle the challenges of modern urban living that will help businesses secure future investment for ideas.
The competition for innovation in infrastructure systems, allows for businesses to apply for a share of up to GBP 15 million to develop innovative solutions to challenges in the infrastructure systems sector, including offshore wind. This covers innovations that, when in use, will result in substantial reductions in the cost of energy from offshore wind.
Within the competition for the first of a kind deployment of innovation, Innovate UK is to invest up to GBP 19 million in innovation projects that test new infrastructure technologies for the first time in user-facing applications. The competition also includes offshore wind innovations that lead to cost reductions.
The new funding was announced by the UK Business Secretary, Sajid Javid , at the first inter-ministerial group on business engagement, which brought together ministers from across government to discuss issues and challenges facing businesses in all sectors, and how government could support them following the outcome of the EU referendum, including creating opportunities for investment and trade.
Javid said: “Creating opportunities for businesses to thrive in the UK is essential for increasing productivity, creating jobs, and boosting our economy. That’s why government is working with businesses across all sectors to ensure they have the support they need to grow now and in the future.
“Part of our success will be to help propel innovative UK business even further – not only do our world-leading innovators and research base attract foreign investment, their ideas go on to improve the lives of millions of people. Whether tackling climate change or cancer, this new funding will help get the best ideas onto the market quicker and shows our commitment to make the UK the best place in Europe to innovate, set up and grow a business.”