Innovate UK has today launched a new fund to help pioneering companies of all sizes recover, grow and drive a re-building economy.
The COVID-19 Sustainable Innovation Fund will target those innovative companies needing to keep their great ideas alive during the current pandemic, in turn contributing to revolutions across whole sectors and transforming the way people live, work and travel.
The £191 million fund will also support new green innovations, unleashing the sustainable industries of the future along the way. Businesses could use the investment to develop smart sustainability-based projects, for example technology that supports a reduction in single-use plastics to greener modes of transport, or more energy-efficient office buildings.
Round 1 temporary framework (£55m): opened on the 29th June (webinar 2nd July)
Clean Growth and Sustainability projects, decarbonisation, commercial or residential users. Total project costs must be between £100,000 and £500,000, max individual grant is £175k.
Further waves of funding are planned in July and September
SBRI phase 1 (£10m): opened on the 29th June (webinar 3rd July)
SBRI: must work with a challenge owner or potential customer with strong clean growth credentials and specific themes must be addressed to showcase at COP26.
Phase 1 is for Feasibility Studies of up to £60k. A Phase 2 prototype development competition is planned in Q4.
Dr Ian Campbell, Executive Chair, Innovate UK said:
“Many businesses have successfully, and innovatively, responded to the challenges posed by the Coronavirus. Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient. Today we issue the call for more innovators to put forward proposals to help the UK build a sustainable and productive future”.
The Sustainable Innovation Fund aims to help all UK sectors recover, grow and develop new sustainable opportunities in the aftermath of COVID-19, while helping the UK meet its ambitions to cut carbon emissions to net zero by 2050.
The launch of this new fund by Innovate UK adds further detail to the Chancelllor’s initial pledge in April of £1.25 billion government investment to help ambitious, innovative businesses survive and thrive during the current pandemic.
Businesses can find more information on the Sustainable Innovation Fund by visiting Innovate UK’s funding website and searching ‘Sustainable Innovation Fund’, with applications open from Monday 29 June.
