£200m package for R&D intensive companies

Kemi Badenoch, Exchequer Secretary to the Treasury

Kemi Badenoch, Exchequer Secretary to the Treasury

Innovative ideas and projects led by companies recovering from the impact of coronavirus will not be lost, thanks to a new £200m fund launched by the UK government.

The Sustainable Innovation Fund is open to companies across all parts of the UK that need urgent financial support to keep their cutting-edge projects and ideas alive.

The Government suggests the funding totalling almost £200m could go towards developing new technologies focused on making homes and offices more energy-efficient, creating medical technologies, or reducing the carbon footprint of public transport in towns and cities.

Businesses and start-ups could use of the fund to develop smart sustainability-focused projects such as apps that encourage people to cut down their food waste to sustainable biodegradable packaging.

Kemi Badenoch, Exchequer Secretary to the Treasury, said: “Our ability to innovate will be key to tackling this crisis, driving economic growth and supporting jobs. This funding, on top of our existing support for innovation, will back businesses in a wide range of sectors including technology, health, transport and clean growth.

This funding, delivered through Innovate UK, forms part of a wider £750m package of grants and loans announced in April to support innovative firms. This sits alongside the new £500m Future Fund, which provides match-funding to private investors, and has already received over 500 applications since its launch on 20 May.

Dr Ian Campbell, executive chair of 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.”

Businesses can apply for support through the Sustainable Innovation Fund by visiting the Innovate UK website from Monday 29 June.