Friday 26 July 2019
Businesses offered £19m to drive supply chain processes for electric switch
Businesses are being offered a share of £19 million to develop ways of improving the supply of parts that will help drive the switch towards electrification.
The competition, administered by Innovate UK, has been launched as Britain will need to switch to electrification across many sectors, from automotive to energy distribution, in order to meet its carbon reduction targets and 2050 net zero goal.
The funding is being provided from the Industrial Strategy Challenge Fund to invest in projects that support the creation, development and scale up of supply chains in power electronics, machines and drives.
Projects must address commercial opportunities in seven sectors, including aerospace, automotive, energy generation and distribution, industrial (production equipment), marine, off highway (construction and agricultural equipment) and rail.
Businesses can apply for funding to test the feasibility of their idea and make sure it will work; to create a new product, process or service or improve and existing one through research and development; and to work with other businesses or research organisations on collaborative innovation projects.
The competition has two strands: one for larger projects with total costs between £1 million and £3 million and another for smaller projects with total costs between £250,000 and £1 million.
The competition opens on 29th July and the deadline for applications is 25th September 2019.
