Investing in foundation industries: help to back innovators
Investors can join a programme to support businesses carrying out innovative projects that aim to reduce resources and energy use in key industries.
Oct 19, Innovate UK: Foundation industries, such as the cement, glass, ceramics, paper, metals, and bulk chemical sectors, are vital for UK manufacturing. They are worth £52 billion to the economy.
However, they are responsible for 10% of UK CO2 emissions and consume lots of raw materials and energy. Manufacturing equipment has a long life, and it is difficult to introduce efficiencies that improve resource use and maintain competitiveness on the global stage.
The government’s Industrial Strategy Challenge Fund Transforming Foundation Industries Challenge is supporting innovative business projects looking at ways of reducing energy and resource use.
Innovate the UK, part of UK Research and Innovation, is seeking partner investors willing to invest in businesses that carry out projects with support from the fund.
Investors must identify promising businesses
Innovate the UK has up to £7 million to invest in small and medium-sized enterprises in the foundation industries carrying out projects to reduce energy and resource use.
Investor partners will be expected to identify potential businesses. They could be:
new investments for the organisation
opportunities currently under consideration
SMEs already in a portfolio who are looking for further investment and grant funding for a specific project element
The businesses will be asked to submit funding applications for projects that meet the objectives of the challenge:
reducing energy costs and optimisation such as heat or energy recovery and reuse
process measurement, optimisation and digitisation, such as sensor technology or digital tools
waste recycling, utilisation and symbiosis, such as reuse of waste or industrial symbiosis
new product and service development, such as new materials, new materials-based products and services, or new business models
