Local manufacturers urged to capitalise on offshore wind sector through new funding streams
THE sustainable energy sector is giving West Midlands manufacturers the chance to tap into two fast-track funding streams worth a combined £4.5m.
The GROW:OffshoreWind service aims to help manufacturers exploit opportunities in the UK’s offshore wind market.
With as much capacity already installed as the rest of the world combined, the UK is seen as a global leader in the sustainable sector and it is estimated that the domestic manufacturing opportunity could be worth up to £15bn.
The first fast-track funding call, which is supported by programme partner RenewableUK, is valued at up to £2.5m and has been directed to support SME companies with their capital investment plans.
Through partnership with the Knowledge Transfer Network (KTN) and Offshore Renewable Energy Catapult, a second fast-track fund totalling £2m has also been made available to help SMEs and Large Enterprises accelerate their investment in innovation projects.
Both funding streams are seeking applications from West Midlands companies which can utilise the funding over the next six months. Applications will be assessed on their ability to create jobs and develop market presence in the offshore wind supply chain. Expressions of Interest have to be submitted by October15, 2014.
Successful applicants will be required to have substantively completed their projects by April 30, 2015.
“We are excited about the potential of both calls to help us connect with more West Midlands companies and fast track their investment plans,” said Dominic Brown, Head of GROW:OffshoreWind.
“By streamlining the approvals process, the calls will enable firms to commence their investment plans by early November, ensuring they are in the best possible position to take advantage of the opportunities that are out there.
“Up to £500k of grant funding is available for successful applicants, which can be used to support a wide variety of project costs.”
The GROW:OffshoreWind programme is supported by the Government’s Regional Growth Fund and is delivered by industry experts from the Manufacturing Advisory Service (MAS), RenewableUK (RUK), Grant Thornton and the Advanced Manufacturing Research Centre.
The service has been designed to make sure English companies are in a position to take advantage of the offshore wind sector, with almost 600 firms helped with successful projects, including the acquisition of state-of-the-art machinery, relocation to new premises and unlocking new technologies and products.
