Multi-million pound funding pot for region’s bioeconomy

FUNDING of up to £10m is available from the York, North Yorkshire and East Riding Enterprise Partnership (LEP) to grow the bioeconomy.

The Bioeconomy Growth Fund is being made available to the sector which provides a low carbon, renewable alternative to the fossil fuel based economy.

The sector covers everything from forestry, agriculture, horticulture, food, drinks, and water utilities. According to the LEPs estimates, in Yorkshire the sector already generates £8.7bn GVA and employs 105,000 people.

With the area’s historical strengths in agriculture and food plus renowned research organisations, the LEP says it is well placed to become a global leader in the bioeconomy.

The fund is intended to provide industry with the financial support needed to build innovative commercial infrastructure for the growth of bioeconomy supply chains. For example, building a network of bio-hydrogen fuelling stations across Yorkshire to fuel 4,000 fleet vehicles.

The Local Enterprise Partnership chairman Barry Dodd said:    
“The bioeconomy affects everybody but not everyone realises it. This is about looking to the future and creating a long term solution to our global food and energy problems using renewable resources. Our area has the foundations to lead the world in this sector, and we are looking forward to receiving some exciting and highly commercial proposals for this fund.”

To be eligible for the funding, the proposals must be for capital projects with a minimum value of £1m. Match funding will need to be provided by the applicants.

Proposals must deliver infrastructure which enhances the local bioeconomy capacity, supply chains or clusters; or commercial innovations which boost the area’s reputation, stimulate cluster effects and/or lead to the development of related supply chains.