"Fitting legacy": Cornwall earmarked for 10% of national innovation fund
The Government has ringfenced £1m from the ninth round of the £10m Energy Entrepreneurs Fund for projects based in Cornwall, "to reflect the important part played by Cornwall in the 2021 G7 and [...] to create a positive legacy."
The Energy Entrepreneurs Fund has been developed to support sustainable innovation in the areas of energy efficiency, power generation, heat generation, energy storage, reducing greenhouse gas emissions and security of supply.
The fund is available for any UK company, with one tenth earmarked for projects based in Cornwall. To be eligible for the ringfenced amount, at least 75% of a project’s activities must take place within the county.
Energy Minister Greg Hands said: “From inventing the Davy Lamp that helped save the lives of countless miners to designing the first steam engine, Cornwall is famous for its strong innovative spirit.
“With this funding, we are unleashing talent to drive forward low-carbon technologies that are ending our reliance on expensive fossil fuels and will be part of a fitting legacy from the county hosting the G7 Summit last year.”
The allocation of 10% of the fund will be welcome news to innovators in Cornwall, but critics will point to the fact that this funding comes from a pre-existing pot, rather than a new fund for the county. Previous announcements of "new funding for Cornwall", allocated as part of the Towns Fund, were criticised as presenting “old money as new", and tilted towards marginal seats. Polling conducted last month forecasts a swing from Conservative to Labour in two of the county's six constituencies.
The South West is a national powerhouse for environmental tech, with world-renowned companies including the Met Office, ARC Marine and Spaceport Cornwall - set to be "the most sustainable Spaceport in the world" - all based in the region.
In Autumn 2021, a £200m regional fund was announced to "provide a new fund for businesses in the South West of England".
Read more about the Energy Entrepreneurs Fund at gov.uk/government/publications/energy-entrepreneurs-fund-phase-9
