When a newly manufactured yacht is exported, it is quite common that larger vessels will be sold with additional watercraft as part of a single supply…
We recently published our summer marine newsletter, in which it included an article on the ‘electric revelation’ and more specifically, a funding programme that is currently open for applications. I thought I would share this information further than just those in the marine industry, as the investment is available for businesses across many other sectors.
What is the ‘driving the electric revolution challenge’?
As detailed on the UK Research and Innovation website, the challenge seeks to “make the UK a global leader in the manufacture of core technologies which underpin electrification: Power Electronics, Electric Machines and Drives (PEMD). The Challenge will accelerate the UK’s ability to deliver; next generation electric vehicles, hybrid aircraft, energy generation, smart grids, industrial drives, consumer products, low-carbon off-highway for construction and agriculture, low-carbon maritime and rail”.
- It will help address climate change and contribute to the development of clean technology supply chains worth £80 billion in Gross Domestic Product by 2050.
- It will act as a catalyst for industry to invest and collaborate with academia to drive down costs and deliver a volume supply chain necessary to serve businesses of all sizes.
How your business can switch to electrification with funding
As part of the challenge, and to meet the UK’s carbon reduction targets, Innovate UK are currently offering businesses across seven sectors a share of £19m to develop the supply chain process. The funding is open to the automotive, aerospace, energy, industrial, marine, off highway and rail sectors and there are two strands to this competition:
- one for larger projects with total costs between £1 million and £3 million
- another for smaller projects with total costs between £250,000 and £1 million
- power electronics: passive components production, productivity improvements and supply chain efficiency such as solutions that address solving supply chain bottle necks or automation
- electric machines, generators and motors: automated stator winding, materials recovery from end of life, raw materials refining, stamping and lamination stack productivity improvements, advanced testing
- drive systems: systems integration and testing
- projects that consider supply chain gaps, from raw materials to recycling
More information and to apply
If your business falls under one of the above sectors, I would urge you to consider applying for funding, as not only is switching to electrification good for the environment, it can also be cost effective for your business in the long run.
The deadline for applications is midday on 25 September 2019 and businesses of any size may apply for funding.
Find out more about the competition and apply here.