The UK government has announced a number of funding and support packages aimed at helping innovative firms through the Covid-19 pandemic. We have reported on a number of these schemes in recent weeks, including the recently announced Automotive Transformation Fund. A further recently announced fund is the Sustainable Innovation Fund, which is a fund of almost £200 million to help UK companies recover from the impact of Covid-19. The stated aim of the fund is to support “companies across all parts of the UK who need urgent financial support to keep their cutting-edge projects and ideas alive”.
Insights: Automotive Transformation Fund
The Automotive Transformation Fund – a new funding competition to move the automotive sector to zero emissions
Innovate UK – together with the Advanced Propulsion Centre (APC), the Department for Business, Energy, and Industrial Strategy (BEIS), and the Department for International Trade (DIT) – have opened a new funding competition: The Automotive Transformation Fund. This funding competition can be seen as part of the UK government’s broader Road to Zero Strategy which seeks to reduce vehicle emissions to zero by 2050, and, perhaps more ambitiously, aims for at least half of new cars to be “ultra-low emission” by 2030.