The maritime industry globally is aiming to make big moves in reducing its greenhouse gas emissions, and no more so than in the UK. Innovate UK has collaborated with the Department for Transport to launch a new competition that offers up to £8 million in funding for innovative projects that are aimed at driving down emissions and enhancing air quality in both shipping and port operations. With a wide number of maritime IT jobs and specialist engineer roles coming to the forefront to lead some of the innovations within shipping companies, this grant competition could be a big leap forward. Here, we’ll be taking you through what the grant is about, who can use it, how to apply for it, and the potential uses for the funds.
What Is This Grant?
This grant is a part of a much wider commitment from the UK to improve the maritime sector’s environmental sustainability, providing companies access to funds that could help them innovate smart shipping technologies to decarbonise the maritime sector.
The idea behind the grant from Innovate UK was to fund various feasibility studies to assist with fast-tracking this green innovation. The technologies that could come out of this grant include everything from on-vessel systems that can help to decrease carbon and other greenhouse emissions through to infrastructure innovations that can boost port operations and make them cleaner and far more sustainable. This grant is available in the form of a competition.
The scope of the grant is for a project that offers scalable solutions that significantly reduce emissions and improve air quality within maritime settings.
Who Is Eligible For This Grant?
One of the most attractive things about this grant is the fact that it is designed for UK-registered businesses of any size. This company must collaborate with at least one different UK-based entity from a variety of areas, including academic institutions, charities and not-for-profits, public sector organisations, and R&D companies.
The costs of the projects that they are looking to undertake should range between £75,000 to £750,000 and should be completed within five months, from November 2024 to March 2025.
How Can Companies Apply For The Grant?
Unlike many other grants offered by the government, due to the size of the funding and the competition’s high stakes and impact, the application process is rigorous. Alongside an initial online briefing for guidance, a large portion of the grant application is a detailed proposal.
This proposal should include details about the project’s scope, any technological innovation, market impact, and environmental benefits, as well as answer the questions asked in as much detail as possible.
What Can The Funds Be Used For?
Recipients of the fund can use the grant for whatever purpose they deem fit in order to boost their project and achieve the end goal of helping to reduce emissions in the maritime industry. Some opportunities for the grant include:
- Developing and testing new technologies that promise to reduce emissions.
- Carry out feasibility studies to help businesses analyse their innovations’ technical and economic viability before moving into the advanced development stages.
- Preparing for commercialisation, such as preparing detailed plans of the technology, market analysis, business modelling, and steps towards deployment.
Conclusion
By funding projects that can help reduce emissions within the maritime sector, the UK can get closer to reaching its environmental goals and encourage the entire maritime industry globally to do the same.
With both job creation and economic growth promised with this grant, particularly in the maritime and associated technological industries, there is a wealth of opportunities that come with this.
Innovate UK’s grant competition outlines a critical opportunity for maritime innovators to make a real difference in the industry. We are set to see some highly impactful smart shipping technologies going to market as a result of this grant.
Also Read: Elevate Structure: Pioneering Green Tech Innovation Inspired By Nature
