New £30m fund backs Cornwall’s minerals, energy, space and marine sectors

What if Cornwall could compete with anywhere in the UK for jobs in space, marine tech, critical minerals and renewable energy? A new £30 million fund launched by Cornwall Council is betting it can.

The Kernow Industrial Growth Fund, backed by central Government and commissioned by Cornwall Council, has been set up to support businesses working in critical minerals, renewable energy, space and marine innovation. The Council says the £30m pot is expected to unlock a further £70m of investment, taking the total potential value to £100m and creating around 200 well paid jobs.

A different kind of funding pot

The Council is keen to stress this is not business as usual. Rather than inviting open applications, Cornwall Council is taking a commissioning approach, working against sector development plans to identify the investments most likely to capitalise on economic opportunities and remove barriers to growth.

The aim is to back high-impact proposals that can strengthen supply chains and help Cornwall compete on a national and global stage.

Councillor Leigh Frost, Leader of Cornwall Council, said: “We’re proud to launch a fund that’s built for Cornwall and built around the sectors where Cornwall’s industrial significance has been recognised. This is about backing ambition. We want to work with organisations who are ready to grow, invest and help shape Cornwall’s future economy.”

Leveraging public money to bring in private investment

Councillor Tim Dwelly, Cornwall Council’s portfolio holder for economic regeneration, said the fund reflects a wider shift in how public money is being used.

“The Kernow Industrial Growth Fund isn’t a traditional funding pot, it is about unlocking bigger investment, backing projects that are ready to move, and helping Cornwall’s most promising sectors grow faster and go further. The Government’s decision to award Cornwall its own specialist fund is warmly welcomed,” he said.

“It reflects a shift towards a more investment-led approach, using public funding in a targeted way to leverage private investment and scale up opportunities.”

What kind of projects are wanted?

Lord John Hutton, Chair of the Cornwall and Isles of Scilly Economic Forum, said the fund is about turning Cornwall’s opportunity into action.

“Cornwall has a real opportunity to lead in industries that matter to the UK’s future. This fund is about turning that opportunity into action, bringing forward projects that can attract investment, grow businesses and create long-term economic value,” he said.

The Economic Forum has helped shape the sector plans that underpin the Council’s commissioning approach. The search is on for projects with ambitious business plans that go beyond individual businesses and help grow entire sectors.

Organisations interested in accessing the fund are being encouraged to come forward via the Kernow Industrial Growth Fund website.