Innovate UK and Sky Team up for £2m Ocean Plastic Solutions Inve

Published: 10 December 2018 by KTN
This upcoming investment accelerator is providing simultaneous grant funding from Innovate UK (IUK) and private investment from Sky Ocean Ventures, for early stage projects undertaken by UK companies. Up to £1 million of grant funding and £1 million of private investment is available, supporting business-led innovation to develop solutions that will tackle the environmental crisis of plastic pollution in the world’s oceans. The aim is to support new scientific or technological innovation to reduce plastics waste and deliver a more circular economy approach to plastic use (including for polymer-based textiles and elastomers). For example, this could include:    - scalable innovations along the entire plastics value chain, from material to end-of-life;    - technology-enhanced business models that foster responsible consumption and drive the circular economy model;    - step-change efficiency improvements in the recycling, clean-up and treatment of waste plastics. A project’s total costs should be between £100,000 and £200,000. For projects defined as feasibility studies or industrial research projects, IUK will fund 50% of project costs and Sky Ocean Ventures will provide the remaining 50%. This funding will support the pre-commercial development and de-risking of new technologies and business models. For experimental development projects which are closer to market, IUK will fund 45% of project costs. Sky Ocean Ventures will cover the remaining eligible project costs. Experimental development funding can support commercially usable prototypes for demonstration and validation trials, including experimental production processes and supply chain development. The competition is open to single UK-based small and micro companies that are looking for grant funding and wish to establish an equity relationship with Sky Ocean Ventures. The competition will open on 2 January 2019 with a deadline for applications to be received of 13 March 2019.
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