The Government has launched a new £200 million support package to help companies continue innovative projects that have been affected by Covid-19.
Businesses can apply for support for a share of the £200m through the Sustainable Innovation Fund today.
The funding is being delivered through Innovate UK and forms part of a wider £750 million package of grants and loans announced in April to support innovative firms.
This sits alongside the new £500 million Future Fund, which provides match-funding to private investors, and has already received over 500 applications since its launch on May 20.
The funding will help support a variety of projects including one the Govenrment says uses artificial intelligence (AI) to manage city traffic flows.
The money can also be used to help reduce the carbon footprint of public transport in towns and cities.
Business Secretary Alok Sharma said: “Our country is home to some of the world’s most cutting-edge businesses that turn ingenious ideas into new technologies every day.
“That’s why we’re backing our innovators and risk-takers with new investment so they can recover and grow out of the coronavirus pandemic.
“Today I am urging businesses in all parts of the UK to come forward and pitch their state-of-the-art ideas to us, so we can work together to power the UK’s economic recovery.”
Dr Ian Campbell, Executive Chair, Innovate UK said: “Many businesses have successfully, and innovatively, responded to the challenges posed by the coronavirus.
“Organisations will recover from the pandemic, and as the situation stabilises, we will help businesses build an innovative economy that is viable and resilient.
“Today we issue the call for more innovators to put forward proposals to help the UK build a sustainable and productive future.”