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At the 2024 Spring Budget, the Chancellor provided additional details (including timeframes) for several grant funding schemes that were announced in recent months. The total budget for one scheme has also been increased.
The Green Industries Growth Accelerator (GIGA) scheme will receive an extra £120m in funding to support companies in areas including carbon capture, usage and storage (CCUS), greenhouse gas removals (GGR), hydrogen, offshore wind and electricity networks, and civil nuclear energy. Full details were also published for Contracts for Difference Allocation Round 6 (AR6), which benefits companies generating renewable energy, and is the largest round yet with a budget of over £1bn.
Earlier this week, timeframes were revealed for the £520m life sciences manufacturing funding that was announced at the 2023 Autumn Statement. Expressions of interest for large investment projects that build resilience for future health emergencies will open this summer, with a separate opportunity for SMEs to open in the autumn.
These announcements mainly impact companies operating in the green energy space. Life sciences companies also benefit from clarity around timeframes for upcoming funding.
Timeframes vary by opportunity, but companies applying successfully for these grants can expect to receive initial funding later this year or in early 2025.
These announcements are welcome news, providing certainty over the availability of funding into 2025 and beyond.
The energy announcements complement existing opportunities including Hydrogen Allocation Round 2 for companies producing hydrogen, and the Industrial Energy Transformation Fund for investments in solutions that reduce energy consumption or carbon emissions of industrial processes.
For life sciences manufacturing companies, the new funding will serve as a successor to previous schemes including the Biomanufacturing Fund and Life Sciences Innovative Manufacturing Fund.