Innovate UK's South West Wales Launchpad has announced new funding for 'net zero' innovators in the region.

A pot of up to £1 million is set aside for innovative projects within the South Wales Industrial Cluster.

This funding is part of a collaboration between Innovate UK, Net Zero Industry Wales (NZIW), and the Welsh Government to foster innovation in South West Wales.

The money forms the third round of funding, following the success of previous rounds, and is provided by the Launchpad programme.

The programme is designed to support clusters of small and medium-sized enterprises (SMEs) and innovative businesses, helping them progress their ideas towards commercialisation.

Projects that demonstrate high levels of regional impact will be given priority.

The latest round of funding will support projects targeting the net zero industry innovation cluster in South West Wales.

It is open to businesses that are expanding their innovation activities in Carmarthenshire, Neath-Port Talbot, Pembrokeshire, or the city and county of Swansea, and who have a clear ambition for business growth.

Eligible projects must last between 6 and 12 months.

Organisations that received funding in the MFA Round 1 are not eligible for this round.

This initiative marks a successful ongoing relationship between Innovate UK and Net Zero Industry Wales, which was established in 2022.

NZIW is focused on providing guidance and support to Welsh businesses to promote a greener future, alleviating funding pressures, and tackling challenges to project development.

Ben Burggraaf, CEO of Net Zero Industry Wales, said: "I am delighted to see a further round of funding to support dynamic businesses in South West Wales.

"NZIW’s mission is to make Wales the country of choice for the production of sustainable goods and services, and one of the ways we make this a reality is by offering financial support to those projects that can really make a difference in the region."

For proposals to be considered by Innovate UK, they must align with the scope criteria for this competition.

The competition closes at 11am UK time on December 11, 2024.

Further details can be found on the Innovate UK website.