Businesses across Cornwall have begun bidding for investment through the Kernow Industrial Growth Fund (KIGF), with applications requesting more than double the funding available.
Ahead of the first Expression of Interest deadline on 12 June, 50 proposals were submitted with a combined value of more than £348 million, seeking £69 million from the £30 million fund.
The scale of interest highlights both the strength of Cornwall's innovation-led industries and the significant pipeline of investment-ready projects capable of driving economic growth across the county.
Councillor Tim Dwelly, Cornwall Council Portfolio Holder for Economic Regeneration and Investment, said: "The exceptional level of interest reflects the strength of Cornwall's distinctive industrial sectors and the vital role they play in supporting economic growth and innovation.
"It also demonstrates how Government investment can unlock substantial private sector investment, helping ambitious businesses to grow and strengthening Cornwall's position as a leader in industries such as critical minerals, renewable energy, space and marine innovation.
"Following assessment, 19 projects have been invited to the next stage of the commissioning process. However, demand for the Fund significantly exceeds the funding available, meaning the process remains highly competitive. We now look forward to working with the shortlisted businesses to maximise the value and long-term impact of this investment for Cornwall."
Launched in May, the Kernow Industrial Growth Fund is funded by the UK Government and delivered by Cornwall Council. The programme supports capital investment that accelerates business growth and removes barriers to expansion within Cornwall's nationally significant sectors of critical minerals, renewable energy, space and marine innovation.
The Fund remains open to innovative projects that align with the KIGF Investment Plan, with future opportunities for businesses to apply.
Visit the Kernow Industrial Growth Fund pages
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