A new £30 million fund has been launched to support businesses in the critical minerals, renewable energy, space and marine innovation sectors that can drive the next phase of Cornwall’s economic growth.
This Fund will unlock a further £70m of investment into Cornwall, and further cement Cornwall’s position as an area of UK industrial significance.
The Kernow Industrial Growth Fund, funded by central Government and commissioned by Cornwall Council, is designed to back high-impact proposals and create around 200 well paid jobs in the sectors where Cornwall is already making its mark.
With £30 million available the fund will focus on projects that can deliver real impact by creating jobs, strengthening supply chains and helping Cornwall compete on a national and global stage.
This new Fund will be different to previous funding programmes for Cornwall with Cornwall Council taking a commissioning approach against sector development plans to determine the investments that will capitalise on economic opportunities and remove barriers to growth.
Councillor Leigh Frost, Leader of Cornwall Council, said: "We’re proud to launch a fund that’s built for Cornwall and built around the sectors where Cornwall’s industrial significance has been recognised. This is about backing ambition. We want to work with organisations who are ready to grow, invest and help shape Cornwall’s future economy.”
Cllr Tim Dwelly, Cornwall Council’s portfolio holder for economic regeneration, said: “The Kernow Industrial Growth Fund isn’t a traditional funding pot, it is about unlocking bigger investment, backing projects that are ready to move, and helping
Cornwall’s most promising sectors grow faster and go further. The Government's decision to award Cornwall its own specialist fund is warmly welcomed.
“It reflects a shift towards a more investment-led approach, using public funding in a targeted way to leverage private investment and scale up opportunities.”
Lord John Hutton, Chair of the Cornwall and Isles of Scilly Economic Forum, said: "Cornwall has a real opportunity to lead in industries that matter to the UK’s future.
This fund is about turning that opportunity into action, bringing forward projects that can attract investment, grow businesses and create long-term economic value.”
The Economic Forum has informed the development of the sector plans that underpin the Council’s commissioning approach and support the search for projects with ambitious business plans that can unlock wider investment, particularly those that go beyond individual businesses and help grow entire sectors.
Organisations interested in accessing the fund are encouraged to come forward.
ENDS
Posted May 1, 2026
