Cornwall Council has unveiled a significant new wave of investment through the Cornwall and Isles of Scilly Good Growth Programme, following the allocation of an additional £47.3 million from the UK Government’s Shared Prosperity Fund (SPF) at the end of last year.
This funding forms part of the £186 million SPF allocation for Cornwall and the Isles of Scilly over four years to March 2026, aimed at driving economic growth, supporting local businesses, creating jobs and strengthening communities.
The latest round of investment is expected to deliver almost 1,000 new jobs, safeguard a further 1,200, boost more than 500 businesses, support 900 people with learning and training, and create or improve more than 250,000 sq m of workspace.
It targets Cornwall’s distinctive sectors - such as critical minerals, renewable energy and marine industries - alongside core sectors including the visitor economy, food and drink, and creative industries.
The funding also ensures the continuation of vital skills and business support initiatives, including the Cornwall and Isles of Scilly People Hub, Growth Hub, Digital Futures Cornwall, Construction Skills Hub, and sector support for the agrifood industry. Community organisations will continue to benefit through the recommissioned Community Levelling Up Programme and Community Capacity Fund.
All investments have been made in line with the Good Growth Investment Plan (2022-2025), and Good Growth Plan (2024-2035). Central to all funded projects are a set of Good Growth Principles, which have been embedded across projects to make the economy fairer, greener and more productive and to ensure an enduring legacy beyond the initial funding. This includes a commitment to pay at least the Real Living Wage of £12.60 per hour to meet the real cost of living. Government rules require all projects to complete by March 2026.
A total of 27 new projects have been approved, with announcements being made as legal agreements are finalised. Among the newly funded projects are:
Critical Minerals: Imerys Minerals Limited, Karslake, near St Austell (£2.14m)
Enhancing China Clay production with new, efficient infrastructure to access additional reserves, extending the mine’s life by nearly 10 years. The investment will support hundreds of jobs, improve energy efficiency by cutting electricity use by over 7GWh, and boost local and global competitiveness.
Renewable Energy: Watt Power, St Columb, (£246,997)
A new division of WATT Electric Vehicle Company which has invested heavily in developing a highly innovative lightweight electric vehicle platform for use in both passenger and commercial vehicles. The investment will be used to improve premises and equipment to establish manufacturing capability suitable for the production of EV components and driveable EV platforms.
Visit the Watt Power project page
Marine: C Toms & Son, Polruan (£468,263)
Modernising the boatyard with new electric machinery, a mobile vessel trolley, and upgraded workshops, including a dedicated aluminium welding area. The project will improve productivity, reduce carbon emissions including solar and battery storage, and create skilled jobs and apprenticeships in sustainable boatbuilding.
Visit the C Toms & Son project page
Space: Selletronics, Falmouth (£489,000)
Investment in new machinery to support further growth in the high-reliability electronics manufacturing sector including space, aerospace and defence. The new equipment will improve capacity and capability to deal with increasing levels of complexity in the marketplace, while supporting jobs growth and training and development.
Visit the Selletronics project page
Agri-food: Origin Coffee, Porthleven (£249,548)
Establishing a state-of-the-art facility for producing cold brew coffee and capsules, helping meet rising consumer demand. The investment will create jobs, strengthen local supply chains, reduce reliance on third-party suppliers, and promote sustainability through reduced transportation impacts and the use of renewable energy.
Visit the Origin Coffee project page
Cllr Tim Dwelly, Cornwall Council's leader member for economic regeneration and investment, said: “The Good Growth Programme continues to deliver transformational investment across Cornwall and the Isles of Scilly, supporting businesses, communities, and local people.
"While SPF funding runs until March 2026, we’re already focused on securing future investment so this momentum carries on.
"I am particularly keen to see these investments help create well-paid jobs in a resilient, inclusive, and sustainable economy that delivers opportunities for generations to come.”
Lord Hutton, Chair of the Cornwall and Isles of Scilly Economic Forum, added:
“This latest investment is a real boost for Cornwall and Scilly, backing the sectors and skills that will power jobs, innovation, and growth. With SPF in its final phase and the Government reviewing future funding models, we’re working closely with partners to secure the support we need to keep driving our economy and communities forward.”
For more information and updates on the Good Growth Programme and its investments, visit the website.
ENDS
Posted 09 June, 2025