BUSINESSES are being encouraged to submit expressions of interest ahead of the first deadline for a major new fund designed to drive the next phase of Cornwall’s industrial growth.

Cornwall Council is seeking ambitious, investment-ready proposals for the £30 million Kernow Industrial Growth Fund, which aims to unlock significant private sector investment into Cornwall’s fast-growing industrial sectors.

The fund is eligible for private sector businesses, investors and development partners that are outside of Cornwall that want to locate and invest in Cornwall.

The first review point for expressions of interest in the fund is Friday, June 12, 2026.

The council is operating a staged review process rather than a single application deadline, allowing proposals to be submitted anytime and be considered as the programme develops. Projects are encouraged to submit proposals promptly to allow sufficient time for decision making and project delivery.

The fund, which is funded by the Government and delivered by the Council, officially launched at the start of May. It is focused on capital projects that can accelerate or remove barriers to growth in Cornwall’s nationally important industries of critical minerals, renewable energy, space and marine innovation.

Unlike traditional grant schemes, KIGF has been designed as a targeted commissioning programme focused on delivering transformational projects with strong commercial potential, significant match funding and long-term economic impact.

Projects are being sought from businesses and organisations able to demonstrate clear sector impact, investment readiness and the ability to leverage substantial co-investment with KIGF contributions expected to act as catalytic funding rather than the primary source of finance.

Early engagement with the Council is being encouraged and it will work proactively with potential applicants to shape investment propositions and ensure alignment with programme priorities.

The fund will operate through two investment strands. The Cornwall Catalyst Fund, supporting projects that drive growth and innovation within Cornwall’s distinctive sectors, including sector-enabling infrastructure and business-led investment.

The Cornwall Assets Growth Fund will bring forward development opportunities to support sector growth linked to Cornwall Council-owned land and assets, including strategic employment land at Cornwall Airport Newquay and the Aerohub Enterprise Zone.

The council says projects should demonstrate strong alignment with Cornwall’s economic priorities and wider UK Industrial Strategy objectives. It has produced a detailed commissioning document which sets out what it wants to fund.

This includes critical minerals and mineral processing. Renewable energy including geothermal and floating offshore wind

Space and satellite technologies including cluster development.

Drone and autonomy technologies

Marine engineering and innovation including port infrastructure and autonomy

Projects will need to be “shovel-ready”, with planning, permissions and delivery arrangements sufficiently advanced to enable rapid progress. All funds must be committed by the end of March 2028, and the programme will finish at the end of March 2031.

Councillor Tim Dwelly, Cornwall Council portfolio holder for economic regeneration and Investment, said: “Cornwall is increasingly recognised as one of the UK’s most important locations for future-facing industries.

“The opportunity now is to translate that potential into major investment, better jobs and long-term economic resilience.

“We are particularly keen to hear from businesses and partners with commercially credible projects that can unlock wider sector growth, strengthen supply chains and create lasting economic benefit for Cornwall.

“This is about building industrial capability in Cornwall that has regional, national and international significance.”

The Kernow Industrial Growth Fund forms part of Cornwall’s wider Good Growth Plan ambitions and supports the county’s role in delivering national priorities.

Expressions of interest can be submitted via the Kernow Industrial Growth Fund page of the council's website.