The third wave of the Industrial Strategy Challenge Fund, and in particular the Driving the Electric Revolution challenge, was originally announced as the “Stephenson” challenge in the Budget on 30th November 2018. The focus of this challenge is power electronics and motors: it targets electrification and decarbonisation in transport, industrial and energy industries.
This challenge, alongside others that have been subsequently announced by ministers, have funding figures attached to them that are the maximum amounts government is prepared to invest. This figure is subject to business case approval and confirmation of sufficient industry co-investment for the challenge.
The Business Secretary Greg Clark asked for a senior industry leader to be identified for each challenge, whose role will be to work with the UKRI team and industry to refine the vision for the challenge.
KTN hosted a webinar, on 13th March 2019, to provide SME’s an update on the opportunities available to them in the Driving the Electric Revolution challenge and to get input from them.
Matt Boyle OBE, has recently completed his role as CEO of Sevcon with its sale to BorgWarner for $200m, and who is now the challenge senior industry lead for the Driving the Electric Revolution challenge. He has been a key part of the team to date and one of his qualities is the ability to represent the broadness of the challenge rather than one specific area, emphasising the cross-sector approach of the challenge.
Matt and the UKRI team will be working on the development of the challenge vision and business case to support the Government approval process that will run through March and April. They have been working closely together over the past couple of weeks to build on the work that brought the challenge to this point and create a draft of the vision.
Find out more: ktn-uk.co.uk/news/driving-the-electric-revolution-sme-update-from-matt-boyle-senior-industry-lead