A £30 million Kernow Industrial Growth Fund has been unveiled to accelerate businesses in Cornwall's critical minerals, renewable energy, space and marine innovation sectors, driving the next phase of the county's economic development.

Backed by central Government and commissioned by Cornwall Council, the fund is expected to leverage a further £70m of investment, strengthening Cornwall's standing as an area of national industrial importance.

With £30m available, the scheme will prioritise high-impact proposals that create well-paid jobs, reinforce local supply chains and improve Cornwall's ability to compete across the UK and internationally. Around 200 jobs are expected to be created.

Unlike earlier schemes, the council will adopt a commissioning approach aligned to detailed sector development plans, targeting investments that seize economic opportunities and remove barriers to growth.

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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 helped shape the sector plans underpinning the council's commissioning model and is supporting the search for ambitious, investment-ready projects that unlock wider benefits for entire sectors, not just individual firms.

Organisations interested in accessing the fund are encouraged to come forward. Further information is available on the KIGF webpage.