The Offshore Renewable Energy (ORE) Catapult is launching a new fund focused on working with dynamic, ambitious UK-registered companies who have an outstanding technology product or service with high growth potential in the offshore wind sector. Companies need to be active in the offshore renewable energy sector and eligible for first pre-seed or seed stage investment from private or institutional funds with wrap-around innovation support.
Innovate UK and the Catapult Network, of which ORE Catapult is part, are committed to supporting businesses to scale up in the UK, and so have joined forces to create the TRGIT Fund (Transformative Research, Growth Innovation and Technology).
Unlocking high growth potential
This industry-focused pilot will identify between three and five high-risk, high-growth potential UK supply chain companies keen to work with us to secure technical and corporate planning support, linked to an investment of between £100,000 and £500,000.
The TRGIT Fund aims to unlock significant business growth by providing a suite of support comprising capital, market access and innovation expertise, designed to turbocharge technology development, business strategy and team building.
Investments will be made through a market rate Convertible Loan Note, with the first investments planned for Spring 2025.
Who can apply?
Eligible companies will be identified on a rolling basis by ORE Catapult staff familiar with their product or service, growth trajectory, leadership and potential for significant upscaling. These companies will be invited to submit an Expression of Interest, the first stage in the competitive bidding process.
Companies must be UK-registered, certified Technology Readiness Level 3-8, and an early-stage start-up or SME (small to medium enterprise) with high growth potential – not a subsidiary of a large or multi-national organisation.
It will be considered a plus if the company has successfully completed, or participated in, one of the following:
- One of ORE Catapult’s industry-leading supply chain support programmes – Launch Academy, Fit for Offshore Renewables (F4OR), TIGGOR or Offshore Wind Growth Partnership (OWGP).
- Innovate UK’s Edge programme or RTO Voucher Scheme.
- A research and development programme with ORE Catapult.
Assessment and timeline
Expressions of Interest will be assessed by our panel of investment and industry experts who will select companies to progress to the next stage of the bidding process.
Stage two, for compliant bids, will involve a more comprehensive application followed by a pitch to the TRGIT Fund’s independent investment committee – their decisions are final and non-negotiable. Companies successful in securing investment will be notified by ORE Catapult.
The deadline for applications is 31 March 2025, but funding decisions will be made throughout the process on a first come first served basis until the funding is fully allocated, meaning there is potential for the fund to close before that date.
Approximate timescale from Expression of Interest submission to potential investment decision: 4-6 months.
