The Department for Business, Innovation and Skills (BIS) and the Higher Education Funding Council for England (HEFCE) has launched the new UK Research Partnership Investment Fund.
Announced as part of the March 2012 Budget, the new £100 million fund will help HEIs (Higher Education Institutes) in the UK to support large-scale projects that can leverage substantial co-investment from private sources building on the research excellence in the higher education sector.
The main aims of the Fund are to:
The funding will support development of the physical infrastructure and equipment of HEIs undertaking high quality research, either through strategic partnerships with co-investors, or where HEIs are in receipt of donations. The majority of the funding is likely to be allocated for new buildings or major refurbishment of existing facilities, or purchase of relatively high cost equipment.
Capital grants of between £10 million to £35 million per project are available.
Applicants must be able to attract private investment of at least double the project cost amount they have bid for. Meaning for every £1 the HEFCE invests, there should be an additional £2 invested from another source.
The HEFCE is looking to invest in three to ten projects.
Minister for Universities and Science David Willetts said:
“Collaboration between universities, charities and industry is vital for our economy, and attracts significant private investment in our world leading research base.
“The new £100 million Research Partnership Investment Fund will bring together leading institutions and organisations. This follows on from my invitation of bids on the 4th January. It will support excellent projects, which could include the purchase of high cost equipment through to stimulating the development of a new research campus. This will encourage innovation, drive growth and create jobs.”
The deadline for expressions of interest is Friday, 8 June 2012.
For more information visit the HEFCE website.