MANUFACTURERS in Wyre Forest are being encouraged to exploit opportunities in the offshore wind market through a new funding stream.

Companies in the area are being invited to take advantage of two fast-track funding calls, worth a combined £4.5m, via the Grow: Offshore Wind service.

The aim of the programme, which is supported by the Government’s Regional Growth Fund, is to help manufacturing firms to tap into the UK’s growing offshore wind industry and help them expand their operations and create new jobs.

The first fast-track funding call, supported by programme partner RenewableUK, is valued at up to £2.5m and has been directed to support SME companies with their capital investment plans.

And, through partnership with the Knowledge Transfer Network (KTN) and Offshore Renewable Energy Catapult, a second fast-track fund totalling £2m has also been made available to help SMEs and Large Enterprises accelerate their investment in innovation projects.

Both calls are seeking applications from Wyre Forest companies who can utilise this funding over the next six months. Each company will be able to apply for up to a maximum of £500,000.

Applications will be assessed on their ability to create jobs and develop market presence in the offshore wind supply chain, with Expression of Interest applications to be submitted by October 15 2014.

Successful applicants will be required to have substantively completed their projects by 30th April 2015.

Dominic Brown, Head of Grow: Offshore Wind, said: “We are excited about the potential of both calls to help us connect with more Wyre Forest companies and fast track their investment plans.

“By streamlining the approvals process, the calls will enable firms to commence their investment plans by early November, ensuring they are in the best possible position to take advantage of the opportunities that are out there.

“Up to £500k of grant funding is available for successful applicants, which can be used to support a wide variety of project costs.”

Full details on both calls and application forms can be found on the GROW: Offshore Wind website- www.growoffshorewind.com.