In recent years, Cornwall and the Isles of Scilly’s business infrastructure has undergone significant transformation. ICT, improved transport and the creation of the Combined Universities in Cornwall (a unique Higher Education model) has meant, despite its rural make-up, the county is punching well above its weight, providing investors with an attractive business proposition.

A number of sectors, such as medical, marine, food and drink and IT, have achieved particularly strong growth, with rapidly developing business clusters focused around world-class centres of excellence. However, it is the environmental sector where Cornwall is fast securing its position as an innovator as it seeks to become the green peninsula of the UK.
 

INVESTMENT
Convergence is the European economic regeneration programme for Cornwall and the Isles of Scilly and runs until 2013. It enables the area to invest in activities that will have a long-term impact on its economy.

Convergence consists of two funds: European Regional Development Fund (ERDF) and European Social Fund (ESF). The European budget for Convergence is c£500 million, which will be matched by UK public giving a total value of c£712 million.

NEXT GENERATION ACCESS
Cornwall is set to become one of the first places in the UK to benefit from next generation broadband services, providing faster, more reliable and affordable connections across the whole county. The roll out will start in late 2010 and will provide the platform for innovation, improved communications and new opportunities. Cornwall will benefit from a future-proofed level of connectivity that will ensure it can compete with major cities across the world.

RENEWABLES
Cornwall’s industrial heritage and mining expertise have increasingly informed the county’s leading position in the renewable energy sector. The UK’s first wind farm was sited at Delobole in 1991. The world renowned Camborne School of Mines (CSM), which undertook the Hot Dry Rocks project in the 80’s, has more recently produced the UK’s first degree course in renewable energy. The Eden Project has also helped put Cornwall on the map exploring ways of mitigating climate change and understanding the potential of renewable energy. Having access to exceptional environmental expertise has seen a plethora of renewable energy companies start-up or relocate to the county.

Cornwall is already home to companies such as GeoScience and Earth Energy Limited, which has developed geothermal heating and cooling systems that can cut greenhouse gas emissions by up to 70%. Kensa Engineering, the sole UK manufacturer of ground source heat pumps, has developed innovative technology to minimise running costs by maximising energy efficiency through exploiting the “free” geothermal energy stored in the ground. Microgeneration Limited, established in Manchester, to design and install zero or low carbon energy systems for business and homes, relocated to Cornwall, due to its vibrant research and commercial community within the field of environment technology.

On the horizon, 2010 will see work commence on the world’s first large scale wave farm, ten miles off the Cornish coast near Hayle. Called Wave Hub, the £42 million project has been developed by the South West Regional Development Agency and will be the UK’s first offshore facility to demonstrate arrays of wave energy generation devices. With an initial capacity of 20MW, it will allow wave device developers to test their technology on a scale not seen anywhere before and has been designed to cater for up to 50MW in the future.

Wave Hub is expected to be the catalyst for the creation of a marine energy industry in Cornwall and has already helped attract renewable energy companies to the county. Orecon, a wave energy device developer relocated in 2008. The company saw the county’s institutions of higher education as a major asset in terms of both possible R&D link-ups and recruitment, and has already taken on a graduate of CSM’s Renewable Energy degree course.

Cornwall’s role in developing marine renewables has also been recognised by the UK Government which designated South West England the country’s first Low Carbon Economic Area in recognition of its marine energy expertise. This included £20 million of additional funding, half of which is going to Wave Hub with the remainder to be spent on projects that support the development of a marine energy industry in the region.

Other significant investments include the Peninsula Research Institute for Marine and Renewable Energy – PRIMaRE, which has staff at the Combined Universities in Cornwall and the University of Plymouth. This £15 million institute launched in 2007 and consists of 15 world-class academic staff, 60 researchers and a dedicated technology transfer team that works with businesses. Substantial investment is being made in new equipment to support research into the environmental impact and benefits of marine renewable energy.

For any business operating in the renewables sector, Cornwall’s track record, geographical environment, investment programme and access to funding, skills and expertise, makes it the ideal location.


CONTACT:
Lucy Hunt
InvestinCornwall
Tel: +44-(0)1872-322814
Email: lucy.hunt@cornwalldevelopmentcompany.co.uk
Web: www.investincornwall.com