Swell Launches Innovation Funding Service for Marine Industry

PRESS RELEASE

Tuesday 3rd August 2021, Cowes, UK.

Swell, the marine industry’s first innovation funding specialists, launches with clear ambition to drive accessibility to innovation funding and accelerate the marine sector’s transition to a net zero future.

A group of industry experts including system and marine engineers, data analysts, and innovation funding experts, yesterday launched Swell, the marine industry’s first and only R&D tax credit and grants specialists.

Swell aims to accelerate change and bring innovation and technology to market quicker as the marine sector transitions to a circular, net zero economy. Over £3 billion is spent on R&D within the UK marine industry per annum, but there is a clear and growing awareness that grants and R&D tax credit will be required to achieve Net Zero 2050 targets. Source: oecd.org

On 22nd July 2021, Business Secretary Kwasi Kwarteng announced a new UK Government Innovation Strategy that plans to boost private sector investment and aims to put the UK at the forefront of the global innovation race. This new Innovation Strategy aims to boost private sector investment in R&D across the whole of the UK by committing to increasing annual public investment on R&D to a record £22 billion. Source: Gov.uk

Swell’s team of experts and marine specialists come from a world of innovation and bring a significant amount of experience from working within the pinnacles of marine sport including the sport’s ultimate technical challenge, the America’s Cup. The team includes: Managing Director - Henry Bomby, Director - Nick Prattley, Director Strategy - Jo Grindley, Head of Innovation Funding - Tom Kennard, Lead Technical Specialists - Andrew McLean, Emily Nagel and Bleddyn Môn.

Swell Founder and Managing Director Henry Bomby said, “In order to transition to net zero and introduce zero-emission technologies within the next thirty years, the marine sector is going to have to undergo monumental changes. As someone who is passionate about the marine sector, innovation, technology and sustainability, the opportunity to work with the most innovative companies in the marine industry and help bring new technologies to market quicker is hugely exciting.”

Managing Director Henry Bomby talking with Technical Specialist Andrew Mclean.

Swell Technical Specialist, Andy Mclean is at the cutting edge of innovation as Head of Systems at the British America’s Cup team. “I have seen first-hand how quickly innovation derived from the likes of the America’s Cup can drive industry wide change. Foiling technologies and automated control systems are already starting to dramatically increase the efficiency of vessels, one example of how innovation will help reduce emissions and ensure sustainable growth of the sector.”

Innovation has been widely acknowledged as a key mechanism for sustainable development. Swell has applied to become BCORP certified and will look to drive change through funding streams they procure for the industry. “Companies who lead and adopt a more strategic plan for sustainability will not only drive innovation but decrease the impact to effect positive and lasting change within our industry.” Jo Grindley, Strategy Director.

Swell was launched yesterday at an industry event at Spinlock’s offices in Cowes, Isle of Wight. For more information visit: www.swellgroup.co or to get in touch via email contact@swellgroup.co or talk to Henry Bomby on +44 7879 642507.

Sources:

Gov.uk Press release ‘New plans to put UK at front of global innovation race’

https://www.gov.uk/government/news/new-plans-to-put-uk-at-front-of-global-innovation-race

OECD.org

https://www.oecd.org/sti/rd-tax-stats.htm

https://www.oecd.org/sti/rd-tax-stats-united-kingdom.pdf

ENDS

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It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.

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