The Government-backed Technology Strategy Board has announced that £39.5m will be available for companies doing R&D in areas such as low-carbon and nano technologies.
There are likely to be opportunities for electronics companies working in the areas of low-carbon technologies, medical and transport systems.
“This year we are placing particular emphasis on innovation in the critical areas of energy, low carbon technologies, life sciences and the digital economy,” said chairman of the Technology Strategy Board, Dr Graham Spittle.
“We have also been working with business to develop forward-looking innovation strategies for many key sectors. Five of these strategies are being published for the first time today - looking at nanoscale technologies, medicines and healthcare, biosciences, resource efficiency and emerging technologies,” said Dr Spittle.
Between now and next spring, businesses will be invited to compete for £39.5m of government funding for R&D in fields such as regenerative medicine, transport and logistics, agriculture, infectious diseases and low carbon housing.
“Driving innovation in these areas where the UK has strength and competitive advantage, will speed our recovery and help deliver a strong economy coming out of the global downturn,” said Secretary of State for Business, Innovation & Skills, Lord Mandelson.
The Technology Strategy Board will also invest up to £50m in a sustainable agriculture and food programme over the next five years.