The ISCF, which supports collaboration between science and business, aims to invigorate the development of disruptive technologies in the UK.
Part of the £23 billion National Productivity Investment Fund, which was announced in the 2016 Autumn Statement, the ISCF will see government invest £270 million into the first wave of challenges in 2017-18.
The first round of funding will focus on three areas, including the development, design and manufacture of batteries to power the next generation of electric vehicles. Funding will also be allocated to artificial intelligence and biotech projects.
Ian Constance, Chief Executive of APC said: “The announcement in today’s Budget that a portion of the National Productivity Investment Fund will be allocated to developing innovative battery technology is welcome news for APC and the UK automotive industry as a whole.
“Building and nurturing a robust and innovative battery supply chain is crucial if the UK is to become a global leader in low carbon powertrain technologies. While APC is already funding a number of projects to develop battery technology, the ISCF will provide additional momentum to meet the scale and pace of the electrification challenge and to ensure the UK’s world leading competitiveness.
“As already proven by APC, collaboration between innovative institutions, such as universities, and automotive OEMs and suppliers is vital to the long-term future of the UK industry. The skills learned in these projects can then be passed on to our next generation of engineers, further strengthening the country’s capability to innovate.”