Nearly £1 million is set to be distributed to businesses and educational organisations in the East of England through two new funding initiatives aimed at boosting innovation and green jobs.

Freeport East is set to invest more than £980,000 to support small and growing businesses while promoting clean energy advancements.

The Freeport East Clean Growth Fund is targeted at companies within the clean energy sector, including Insight Energy Renewables near Ipswich, Revolve Labs in Stowmarket, and a specialist programme at the University of Suffolk.

Steve Beel, chief executive of Freeport East, said: “Investing in local businesses and growing our workforce is investing in the future of the East of England.

“The funds not only empower entrepreneurs to advance clean energy and technological developments that will create new economic opportunities for our region, but will also ensure that our local workforce is equipped with the skills needed to thrive in a rapidly evolving economic landscape.

“By investing in these high-impact sectors, we’re not only supporting local businesses but also setting the stage for a future where our region is at the forefront of high value sectors that build on our local expertise, such as clean energy, trade, agritech and digital.”

Alongside this fund, The Freeport East Innovation and Skills Fund focuses on building access to innovation and skills opportunities in underserved communities.

Funding recipients include MENTA, which offers business and innovation support, Stempoint in Felixstowe, and several further education providers, led by Suffolk New College.

The funds target sectors with the potential to strengthen local economic clusters by fostering skilled workers and innovative businesses.

These sectors include clean energy, advanced manufacturing, logistics, education, and agritech – all vital to the region’s long-term economic resilience and competitiveness.

More information on Freeport East can be found here.

Rachel Eburne, Mid Suffolk District Councillor and Director of Freeport East, said: “By aligning this support with wider freeport initiatives, such as the new skills and innovation centre at Gateway 14 in Stowmarket or the Green Freight Corridor initiative running from Felixstowe to the Midlands, we can create more opportunities for our local businesses and people to excel in new sectors of the economy.”