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<p>Through the Industrial Strategy Challenge Fund (ISCF), the Government is investing
in strategic innovation challenges that will create transformative opportunities for
businesses and sectors across the UK. So far £1.7bn has been allocated to ISCF challenges
over two waves of investment. This includes £102.5m for the Prospering from the Energy
Revolution Challenge, which will develop world-leading local smart energy systems
that deliver cheap and clean energy across power, heating and transport, while creating
high value jobs for the future.</p><p> </p><p>To date 5.9% of bids to the Prospering
from the Energy Revolution Challenge have been from organisations registered in the
North East and 6.0% of allocated funding has been to organisations registered in the
North East. The recently launched Offshore Wind Sector Deal will also benefit the
UK economy including that of the North East.</p>
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