Plymouth and South Devon Freeport supports Growth Forge accelerator

Plymouth and South Devon Freeport is supporting the first MarineTech Accelerator as part of the wider Growth Forge programme.

The South West’s marine tech sector is dynamic and fast growing, with leading international brands hailing from the region including Beam (formerly Rovco and Vaarst), ARC Marine and tidal energy pioneer Inyanga Marine Energy Group.

Plymouth and South Devon Freeport is able to support businesses in the sector looking to grow with its unique offering including:

• tax and customs savings which can help reduce the costs of growth, e.g. 3 years employer’s national insurance contribution relief
• a range of premises/ workshops of varying sizes
• support for developing your workforce
• support to access a vast innovation ecosystem of expertise and assets
• fostering a collaborative hotbed of innovation

Companies based across the South West are invited to take advantage of PASD Freeport’s access to expertise in the marine sector from across the region and beyond.

With a focus on high growth sectors including marine (especially autonomy), defence, advanced engineering, net zero and space, PASD Freeport supports eligible businesses that are accelerating technologies and pioneering new solutions within these fields. As part of its wider offer the Freeport can help facilitate access to state-of-the-art innovation assets and facilities including Smart Sound, 1000 km² highly monitored water for the testing/development of new marine tech, as well as bespoke skills support.  

Eligible businesses have a range of flexible premises and opportunities across the Freeport’s three tax sites (South Yard, Langage and Sherford) and can take advantage of preferential tax and customs incentives and benefits providing they locate in the Freeport by September 2031. These include zero Employer’s NI for 3 years on the portion of salaries up to £25k and zero business rates for 5 years.

The region boasts world-class research institutions, established marine businesses, and a growing number of startups, providing marine tech innovators at every stage of growth the ability to tap into a vast range of support and growth potential.

The Marine Tech Accelerator will serve as a catalyst for collaboration, connecting fast growing marine tech businesses with industry experts, investors, and invaluable resources. Plymouth and South Devon Freeport are delighted to be part of the Accelerator which will help businesses to grow and support sustainable growth and innovation in the region.

Image: Plymouth City Council