PRISM is a Programme of Research and Innovation for the UK Steel and Metals sector, providing funding to support innovation in:
- Digital technologies
- Circular economy
The programme was announced by the UK finance minister in the March 2020 budget and is being delivered by the Materials Processing Institute. The funding is provided through Innovate UK, part of UK Research and Innovation.
The primary aims of the programme are to:
- Increase the competitiveness of the UK steel and metals sector
- To support Government aims to achieve net zero by 2050, improve business productivity and competitiveness and level up across the nations and regions of the UK
- To develop and enhance facilities and capabilities at the Materials Processing Institute, providing underpinning funding for development of sustainable long term revenue
The programme is funding the following activity at the Materials Processing Institute:
Developing the technologies of tomorrow, these projects are aimed at accelerating the commercialisation of widely applicable technologies for the sector.
Multi partner projects, involving collaboration partners across the sector and supply chain, to deliver new technology solutions that will enhance the competitiveness of UK industry. 50% of the services provided by the Institute are funded.
Specific, targeted projects for individual companies, or small consortia, that improve productivity, develop new products, or apply new technologies, to meet the aims of the programme. 25% of the services provided by the Institute are funded.
Compared to most other sources of funding PRISM has some unique features and benefits for partners involved in collaboration and private projects.