Investing in the UK’s Industrial Transformation – Investment Summit Write Up

At the Clean industrial Growth Investment Summit, one of the afternoon panels explored the topic of “From Legacy Assets to Competitive Advantage,” touching upon one of the most pressing questions facing the UK industry today: how to turn legacy infrastructure into a source of competitive advantage. 

This panel brought together fresh perspectives from finance, heavy industry, energy innovation, and advanced manufacturing.  

Chaired by Marco DeBenedictis, Head of UKC Sustainable Finance at Barclays PLC, the discussion focused less on theory and more on the practical realities of funding, scaling, and delivering industrial transition in the UK. 

Panellists for this session included: 

• Chris Hazell, Director of Mobility at Palmer Energy 

• Neil Spann, CEO at PowerRoll 

• Michaela Lindridge, Head of ESG at Severfield. 

 

Competing in a global market  

Opening the session, Marco DeBenedictis set the scene by addressing the UK’s position within a highly competitive global landscape, particularly in relation to China. 

The panel were quick to suggest that the UK is unlikely to compete on manufacturing scale alone, but instead mentioned that the opportunity lies in differentiation, which covers leveraging strengths in innovation, design, advanced engineering, and digital capabilities. 

Chris Hazell highlighted the importance of combining UK-based intellectual property and system design with global manufacturing capacity. He suggested that this hybrid approach would allow the UK to remain competitive while receiving help from lower-cost production elsewhere. 

Neil Spann reinforced this view, noting that competing directly with large-scale, energy-intensive manufacturing, such as traditional solar panel production, is not practical. Instead, he pointed to the UK’s potential to lead in next-generation technologies that are less resource-intensive and more adaptable to distributed manufacturing models. 

 

Financing industrial transformation 

A central theme that ran throughout the discussion was how industrial transformation is funded in practice, particularly the challenges of scaling modern technologies. 

Neil outlined a significant gap in the funding landscape, often referred to as the “missing middle.” While early-stage innovation can access grants and early funding, and large infrastructure projects attract capital, companies often struggle to secure the mid-range investment needed to grow. 

He explained that: 

• Early development is typically supported by grants and private capital 

• Large-scale funding is available for mature, low risk projects 

• Scale-up funding is still difficult to access, particularly for first-of-a-kind technologies 

Chris added that risk allocation is also a critical factor. He argued that successful projects require a balanced approach, with risk shared between government, private investors, and the companies themselves. 

Government-backed guarantees, rather than purely grant-based support, were highlighted as a potential way to unlock greater private investment while also keeping accountability. 

 

The role and limits of grants 

The panel also spoke about the role of public funding, particularly grants, in supporting industrial transition. 

While grants were widely recognised as valuable, both Chris and Neil noted their limitations. Grants can help de-risk early-stage innovation and support research and development, but they are often not suited to funding large-scale manufacturing or commercial deployment. 

Chris pointed out that grant processes can be slow and not flexible, sometimes directing companies toward projects that are no longer commercially relevant by the time funding is received, due to the advancements in policies and technologies. 

Neil described grants as “helpful but insufficient,” emphasising that they cannot replace the need for substantial private and institutional capital when scaling technologies. 

At the same conversation, Michaela Lindridge touched on the importance of grants for SMEs, noting that smaller organisations often rely on them to access opportunities that would otherwise be out of reach. 

 

Decarbonisation as a competitive driver 

From an industrial perspective, Michaela Lindridge emphasised that decarbonisation is increasingly linked to commercial competitiveness. 

Large clients and developers are now integrating sustainability requirements into procurement and buying processes, meaning that companies must prove strong environmental performance to remain competitive. 

She noted that, in some cases, sustainability criteria are now weighted as heavily as, or more heavily than, traditional factors such as cost and quality. 

However, this shift also brings challenges. One key tension is between sourcing locally and sourcing low-carbon materials, as greener options are not always available within the UK supply chain. 

Infrastructure and energy constraints 

Another theme highlighted throughout the session was the role of infrastructure, in particular energy systems, in enabling or even limiting industrial transformation. 

Michaela highlighted that access to affordable, low-carbon energy is one of the biggest barriers facing industry today. In some cases, existing grid infrastructure is unable to support further electrification, preventing businesses from implementing decarbonisation strategies. 

Chris added to this by saying that the rapid decline in the cost of technologies such as solar and battery storage has outpaced infrastructure development. While these solutions are now financially viable, grid constraints often prevent their deployment at scale. 

Neil reinforced Chris’ point, describing grid capacity as a fundamental bottleneck that must be addressed to enable widespread adoption of clean technologies. 

 

Unlocking value from legacy assets 

The panel also looked into how existing industrial assets can be repurposed and upgraded to support the transition. 

Rather than viewing legacy infrastructure purely as a constraint, the panellists highlighted opportunities to: 

• Retrofit buildings with new energy solutions  

• Repurpose existing facilities for advanced manufacturing  

• Integrate systems to improve efficiency, such as reusing waste heat 

These points show how industrial transformation can be delivered incrementally, building on existing assets rather than relying solely on new developments. 

 

Speed, policy and innovation 

Another topic discussed was the pace of change and the need for policy and regulation to keep up with technological advancements. 

Chris stressed that innovation cycles are accelerating, particularly in areas such as energy systems and digital technologies. Without faster policy development and more agile regulatory frameworks, the UK risks falling behind other markets. 

The panel agreed that innovation is still one of the UK’s strongest advantages, but that it must be supported by:  

• Faster decision-making processes 

• More flexible funding structures 

• Greater coordination between public and private sectors 

 

Retaining UK innovation 

During the audience Q&A, a question was asked about the risk of UK-developed technologies being scaled overseas. 

Neil explained that this is often driven by access to capital. When funding is not available domestically, companies are forced to look internationally, which can lead to the relocation of manufacturing and economic value. 

Chris added that investment ecosystems also play a crucial role, noting that entrepreneurs are more likely to build and scale businesses in regions where capital, talent and opportunity are connected. 

Suggestions to address this included stronger investment incentives, greater government support for scaling businesses, and a more strategic approach to keeping critical technologies within the UK. 

 

Final reflections 

The panel concluded the session by saying that while the UK has strong foundations for industrial transformation, significant challenges remain.  

From funding gaps and infrastructure constraints to policy alignment and global competition, delivering the next phase of industrial growth will require coordinated action across multiple areas. 

However, the discussion also reinforced a clear opportunity that focuses on innovating, using existing assets and improving the access to capital. In doing so, the UK can position itself as a leader in the transition to a low-carbon industrial economy. 

Success will not just depend on the ambition, but on the ability to deliver at speed, at scale and with the right structures in place to support long-term growth. 

 

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