The Institution of Engineering and Technology (IET) is awarding £200,000 in scholarships and prizes to more than 120 students across the UK, in a bid to inspire a new generation of engineers.

Winners will receive prizes ranging from £1000 to £3000 per annum for the duration of an IET accredited degree course. Funding is also available to those in the university application process, to reassure students concerned with the rise in tuition fees that help is available.

The winners, 25 percent of whom are young women, will be receiving their scholarships at the annual IET Ambition and Achievement Awards ceremony later today.

“After an incredible year that saw the UK’s engineering ability showcased to the world, we are proud to acknowledge the next generation of engineers and technicians,” said Nigel Fine, chief executive of IET.

“The Ambition Awards celebrate the incredible wealth of talent this country has to offer, particularly the achievements of talented young students who I believe will go on to become great ambassadors for UK engineering.”

Earlier this year, the IET announced the launch of a £1million investment as part of its Diamond Jubilee Scholarships scheme targeting students applying for IET accredited courses in Computing, Electrical, Electronic and Manufacturing Engineering from 2013.

The Diamond Jubilee Scholarships will award every student who is accepted onto the course and achieves three A grades at A-Level £1,000 for each year of their degree.