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UK government launches £35 million fund for eco-entrepreneurs |
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26 Apr 2012, 6:35 PM
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The government have today announced a £35 million fund for energy entrepreneurs and a £3 million fund for innovation in heat storage. The Energy Entrepreneurs Fund will administer £35 million over the next three years for SMEs to develop and demonstrate low-carbon, energy efficiency technologies and services.
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SMEs will be able to apply for up to £1 million in government funding, which can be used to secure additional private sector funding. The scheme will also provide support for innovators on bringing new products to market.
The Department of Energy and Climate Change (DECC) will run the scheme, taking advise from a panel of investors on which companies and ideas to back. Of the £35 million fund, £20 million will initially come from DECC’s Buildings Innovation Programme to support energy efficiency technologies like advanced lighting, heat pumps and ventilation systems.
“The first wave is going to be in energy efficiency in buildings, things like advanced lighting, heat pumps, ventilation technologies and so on. This is a practical way that we can make sure we get to the low carbon economy,” said Energy Secretary Edward Davey, launching the initiative.
A further £15 million will be added to the scheme later to expand the scope to include power generation technologies.
The Energy Entrepreneurs Fund will be followed shortly by a £3 million competition in partnership with the Technology Strategy Board to assess the performance of advanced heat storage technologies that can be integrated with domestic heating systems.
Meanwhile, the government is also launching an online tool tomorrow, Low Carbon Funding Landscape Navigator, developed by the Energy Generation & Supply Knowledge Transfer Network to help link up providers of and applicants for low carbon funding.
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