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Wednesday May 9
In its efforts to advance low carbon solutions in the UK, the Government has launched a £35milion fund aimed at eco-entrepreneurs. The idea behind the scheme is to help small businesses bring their green technology to market by assuring funding and expert guidance.
The Department of Energy and Climate Change (DECC) has announced details of a £35 million Energy Entrepreneur Fund that is designed to support innovative small businesses that come up with new low carbon solutions. Over the next three years, hopefuls will be able to apply for up to £1million worth of funding and can use that money to attract private sector investors as well. Details of the application process will be available by summer.
Energy and Climate Change Secretary Ed Davey made the announcement last month. He said: "Part of the way that we're going to tackle climate change and get clean energy is through innovation, particularly with SMEs. We're allocating a fund which will help innovators and entrepreneurs develop and demonstrate low carbon technologies."
The scheme will also provide support from experts on bringing new products to market. A panel of investors will advise DECC, which operates the scheme, on which companies and ideas to back.
Explaining the direction the scheme is to take, Ed Davey said: "The first wave is going to be in energy efficiency in buildings, things like advanced lighting, heat pumps, and ventilation technologies and so on. This is a practical way that we can make sure we get to the low carbon economy."
Competition time
DECC will also shortly launch a £3 million competition to assess the performance of advanced heat storage technologies suitable for integration with domestic heating systems. The aim of this scheme, which is part of DECC's Buildings Innovation Programme, is to assess the viability and benefits of novel compact heat storage materials which can be installed in homes to even out peak electricity demand from low carbon heat technologies such as heat pumps.
A website has been set up to help providers and applicants for low carbon funding to link up more easily. The tool is available on the Low Carbon Funding Landscape Navigator website and enables users to search for the latest funding opportunities in the low carbon area and get help in finding the right partners to work with. Both public or private funders can add and manage their own funding opportunities.
The navigator is described as a resource for the entire low carbon energy community, increasing transparency and knowledge sharing throughout the sector. It is expected to be particularly valuable to smaller technology companies who struggle to keep up to speed with the myriad of support mechanisms in the UK. By placing this information at the users fingertips the navigator will reduce time wasted and opportunities missed.
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