Low carbon innovation gets green light with £16m fund
The Government has launched a £16m fund for entrepreneurs to develop innovative ideas for reducing CO2 levels.
The aim of this funding is to speed up the development of low carbon technologies towards commercialisation, helping cut carbon in the UK, supporting jobs and creating export opportunities.
The fund is being split into two, with £10m available to support energy efficiency technologies such as building control systems, advanced lighting systems, and space heating and cooling technologies.
Power generation and energy storage technologies including fuel cells, biomass boilers and heat pumps will take up the remaining £6m.
This £16m is part of a £35m fund announced earlier this year and the remaining £19m will be made available in early 2013.
Energy and Climate Change Minister Greg Barker said: "Low carbon innovation is vital for the growth of our green economy. This investment will help entrepreneurs with novel ideas get designs off the drawing board and into our homes and businesses, helping cut carbon and spur on growth in this exciting market place."
The Department of Energy and Climate Change (DECC) said the money is aimed at, but not limited to, small and medium sized enterprises (SMEs) as well as individual innovators and entrepreneurs.
Applicants will be able to bid for up to £1m to develop and demonstrate innovative technologies and processes and get support from experts on how to bring their products to market. Entrepreneurs can then use the funding to leverage additional funds from private sector investors.
A panel of investors will advise DECC on the commercial potential of the bids.