25/04/2012 - £35 Million Support Programme for Green Entrepreneurs
The Government has announced details of its proposed new Energy Entrepreneurs Fund. The programme forms part of an overall £200 million package for innovation support, announced in the Spending Review 2010.
The Fund is designed to support companies operating in the green energy sector to help them with proposals for low carbon ideas of the future. It will provide financial assistance to these businesses in order to help them develop and demonstrate new low carbon technologies, services, and business models. Businesses will also be able to access support from experts on how to bring their products to market.
There is a total budget of up to £35 million available over the next three years (2012-2015). Companies may apply for funds of up to £1 million, to be used to leverage additional private investment.
The Funds will primarily be used towards developing energy efficiency solutions for buildings, including advanced lighting, heat pumps and ventilation technologies. Cleantech ideas around power generation will also be accepted.
Environmentally-focused start-up companies (SMEs) in the UK will be invited to apply to this Fund once it opens in full.
Energy and Climate Change Secretary Ed Davey considers the programme to be ideally suited to helping small, ambitious green companies. Speaking about its launch at the Clean Energy Ministerial summit in London, 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 of thirty-five million pounds which will help innovators and entrepreneurs develop and demonstrate low carbon technologies.
"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."
Details of the application process and any deadlines (if applicable) will be available by summer 2012.
Source: Department of Energy & Climate Change, 25/04/2012
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