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£16m fund for low carbon SMEs

A low carbon initiative fund of £16m launched by the Department of Energy and Climate Change (DECC) will support entrepreneurial energy saving ideas.

SMEs are the main target for the funding, as well as inventors and entrepreneurs who can bid for a portion of the investment.

DECC have planned to accelerate the commercialisation of low carbon technology through the Entrepreneurs Fund, with a view to significantly reducing carbon output from UK businesses through the creation of export opportunities and job support.

Today’s release of cash is the first phase of the Entrepreneurs Fund of £35m announced earlier this year.

£10m has been made available for businesses to build on energy efficient technologies such as control systems, lighting, and temperature systems.

The remaining £6m of the fund will be used for power generation and energy storage technologies such as fuel cells, biomass boilers and heat pumps.

The Entrepreneurs Fund will release a final injection of funding in 2013, with £19m going towards the second phase of this project.

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.”

Businesses bidding for a portion of the fund will be assessed on how fully they meet with the Government’s 2020 and 2050 carbon targets, as well as the project’s commercial design potential, how well the proposal improves on current technologies and it’s ability to but the costs of installation and maintenance of existing systems.

DECC will be advised on the bids by a panel of investors and successful bidders will receive the funds later in 2012.

This was posted in Bdaily's Members' News section by Miranda Dobson .