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22.05.20

Green start-ups to get £40m Clean Growth Fund boost

Start-up companies working on green solutions in the UK are set for a £40m jointly-funded pot to ‘supercharge’ the next generation of clean, low-carbon technologies.

Announced yesterday (May 21) by Alok Sharma MP, The Clean Growth Fund will underpin the UK’s 2050 carbon neutrality ambitions and give UK companies access to the funding needed to succeed.

The pot is open to companies developing green technology across a wide range of sectors, including transport, waste and building energy efficiency.

Specific examples highlighted are energy storage and smart grid systems to make a more resilient power system, renewable heating and ventilation technologies and bio-fuels and bio-energy systems.

The current £40m sum is made up from a £20m Government investment and a £20m investment match by charity fund managers CCLA, and could reach £100m by Autumn 2021 with the support of private sector fundraising.

READ MORE: HOUSING MINISTER - ENERGY EFFICIENT HOMES

READ MORE: INNOVATIVE START-UP BUSINESSES GET £40M

Business Secretary, Alok Sharma, said:

“The need for innovative and ambitious ideas across green industries has never been greater. I am pleased that with the help of this fund, promising clean growth start-ups will be able to step up to accelerate the UK’s recovery, while supporting our path to Net Zero by 2050.

“This pioneering new fund will enable innovative low-carbon solutions to be scaled up at speed, helping to drive a green and resilient economic recovery.”

The Clean Growth Fund, funded by the BEIS Energy Innovation Programme, is now looking for private sector investment and will aim to include a diverse set of members.

Specific focus is being put on finding clean growth technologies, hardware, products and services including power generation, waste, energy networks, buildings managements, industries, bioenergy and alternative fuels.

Investment will be put into businesses with a prototype product or service with clear evidence of reducing greenhouse gases and market demand.

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