Greentech Lead U.K: The U.K Department of Energy and
Climate Change has announced a 16 million-pound fund to support carbon cutting
investments. This is the first phase of the Entrepreneurs Fund, part of a 35
million-pound fund announced earlier this year.
Of the 16 million, up to 10 million pounds will be
available to support energy efficient technologies such as building control
systems, advanced lighting systems, and space heating and cooling technologies.
U to 6 million pound is available for power generation and energy storage
technologies including fuel cells, biomass boilers and heat pumps.
The fund will be utilized to speed up the development of
low carbon technologies towards commercialization, helping cut carbon in the
UK, supporting jobs and creating export opportunities.
U.K Department of Energy and Climate Change plans to
launch the second phase of the scheme in early 2013. The phased approach will
help assess the demand for this type of funding and also test how it works on
the ground.
The bid is open for small and medium sized enterprises
(SMEs) as well as individual innovators and entrepreneurs. Innovators
will be able to bid for up to £1million 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.
Criteria for assessment include the impact of the
proposed technology on meeting the Government’s 2020 and 2050 carbon targets,
commercial potential of designs, improved performance characteristics over
existing technologies and products, and ability to cut the cost of installation
or maintenance of existing systems.
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.”