Entrepreneurs with innovative ideas and products in energy efficiency, storage and low carbon generation can today apply for a share of £19million of Government funding.
The funding comes from the second phase of the Energy Entrepreneurs Fund. The Fund has already allocated £16million since autumn 2012 to help bring a range of new and innovative low carbon products to market. The previous phase funded projects including energy storage, heat storage, tidal turbine testing, a thermally-insulating window and an ‘Eco power shower’.
On a visit to previous funding winners Yorkshire Water near Bradford, Energy Secretary Edward Davey said:
“We’re on the side of innovative businesses and individuals with drive, passion, ideas and entrepreneurial spirit.
“This funding will get ideas off the ground and into the market, create new green jobs, and help the UK get ahead in the innovation global race.
“An ambitious and driven small business sector can steer the economic recovery in the right direction. So I want to see Britain’s brightest and best SMEs sending in their applications.”
The scheme seeks the best ideas from the public and private sector. It particularly aims to assist small and medium sized enterprises, including start-ups, and those companies that are selected will receive additional funding for incubation support.
Subject to the demand and quality of applications, DECC expects to open Calls for projects every four to six months from June 2013, until the full funding has been allocated. During the application process, applicants will be expected to demonstrate a robust evidence based case for funding, that will include but not be limited to:
- the potential impact of the innovation on 2020 and/or 2050 low carbon targets or security of supply;
- the technical viability of their innovation and coherent development plan that will commercially progress the innovation;
- value for money; and
- the size and nature of the business opportunity.
£19million is now available on a competitive, rolling basis to support projects up to a maximum value of £1million for work completed by 31st March 2015. The Deadline for the first call for applications within this second phase is 12th July. Applicants will first need to register their contact details by 5th July on the Energy Entrepreneurs registration website.