Monday 28 March 2022

SMEs offered £10m for innovation towards clean energy independence

Energy entrepreneurs are being offered a £10 million cash boost from the government for innovative ways of cutting the UK's reliance on expensive fossil fuels and driving forward clean energy independence.

The funding is being offered under the ninth round of the Energy Entrepreneurs Fund, which seeks to enable small and medium sized businesses (SMEs) to make their ideas a reality and promote new clean technologies across all sectors of the economy.

It aims to support the development and demonstration of innovative technologies in the areas of energy efficiency, power generation and energy storage that help reduce greenhouse gas emissions and boost security of supply.

Between 15 to 20 projects are expected to be supported under the latest round.

A total of £1 million of the funding has been earmarked for innovative energy projects in Cornwall, following an announcement last year for innovation funding to mark Cornwall’s role in hosting the G7 Summit.

To be eligible, at least 75% of a project’s activities must take place in the geographical boundary of the county of Cornwall.

More than £100 million worth of grants have been provided under the scheme since 2012, supporting 214 projects and leveraging more than £500 million in private investment – a figure that is still increasing.

Energy Minister Greg Hands said: “Our innovation has made the UK a green energy world leader and we are unleashing that now to help us further secure greater clean energy independence.

“The Energy Entrepreneurs Fund is backing the next generation of inventors and innovators to drive forward cheap and reliable low carbon technologies, create jobs and reduce our reliance on expensive fossil fuels.”