Today is the launch of the £16 million fund in the UK to develop the countries mission in lowering carbon emissions. This huge sum will be targeted towards entrepreneurs to boost the development of a greener planet and create new ideas.
The £16 million fund is now open for applications and will be focusing on two main areas. The first £10 millions will be available to support the energy efficiency technologies like advanced lighting systems, building control systems, space heating and cooling technologies. Then the other £6 million will be available to power generation and energy storage technologies such as biomass boilers, fuel cells and heat pumps.
The focus of the funding is to speed up the development of low carbon technologies towards supporting jobs, helping cut carbon emissions in the UK, commercialising and creating export opportunities. The second phase of this funding will be launched early in 2013 where there will be £19 million fund available.
Energy and Climate Change Minister Greg Barker stated:
“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.”
This funding is partly aimed at small to medium sized enterprises (SMEs) but also to individual innovators and enterprises. Innovators can apply up to £1 million towards technologies and receive support from the experts pn how to publicise their products to the market. Bids will be assessed against a range of criteria including 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. A panel of investors will advise the Department of Energy and Climate Change (DECC) on the commercial potential of the bids.