The Government has earmarked an additional £10m in the third phase of its Energy Entrepreneurs Fund with the aim of bringing new and innovative energy efficient products to market.
Minister of Energy and Climate Change, Greg Barker, announced yesterday (28 January) that small and medium size enterprises operating within the energy efficiency, building technologies, power generation and energy storage sectors are invited to bid for funding of up to £2m.
Support will be given to state of the art technologies that could bring down the cost of consumer bills and reduce carbon emissions, such as ground source heat pumps, and energy from waste technologies.
In addition to funding, the winning companies will also receive advice from commercial experts on how to attract investment to bring their products to the market.
Greg Barker said: 'This investment will give SMEs a vital boost to drive forward the development of a range of innovative low carbon designs, helping cut costs and bringing new technologies to market in this sector.
'Innovation is vital for the move towards a low carbon economy and an essential part of our long term economic plan. I look forward to seeing our great entrepreneurs rising to the challenge.'
Applications are assessed by engineering and technical experts across government and industry, as well as a commercial panel of low carbon investment professionals. Bids are judged against a range of criteria including the ability to cut the cost of existing technologies, future carbon savings and commercial viability.
In the first phase of the Energy Entrepreneurs Fund, launched in September 2012, 31 companies were awarded grants worth 16m. The second phase, launched in June 2013, resulted in 20 companies receiving grant offers totalling £9m.
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