The government is launching a £40 million (€44 million) scheme to support green start-up companies across the UK.
The Clean Growth Fund will contribute towards the UK’s plans to reach Net Zero by 2050 and will be accessible to UK-based companies driving green technology across the power, transport, waste and building energy efficiency sectors.
Examples of projects the fund aims to support include those from biofuels and bioenergy companies
With £20 million (€22 million) of government investment matched pound for pound by CCLA, one of the UK’s largest charity fund managers, the fund could reach £100 million (€111 million) by the autumn next year through private sector fundraising.
Business Secretary Alok Sharma said: “The need for innovative and ambitious ideas across green industries has never been greater.
“I am pleased that with the help of this fund, promising clean growth start-ups will be able to step up to accelerate the UK’s recovery, while supporting our path to Net Zero by 2050.
“This pioneering new fund will enable innovative low-carbon solutions to be scaled up at speed, helping to drive a green and resilient economic recovery.”
James Bevan, the CCLA’s chief investment officer, added: “We decided it was time for CCLA to invest in the very best early stage technologies to support the UK Net Zero objective.
“In partnership with BEIS, we have developed a solution, the Clean Growth Fund. Through the Clean Growth Fund, we now look forward to working with other investors to support these exciting young UK companies aiming to reduce carbon emissions.”
Beverley Gower Jones, managing partner of CGIM, commented: “The Clean Growth Fund is a significant boost to the country’s low carbon sector and is a clear signal from the UK Government that new and innovative technologies will be crucial to deliver Net Zero and the clean growth agenda.
“We want to hear from the very best clean technology businesses from across the UK.”
The Fund is now seeking wider private sector investment and will aim to balance its portfolio across clean growth sectors.
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