Tuesday, 26 July 2016
Last updated 1 hour ago
Oct 20 2009 | 11:32am ET
The Carbon Trust has announced that it will inject up to £18 million in additional funding into the UK clean energy sector, providing a much needed ‘shot in the arm’ for cleantech start-ups and Britain’s move to a low carbon economy. The additional money has been provided by the Department of Energy and Climate Change.
The new funding represents more than a quarter of the UK’s entire VC clean energy investment last year, which stood at £66.5 million, the lowest level in over five years. The Carbon Trust plans to invest the new funds over the next 12-18 months.
According to The Carbon Trust, the UK is currently developing a range of exciting technologies, including renewable energy sources such as fuel cells, photovoltaics, marine and wind power, as well as new forms of energy efficiency and demand management such as smart grid technology. In offshore wind and wave technologies, Carbon Trust analysis has found that the UK could generate up to £70 billion for the economy and almost 250,000 jobs by 2050.
Investment will focus on companies that offer prospects of a strong commercial return and, in particular, on those technologies where the UK has natural strength and potential to become a global leader.
“This cash injection will help safeguard the new generation of promising renewable technologies,” said Ed Miliband, secretary of state for energy and climate change. “Supporting green start-up companies with this capital means innovative ideas for low carbon energy will be able to make it out of the lab and into the future energy mix.”
The new funding comes hot on the heels of two significant new Carbon Trust investments. Separate investments into Plaxica, an Imperial College spin-out developing next generation biopolymers, and smart-grid management technology provider, RLtec, were made last week to enable further development of technologies which could play a significant role in reducing future carbon emissions.