DECC launches innovation fund

Energy secretary Ed Davey has today pledged £35m over the next three years to encourage fledgling green technologies.

The Energy Entrepreneurs Fund is designed to provide financial support to SMEs to develop and demonstrate their ideas. They will also be able to apply for up to £1m funding from government, which can be used to leverage additional funds from private sector investors. Support will be available from experts on how to bring their products to market.

The programme is set to initially support energy efficiency technologies, for example advanced lighting, heat pumps, ventilation technologies whilst details of the application process will be available by the summer.

Said Davey: “Part of the way that we’re going to tackle climate change and get clean energy is through innovation, particularly with SMEs.

“We’re allocating a fund of thirty-five million pounds which will help innovators and entrepreneurs develop and demonstrate low carbon technologies.

“The first wave is going to be in energy efficiency in buildings, things like advanced lighting, heat pumps, ventilation technologies and so on. This is a practical way that we can make sure we get to the low carbon economy.”