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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.
