£14m fund for new energy technology
A £14 million fund to help businesses develop new products and technologies to reduce carbon emissions and improve energy security has been announced by Secretary of State for Business, Innovation and Skills, Vince Cable.
The move is aimed at encouraging companies to invest in technologies that will meet future energy needs in a more environmentally friendly way, while at the same time boosting economic growth.
In a separate competition, Innovate UK are making £5 million available to increase research and development and fund feasibility studies to reduce the environmental impact of extracting and using fossil fuels.
£1 million is being made available specifically for feasibility studies led by small businesses.
Vince Cable explains: “The Energy Catalyst, which is run by experts at Innovate UK, will give support to early stage ideas all the way through to prototype demonstrators. Any business which has developed a cutting edge product can apply for funding to help bring their product to market.”