Smart Transport

£40m Clean Growth Fund targets green start-ups

The Government is targeting green start-up companies across the UK by joint-funding a £40 million venture capital fund to supercharge the development of next generation clean, low-carbon technologies.

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. Potential examples of projects the fund could support include:

  • energy storage and smart grid systems to bolster resilience in the power system
  • renewable heating and ventilation technologies across homes and commercial buildings
  • bio-fuels and bio-energy systems

With £20 million government investment matched pound for pound by CCLA, one of the UK’s largest charity fund managers, the fund could reach £100 million by Autumn 2021 through private sector fundraising.

Business secretary, Alok Sharma, said: “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.”

The fund is seeking to make investments at early stage, seed or Series A rounds in exciting, innovative clean growth start-ups.

The fund will invest in businesses with a prototype product or service demonstrating a clear contribution to reducing greenhouse gases together with compelling evidence of market demand. It will be managed by Clean Growth Investment Management LLP (CGIM).

The fund is also seeking wider private sector investment and will aim to balance its portfolio across clean growth sectors. Investment parameters for the Fund focus on clean growth technologies, hardware, products and services in sectors including power generation, waste, energy networks, buildings management, industries, bioenergy and alternative fuels.

Beverley Gower Jones, managing partner of CGIM, said: “We want to hear from the very best clean technology businesses from across the UK.”

Further detail and information on the fund’s eligibility criteria and investment approach is available from CGIM’s Clean Growth Fund website.

Watch now: Connecting Policy To Solutions Virtual Conference 2021

Smart Transport Conference returned on June 8th & 9th, to facilitate pivotal discussions on the future of transport. 

The UK’s most senior public and private sector transport leaders discussed the impact of Covid-19, achieving the Government’s decarbonisation ambitions, the need for more efficient living and better health, and much more.

Keynote speakers included: 

Kwasi Kwarteng, secretary of state at the Department for Business, Energy and Industrial Strategy (BEIS), who spoke on BEIS's approach to decarbonising transport, particularly the electrification of the vehicle industry

Keith Williams, co-author of the Williams-Shapps Plan for Rail, who spoke on rail’s role in integrated transport, decarbonisation and innovation.

Rachel Maclean, parliamentary under-secretary of state at the Department for Transport, who discussed the future of transport and its pivotal role in a ‘green recovery’ from the pandemic.

 

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