Government launches £40m Clean Growth Fund
The government has launched a £40m Clean Growth Fund to support green start-up businesses.
It will provide early stage, seed or series-A funding for UK-based firms focused on green technology across several sectors, including building management.
The businesses will need to have a prototype product or service demonstrating a clear contribution to reducing greenhouse gases together with compelling evidence of market demand.
The government has launched a £40m Clean Growth Fund to support green start-up businesses.
It will provide early stage, seed or series-A funding for UK-based firms focused on green technology across several sectors, including building management.
The businesses will need to have a prototype product or service demonstrating a clear contribution to reducing greenhouse gases together with compelling evidence of market demand.
The government is contributing £20m to the fund, with charity fund manager CCLA investing the other half. It will be managed by Clean Growth Investment Management and is now also seeking wider private sector investment.
The government said potential examples of projects that could secure funding could include renewable heating and ventilation technologies for homes and commercial buildings
Business secretary Alok Sharma said: “The need for innovative and ambitious ideas across green industries has never been greater. I am pleased that 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.”
James Bevan, chief investment officer at the CCLA, added: “We decided it was time for CCLA to invest in the very best early-stage technologies to support the UK net zero objective.
“Through the Clean Growth Fund, we now look forward to working with other investors to support these exciting young UK companies aiming to reduce carbon emissions.”
To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
