A pioneering new fund will enable innovative low-carbon solutions to be scaled-up at speed.
27 May 2020
The UK Government has launched a £40 million Clean Growth Fund that will ‘supercharge green start-ups’.
The government will contribute half of the initial fund pot with the investment being matched pound-for-pound by CCLA, one of the UK’s largest charity fund managers. Through private sector fund raising, the money available could reach £100 million by autumn 2021.
The Clean Growth Fund finance will be available to UK-based companies developing green technology across the power, transport, waste and energy efficiency sectors. The government said that the initative will contribute to the UK’s goal to reach Net Zero by 2050. The types of projects that can benefit from the fund include energy storage and smart grid systems along with biofuels and bioenergy systems.
Business Secretary Alok Sharma said: ‘The need for innovative and ambitious ideas across green industries has never been greater…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.’
The Clean Growth Fund is now seeking wider private investment and will aim to balance its portfolio across clean growth sectors. The Clean Growth Fund is part of the UK government’s Energy Innovation Programme.