Green start-up companies across the UK will be supported by a new £40m venture capital fund to “supercharge” the development of next generation clean, low-carbon technologies.
Jointly funded by the UK Government and CCLA, one of the UK’s largest charity fund managers, the Clean Growth Fund will contribute towards the country’s plans to reach Net Zero by 2050.
It will be accessible to UK-based companies driving green technology across the power, transport, waste and building energy efficiency sectors.
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
“The need for innovative and ambitious ideas across green industries has never been greater,” said Business Secretary Alok Sharma.
“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.
Managed by Clean Growth Investment Management (CGIM), 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.