Innovation funding is available for UK companies developing new interconnected solutions for industry.
Innovation funding from the Carbon Trust will be available to projects that have the potential to reduce carbon emissions and maximise energy and/or resource efficiency through demonstration of near to market innovations.
The scheme is part of a £1 billion government fund to accelerate the commercialisation of low carbon technologies, systems and business models in power, buildings, and industry.
Companies that specialise in interconnected technologies are invited to apply for funding that is backed by The Carbon Trust and forms part of the government’s Industrial Energy Efficiency Accelerator (IEEA) that aims to speed up adoption of low carbon technologies in industry.
The IEEA aims to address technical and commercial challenges by providing tailored incubation support to SME technology developers to drive UK expertise, exports and jobs.
Innovation funding for low carbon tech
The IEEA is funded through the Net Zero Innovation Portfolio (NZIP), a £1 billion fund to accelerate the commercialisation of low carbon technologies, systems and business models in power, buildings, and industry. It is anticipated that the BEIS IEEA funding will unlock up to £10 million of additional investment from the private sector to support the demonstrations.
The current phase of the BEIS IEEA has funded 16 projects with the aim of encouraging wider industry adoption of innovations, to deliver a potential energy saving of 40.6TWh by 2031 – the equivalent to reducing 10MtCO2e cumulative carbon savings over ten years.
“As some of the biggest contributors to UK emissions, it is imperative that we support industries like ceramics, paper and steel to develop innovative technologies that will not only help us meet our climate commitments, but help them to cut costs and give them a competitive advantage,” said UK energy & climate change minister Anne-Marie Trevelyan. “Through our Industrial Energy Efficiency Accelerator programme and with the extensive experience of the Carbon Trust, industry will have the support they need to drive forward innovative projects that will help reduce emissions and increase energy efficiency.”
