A £40 million Clean Growth Fund has been launched by the Government and the CCLA to provide funds for green start-ups.
The fund made up of joint contributions from the treasury and the CCLA, one of the UK's largest charity fund managers, hopes to accelerate the development of next-generation clean technologies.
It will be available to UK-based companies developing green solutions across the power, transport, waste, and building energy efficiency sectors. Examples of eligible projects include smart grid systems, energy storage, biofuel development and clean heating and ventilation technologies.
By Autumn 2021, the Government have predicted that the fund could total as much as £100 million through private sector fundraising contributions.
Business Secretary, Alok Sharma, commented: ''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.''
