Government to invest £116m in green innovation

The Government is funding new green technologies including carbon capture and hydrogen with over £116m as part of the UK’s green industrial revolution.

Businesses developing technologies new to the UK will now be able to bid for a share of £64m in funding supporting projects that will capture carbon emissions and remove greenhouse gases from the atmosphere – through the Direct Air Capture and Greenhouse Gas Removal programme.

£30 million in funding is available to SMEs to develop a wide range of new decarbonisation and energy saving technologies. Under the latest round of funding from the Government’s Energy Entrepreneurs Fund, 58 small and medium-sized enterprises (SMEs) will receive grants to develop and demonstrate new technologies across the areas of energy efficiency, power generation, heat generation and energy storage.

It was previously announced that £11m would be made available for this phase of the Energy Entrepreneurs Fund, but due to the large number of exceptional high-quality applications that were made, the government is offering an additional £19m, bringing the total funding for this round to £30 million.

An additional £22.8m is being made available to provide SMEs with support services to accelerate their green innovations. A consortium of expert organisations, led by the Carbon Trust, will ensure the SMEs funded through the government’s Net Zero Innovation Portfolio receive the best business development advice for their innovative technology. This will enable companies to make the most of funding provided to them by the Net Zero Innovation Portfolio, enabling them to commercialise at speed and scale.

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