support to super charge green start-ups
Central government recently launched a new £40 million Clean Growth Fund to supercharge green start-ups.
The Clean Growth Fund will support green start-up companies across the UK with venture capital, to supercharge the development of next generation clean, low-carbon technologies.
The Clean Growth Fund will contribute towards the UK’s plans to reach Net Zero by 2050 and will be accessible to UK-based companies driving green technology across the power, transport, waste, and building energy efficiency sectors. Potential 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
With £20 million of government investment matched pound for pound by CCLA, one of the UK’s largest charity fund managers, the fund could reach £100 million by Autumn 2021 through private sector fundraising.
The Fund is seeking to make investments at early stage, seed or Series A rounds in exciting, innovative clean growth start-ups. 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. It will be managed by Clean Growth Investment Management LLP (CGIM).
The Fund is now seeking wider private sector investment and will aim to balance its portfolio across clean growth sectors. Investment parameters for the Fund focus on clean growth technologies, hardware, products and services in sectors including power generation, waste, energy networks, buildings management, industries, bioenergy and alternative fuels.
For further information please visit https://www.gov.uk/government/publications/clean-growth-equity-fund