A new “energy catalyst” fund to support innovative UK companies develop their early stage innovations into commercial successes has been launched with news of an initial £25m funding round.
The fund will help transform UK energy technology and will help innovative businesses take advantage of the huge emerging global markets by developing world-leading solutions.
The energy catalyst is the latest in a range of sector-specific catalysts and will fund projects from early concept stage through to pre-commercial technology validation. These projects can be based upon innovation that incorporates:
- New technologies
- Enhancement of existing technologies
- Components, sub-systems or systems
- Integrated whole system approaches
- Enabling technologies for the energy system
Business and energy minister Michael Fallon said: “Britain has historically been home to some of the world’s greatest innovations and this fund will help to continue that trend in the energy sector which has real potential to create growth and jobs.”
Technology Strategy Board CEO Iain Gray commented: “The energy catalyst will support those early stage innovations with the potential to meet the challenge of providing affordable, secure and low-carbon energy.
“We’re particularly pleased to be building upon the successful catalyst model we and our partners have implemented with such success through the Biomedical and AgriTech Catalyst programmes and look forward to continuing our work to support innovative UK companies working in the energy sector.”