Venture Capital: A New $620M Innovation Fund Wants Britain To Become The “Silicon Valley Of Energy”

https://dailyalts.com/wp-content/uploads/2021/08/power-grid-1587984_640.jpg

The UK’s £450 million (US$620 million) energy innovation fund is looking for “big, bold, and ambitious” ideas.

In a move aimed to decarbonize the UK’s energy networks, Ofgem, the country’s energy system regulator, and Innovate UK are inviting applications for a £450 million (US$620 million) energy innovation fund in the areas of heating, transport, digitalization, and system integration. (FT)

The UK will host the UN’s COP26 climate summit later this year and is committed to cutting emissions to net-zero by 2050. It has already converted a significant part of its power generation to renewables such as onshore and offshore wind and resorted to energy imports to replace coal-based energy generated at home.

Ideas for funding

“What we need, more than ever, to reduce greenhouse gas emissions and reach net zero, is innovation,” said Jonathan Brearley, Ofgem’s chief executive. “The strategic innovation fund means cutting-edge ideas and new technologies become a reality, helping us find greener ways to travel and to heat and power Britain at low cost.

Ofgem said it was looking for ideas that are big, bold, and ambitious with the potential to scale across the networks upon completion.

In a bid to counter the “intermittency” of renewable energy sources such as wind and solar, Ofgem is also looking for innovative projects in battery storage technology.

Projects should aim for collaborations by network companies across transmission, distribution, system operation, gas, and electricity, Ofgem said. Accordingly, companies and universities should partner with the gas and electricity network and system operators and form consortiums that can then apply competitively for funding.

The fund is open for five years but can be extended for “strong plans.”

“The Strategic Innovation Fund will ensure the best projects and most talented minds have the grants available to reduce carbon emissions and enable bill payers to see the benefits of building back greener,” said energy minister Lord Callanan.

Related Story:  Form Energy Scores $240M For Its Revolutionary Iron-Air Battery

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2022/08/10_sound_box_2.0_payment_terminal_storage_optimization-2-800x500-1.jpg
FinTech: India’s PayTM Gets Heat From Proxy Advisory Firm
August 12, 2022     FinTech, News

Proxy advisory firm Institutional Investor Advisory Services India Ltd. (IiAS) has issued a note ahead of PayTM’s (NSE: PAYTM) annual shareholders’ meeting on August 19 calling for the replacement of…

https://dailyalts.com/wp-content/uploads/2022/08/planet-g69e0d7747_640.jpg
Venture Capital: Lockheed’s Venture Arm To Boost Investment In Space Startups
August 12, 2022     News, Venture Capital

Lockheed Martin (NYSE: LMT) and its venture finance arm Lockheed Martin Ventures plans to boost the latter’s investment outlay from $200 million to $400 million.

https://dailyalts.com/wp-content/uploads/2022/08/picpay-lover.jpg
Digital Assets: Brazilian Fintech PicPay Launches Crypto Exchange With Paxos

PicPay, the well-known Brazilian payment app, has got its shoe in the crypto door in partnership with Paxos, a leading regulated blockchain infrastructure company. Picpay is opening crypto trading services…

https://dailyalts.com/wp-content/uploads/2022/08/one-braham-logo-2.jpg
FinTech: Telecom Behemoth BT Adds Barclaycard Payments To Partnership Network For Micro-Businesses
August 12, 2022     FinTech, News

BT (LON: BT.A), the telecom major, announced that Barclaycard Payments had joined its partnership network seeking to help the growth of UK microbusinesses. BT customers with 0-5 employees would get…