In a government press release it has been announced that further financial backing will be on offer for businesses developing technologies that drive ‘green innovation’.
This new funding follows a number of similar projects the government has announced in the last year. It will also be one of the biggest investments, with a share ‘over £116m’ available to companies, SMEs and entrepreneurs all over the country that are ‘developing new green technologies to reduce carbon emissions and utility bills and remove greenhouse gases from the atmosphere’.
With this new pledge, the government also claims that the amount of funding now given out to smaller businesses and individuals working in these areas will have almost trebled. The government states that this is in ‘recognition of exceptionally high quality applications’ that have been seen from such schemes so far.
Businesses can bid for funding now
The money itself will be split, with certain amounts available for businesses that are developing specific green technologies.
For businesses developing new green technologies which will ‘capture carbon emissions and remove greenhouse gases from the atmosphere’, there’s an allocated £64m, which they can bid for a share of right now. This falls under the government’s 'Direct Air Capture and Greenhouse Gas Removal' programme.
In addition, UK entrepreneurs that are specifically developing new ‘decarbonisation and energy saving technologies’, can now bid for a separate share of £30m. The government will also put more money into its ‘Energy Entrepreneurs Fund’ which will see over 50 SMEs that are working on new tech ‘across the areas of energy efficiency, power generation, heat generation and energy storage’ receiving grants.
A couple of examples of this include:
- Smart Ventilation - will receive £524,626 to develop ‘Think.Air’, a low energy, residential ventilation system, that will use AI to improve the performance and functionality of home heating control systems.
- Bramble Energy - will receive £994,050 to further develop their hydrogen fuel cell technology, to replace diesel engines in boats, potentially saving 50,000 tonnes of CO2 a year.
The benefits on offer from these projects
Speaking about the new funding, Energy and Climate Change Minister, Greg Hands, championed the potential benefits it could bring to UK households and businesses alike:
"This £116 million government investment will support businesses across the nation to turn their green ideas into reality, and to develop ground-breaking projects that save energy, slash utility bills and tackle pollution.
"British businesses and entrepreneurs are already leading the world with innovative solutions to tackling climate change. This is not only good for the planet, but will bring new jobs and investment across the UK."
With all the above, we will hopefully start to see this possibly cutting-edge technology in operation sooner rather than later. The prospect of reduced energy bills in particular will be especially welcome for UK homes and businesses, with the fact we’re seeing record high gas and electric prices during the current energy crisis. This is of course made worse by the fact that doing an energy comparison to switch suppliers isn’t an option right now – as even the best energy deals from the country’s best energy suppliers can’t beat Ofgem’s most recent price cap.
How to cut your energy bills right now
While we will have to wait to feel the impact of this ‘green innovation’ investment, if you are struggling with your energy bills, you can try the following now:
- Checking your eligibility for the Winter Fuel Payment
- Applying for the Warm Home Discount scheme
- Reducing your energy use with our top tips
- Only using your heating as and when you need it
- Avoiding leaving your appliances on standby
- Getting in touch with your supplier to arrange a new payment plan
