A new £450 million fund has been opened to unlock greener ways to travel and to heat and power homes. Its aim is to help keep bills as low as possible and keep the UK on target for net zero greenhouse gas emissions by 2050. This is good timing given the current prices of the energy market!
The fund is approved by Ofgem and will be managed in partnership with Innovate UK. Innovate UK is the UK’s innovation agency. Its purpose is to drive productivity and economic growth by supporting businesses. It realises and develops new businesses. With Ofgem involved it will protect consumers and also help for a greener future.
The £450m will become available over the next 5 years. It is planned to help network companies, system operators, the world’s leading businesses and researchers with their big ideas to accelerate the transition to an emission free energy system. Hoping to also put the UK as a world leader in energy innovation.
The first round of funding is for strategic challenges that need addressing, as follows:-
• Whole System Integration;
• Data & Digitalisation;
Some examples of the projects could be:-
• Clean heating solutions e.g. heat pumps to UK homes.
• New technologies for flexible energy solutions e.g. battery storage technology to store electricity more effectively (this in turn brings down bills and emissions).
The scheme is looking for big, bold and ambitious ideas. There are very talented people out there with these and this funding is what is needed for them to come forward. The UK is up there with the world leaders for entrepreneurial talent and innovators. The time is right now!