A cash pot of £16m is up for grabs by entrepreneurs who can develop new ideas for low carbon.
The first phase of the Entrepreneurs Fund, part of a £35m fund announced earlier this year, is now open to applications. There is up to £10m available to support energy efficiency technologies such as building control systems, advanced lighting systems, and space heating and cooling technologies.
There is also up to £6m available for power generation and energy storage technologies including fuel cells, biomass boilers and heat pumps.
The funding is designed to speed the development of low-carbon technologies towards commercialisation, help cut carbon, support jobs and create export opportunities.
A second phase of this scheme will be launched in early 2013 when the remaining £19m will become available.
The aim of a phased approach is to help assess the demand for such funding and to test how the scheme works ‘on the ground’. Innovators will be able to bid for up to £1m to develop and demonstrate innovative technology and processes and get support from experts on how to bring their products to market. Successful bidders can then use the funding to attract additional funds from private sector investors.
Bids will be assessed against a range of criteria including the impact of the proposed technology on meeting the UK Government’s 2020 and 2050 carbon targets, commercial potential of designs, improved performance characteristics over existing technologies and products, and ability to cut the cost of installation or maintenance of existing systems.
A panel of investors will advise the Department of Energy and Climate Change on the commercial potential of the bids. Applications can be made online and must be submitted by October 31 at the latest. Successful bidders will be announced later in the year.