The Government are now offering a total of £19 million of funding towards coming up with new methods of energy efficiency and reducing the country's carbon footprint. And if you're an entrepreneur with some new and innovative ideas in mind, they're offering a share of that money to you!
This funding is the second phase of the Energy Entrepreneurs Fund, which since autumn 2012 has allocated £16 million toward the introduction of new products in the renewables sector. Previous examples have included energy/heat storage, tidal turbine testing, a thermally-insulating window and the "Eco power shower".
Energy secretary Edward Davey has said: "We’re on the side of innovative businesses and individuals with drive, passion, ideas and entrepreneurial spirit. This funding will get ideas off the ground and into the market, create new green jobs, and help the UK get ahead in the innovation global race.
"An ambitious and driven small business sector can steer the economic recovery in the right direction. So I want to see Britain’s brightest and best SMEs sending in their applications."
The scheme will be seeking the best ideas from both the public and private sectors, aiming to assist small and medium business enterprises. Subject to the demand and quality of applications, the DECC expects to open Calls for projects every four to six months from June 2013 until the full funding has been allocated. During the application process, applicants will be expected to demonstrate a robust evidence based case for funding, that will include but not be limited to:
- the potential impact of the innovation on 2020 and/or 2050 low carbon targets or security of supply
- the technical viability of their innovation and coherent development plan that will commercially progress the innovation; value for money
- the size and nature of the business opportunity.
The deadline for the first call for applications is the 12th July. Interested applicants will need to register their contact details HERE
before the 5th July.