Energy companies could take part in a new competition and secure up to £150,000 in funding.

Innovate UK is offering a total of £4.25 million for early stage feasibility projects in the energy infrastructure sector.

The competition aims to accelerate the speed at which private investors get involved in high-risk, innovative projects in four main areas – smart infrastructure, energy, urban living and connected transport.

Innovate UK say the finance will give applicants greater confidence, remove the need to chase additional investment and give direct access to commercial acumen and market opportunities.

The funding is broken down into £3 million of grant funding and £1.25 million of private equity investment.

Single small and medium-sized enterprises can use the £150,000 to cover 100% of their project costs over 12 months.

Applicants will need to choose an investor partner based on their proposed area of work.

This competition opens on the 8th of May 2017 and the deadline for registration is the 28th of June 2017.