A new University project is offering Welsh businesses £8.3million of funding to develop low carbon technology.

Cardiff University’s Geoenvironmental Centre will work with businesses on the SEREN project to carry out research into geo-energy sources, such as ground source heating, burning coal underground to generate energy and carbon storage.

The European Regional Development Fund is backing the project with £4.6 million, which will be given to the project through the Welsh Assembly.

At the project’s launch in Cardiff yesterday, Deputy First Minister for the Welsh Assembly Ieuan Wyn Jones said: “At the heart of the SEREN programme is a commitment to foster a climate of innovation which will lead to more highly skilled jobs, enterprise creation and inward investment for the benefit of the whole convergence area of West Wales and the Valleys.”

Those involved believe the programme will boost Wales’ low carbon economy by creating up to 150 jobs.