Businesses with new ideas for energy distribution could get their hands on a new £29.2million pot from an EU-funded business centre.

The Energy Innovation Centre, which is backed by the European Regional Development Fund, says five of the UK’s leading electricity distribution companies will pick where the investment goes, including ScottishPower Energy Networks and UK Power Networks.

Denise Massey, Director of the Energy Innovation Centre said they were looking for products that will help manage demand and encourage more efficient use of energy in the home and workplace.

She said: “This is an opportunity for the UK to further develop the way energy is distributed whether this is a new or early stage idea or an existing technology from another industry which will improve the energy supply process.”