SMEs offered £10m for innovative energy saving technology

Small and medium sized companies (SMEs) were today invited to bid for a share of £10 million for innovative gadgets that can help cut consumer bills. They can apply for […]

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By Priyanka Shrestha

Small and medium sized companies (SMEs) were today invited to bid for a share of £10 million for innovative gadgets that can help cut consumer bills.

They can apply for up to £2 million each under the Government’s Energy Entrepreneurs Fund.

It aims to support energy efficient technologies such as building control systems, advanced lighting systems and space heating and cooling technologies.

The fund also covers power generation and energy storage technologies including fuel cells, biomass boilers and heat pumps.

Bids will be judged on a range of criteria, including whether they cut the cost of existing technologies, future carbon savings and commercial viability.

Winning firms will also get advice from experts on how to attract investment to bring their products to market.

Energy and Climate Change Minister Greg Barker said: “This investment will give SMEs a vital boost to drive forward the development of a range of innovative low carbon designs, helping cut costs and bringing new technologies to market in this sector. Innovation is vital for the move towards a low carbon economy and an essential part of our long term economic plan.”