£5m for more efficient fossil fuel tech

A £5 million fund is to be provided for projects that will boost innovation in the extraction and use of conventional fossil fuels. Up to £4 million will be available […]

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By Priyanka Shrestha

A £5 million fund is to be provided for projects that will boost innovation in the extraction and use of conventional fossil fuels.

Up to £4 million will be available for business-led, collaborative research and development projects while up to £1 million will be provided for smaller-scale feasibility studies.

“The aim is to improve efficiency, reduce cost and minimise the environmental impact of coal, natural gas and oil by encouraging technological innovation in their extraction and use”, Innovate UK said.

Chief Executive Iain Gray added: “The energy sector is already a significant contributor to the UK economy. The size of the market and the possibilities for innovation to address these challenges creates great opportunities for those businesses to develop and grow.”

The competition will open on 2nd March 2015.