An innovation network has partnered with a Chinese utility to open a new accelerator programme enabling UK tech companies working within the energy sector to expand into the Chinese market.

BGTA and Shanghai Energy (SHEnergy) are in the process of creating a joint fund which will invest £24 million into tech startups with a proven product and help them become ready for commercialisation overseas.

The organisations signed a Memorandum of Understanding to develop the Shanghai International Energy Innovation Centre (SIEIC) in July last year, focusing on energy generation technologies, environmental management and protection and smart city development.

The SIEIC will focus on encouraging collaboration between the UK and China and accelerating technologies such as cleantech, the Internet of Things, smart controls and fintech.

The BGTA says it hopes the accelerator will help SHEnergy diversify its portfolio, bringing solutions for some of the industry’s problems.