The phrase “game-changer” can sometimes feel overused in a sector where innovation underpins everything.
But the ETZ Supply Chain Pathway and Challenge Fund is just that – a transformational and innovative initiative enabling companies across Aberdeen City, Aberdeenshire and Moray to be part of the energy transition whilst removing some of the risk of exploring new low carbon markets.
There is no doubt that our region’s energy supply chain has a wealth of engineering capability, strength and expertise which can be transferred directly to low carbon technologies.
But, perhaps not surprisingly, supply chain businesses can lack confidence given market uncertainties or find it difficult to see where their product or service might fit – which is what led to the recent creation of the Challenge Fund, developed with funding from the Scottish Government’s Just Transition Fund and its incorporation into the package of support ETZ Ltd offers to companies.
Created to help companies identify their role and deliver their vision for the future, the Challenge Fund follows on from a highly successful pilot project at the end of last year in which ETZ Ltd supported 11 companies with just under £1m in funding.
The potential impact of the pilot is considerable; the programme will create new jobs, safeguard existing jobs, increase company turnover and decarbonise emissions in some cases.
And this week, that support has grown, based on the success of the pilot, with a further pot of over £2m now available.
By providing 50 per cent match-funding to SMEs – 15 per cent to larger companies – of between £50k and £250k, the Pathway and Challenge Fund exists not only to take some of the risk out of making such a pivotal change to business strategies, it also gives companies confidence by providing advice and support when it comes to attracting that very first low carbon customer.
It is that vital support throughout the transition journey upon which ETZ Ltd is focused and for which we are already becoming widely known.
Just last month, we secured funding support from BP and Scottish Enterprise to create Scotland’s first Energy Incubator and Scale Up Hub, a £6.5 million 3000sqm facility to support supply chain expansion, as the focal point of the Innovation Campus, one of five specialist campuses being developed across the Energy Transition Zone which will become the largest dedicated energy transition complex in Scotland.
Creating environments where ideas and concepts can flourish, adapt and can be delivered effectively is what ETZ Ltd is striving to achieve and the Challenge Fund plays a critical part. It is important therefore that every company which applies to the fund receives the best advice and support throughout the application process to ensure a positive outcome. We want them to give the very best account of what makes their business an attractive proposition as part of the transition.
ETZ Ltd initially launched the fund as a pilot so that it could be modified, tweaked and finessed where needed but we have also learned that it is essential for each company to be treated individually. Each has different needs and objectives, so our support needs to be flexible to meet these demands. We are continuously looking to improve our offer and have commissioned an external independent review of our programmes to highlight the challenges and barriers companies
face when implementing and delivering on energy transition strategies. Any recommendations will be taken forward and adjustments to our programmes made if necessary.
But throughout, what lies at its core are the products and services, the challenges and barriers that those companies face and how important ETZ Ltd’s programmes are to them in creating the momentum to secure jobs and growth as part of a managed and just transition.
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