Companies developing low carbon energy projects in generation will be given the chance to bid for £5million worth of funding.
The fourth round of the government’s Energy Entrepreneurs’ Fund aims to help small and medium sized businesses bring low carbon products to the market.
Half of the money in the latest round will prioritise carbon capture and storage, the process of caricaturing millions of tonnes of C02 from power stations and industrial facilities and storing the C02 under the sea bed.
Amber Rudd, energy and climate change minister said: “As the nation that is leading the way in tackling climate change, it is important that we support small and medium sized businesses get their innovative energy projects off the ground.
“We will see the benefits in terms of increased energy security and affordable, low carbon electricity – carbon capture and storage for example could be one of the most cost effective ways to decarbonise our future energy system.”
The funding comes on top of an already allocated £35million which has enabled 70 businesses to create or support an estimated 290 jobs and stimulate £26.6million of private sector investment.
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