Government targets green start-ups with £40mn Clean Growth Fund

The government is looking to accelerate early-stage green businesses with the launch of a £40mn investment fund.

The Clean Growth Fund, launched on 21 May, will be joint funded with the government contributing half of the initial £40mn funding pot alongside CCLA. It will look to “supercharge” the development of next generation clean, low-carbon technologies and will support UK-based companies pioneering carbon emission reductions across the power, transport, waste, and building energy efficiency sectors. Private sector fundraising could see the fund reach £100mn by autumn 2021.

Projects that the fund could support include energy storage and smart grid systems that boost power system resilience, renewable heating and ventilation technologies across homes and commercial buildings, as well as biofuels and bioenergy systems.