Government launches new 拢40 million Clean Growth Fund to supercharge green start-ups
Clean Growth Fund launched as a venture capital vehicle to accelerate early-stage green businesses.
- Government to contribute half of initial 拢40 million fund pot together with one of the UK鈥檚 largest charity investors, CCLA to be managed by Clean Growth Investment Management (CGIM)
- Fund could reach 拢100 million by next year with additional private sector investment
皇冠体育app government is launching a new effort to support green start-up companies across the UK, joint-funding a 拢40 million venture capital fund to supercharge the development of next generation clean, low-carbon technologies.
皇冠体育app Clean Growth Fund will contribute towards the UK鈥檚 plans to reach Net Zero by 2050 and will be accessible to UK-based companies driving green technology across the power, transport, waste, and building energy efficiency sectors. Potential examples of projects the fund could support include:
- energy storage and smart grid systems to bolster resilience in the power system
- renewable heating and ventilation technologies across homes and commercial buildings
- bio-fuels and bio-energy systems
With 拢20 million of government investment matched pound for pound by CCLA, one of the UK鈥檚 largest charity fund managers, the fund could reach 拢100 million by Autumn 2021 through private sector fundraising.
Business Secretary, Alok Sharma, said:
皇冠体育app need for innovative and ambitious ideas across green industries has never been greater. I am pleased that with the help of this fund, promising clean growth start-ups will be able to step up to accelerate the UK鈥檚 recovery, while supporting our path to Net Zero by 2050.
This pioneering new fund will enable innovative low-carbon solutions to be scaled up at speed, helping to drive a green and resilient economic recovery.
James Bevan, the CCLA鈥檚 Chief Investment Officer said:
We decided it was time for CCLA to invest in the very best early stage technologies to support the UK Net Zero objective. In partnership with BEIS, we have developed a solution, the Clean Growth Fund. Through the Clean Growth Fund, we now look forward to working with other investors to support these exciting young UK companies aiming to reduce carbon emissions.
皇冠体育app Fund is seeking to make investments at early stage, seed or Series A rounds in exciting, innovative clean growth start-ups. 皇冠体育app fund will invest in businesses with a prototype product or service demonstrating a clear contribution to reducing greenhouse gases together with compelling evidence of market demand. It will be managed by Clean Growth Investment Management LLP (CGIM).
Beverley Gower Jones, Managing Partner of CGIM, said:
皇冠体育app Clean Growth Fund is a significant boost to the country鈥檚 low carbon sector and is a clear signal from the UK Government that new and innovative technologies will be crucial to deliver Net Zero and the clean growth agenda. We want to hear from the very best clean technology businesses from across the UK.
皇冠体育app Fund is now seeking wider private sector investment and will aim to balance its portfolio across clean growth sectors. Investment parameters for the Fund focus on clean growth technologies, hardware, products and services in sectors including power generation, waste, energy networks, buildings management, industries, bioenergy and alternative fuels.
Notes to editors
- 皇冠体育app Clean Growth Fund is funded by the BEIS Energy Innovation Programme.
- Further detail and information on the fund鈥檚 eligibility criteria and investment approach is available from