The Entrepreneurs Fund is part of a £35m package announced earlier this year. Up to £10m is available to support energy efficiency technologies such as building control systems, advanced lighting systems, and space heating and cooling technologies, and £6m is available for power generation and energy storage technologies, including fuel cells, biomass boilers and heat pumps.
The aim of the scheme is to speed up the development of low carbon technologies in the UK towards commercialisation.
A second phase of this scheme will be launched in early 2013 when the remaining £19m will become available.
UK Energy and Climate Change Minister Greg Barker said the scheme would “get designs off the drawing board and into our homes and businesses, helping cut carbon and spur on growth in this exciting market place”.
The aim of a phased approach is to help assess the demand for this type of funding and test how the scheme will work.
The money is aimed at, but not limited to, small and medium sized enterprises as well as individual entrepreneurs.
Innovators will be able to bid for up to £1m to develop and demonstrate technologies and processes and get support from experts on how to bring their products to market.
They can then use the funding to leverage additional funds from private sector investors.
Bids will be assessed against a range of criteria including the impact of the proposed technology on meeting the government’s 2020 and 2050 carbon targets, commercial potential of designs, improved performance characteristics over existing technologies and products, and ability to cut the cost of installation or maintenance of existing systems.
Successful bidders will be announced at the end of this year.
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