The government have recently announced that they are going to be putting aside around £40 million of funding especially for small firms and entrepreneurs who are going to be innovating with clean energy ideas. This fund is being called the Energy Entrepreneurs Fund and it is specifically designed to help smaller companies who want to demonstrate and develop technologies that are low carbon-based.
The funding was announced by Ed Davey, the Climate Change Secretary as part of a two-day summit which is going to be talking about how to bring clean energy to the UK and especially to London. This funding forms part of an overall funding amount of £200 million which is going to be given by the Department of energy and climate.
Most of the money from the fund is going to be spent on developing more efficient solutions for buildings. This will include the development of improved ventilation technologies, heat pumps and more efficient lighting.
The £20 million figure is the maximum amount that is going to be given to small businesses and this funding is going to start becoming available in the summer. It is expected that the government are going to give an additional £15 million later, assuming that this first part of the project goes well.
Small businesses are going to be able to apply for funding and are going to be entitled to £1 million each. The government has also announced that they are going to be launching a competition that is going to encourage people to develop heat storage technology.