Investment accelerates green innovation
2021 saw a huge trend in investment into sustainable businesses, reflecting a transition towards a greener economy. In December 2021, the UK Government announced it would be investing over £116 million to accelerate green innovation.
Five of the companies set to receive a tranche of this funding are from the Sustainable Ventures ecosystem; Guru Systems, Powervault, Sunswap, Verv and Airex. Each company was successful in the BEIS Energy Entrepreneur Fund (EEF) 8, and will receive grants to develop and demonstrate new technologies in the fields of energy efficiency, power generation, heat generation and energy storage.
The government initially announced a £19 million fund. However, due to the quality and variety of applicants, 58 companies will now receive a share of £30 million. It’s great to see the public sector supporting businesses within the sustainability sector to advance their technologies and scale - and we’re proud that members of the SV ecosystem are a part of it. This is a monumental step in the right direction; for the UK, in establishing itself as a leader for green innovation, and also for the world, as we strive to keep global warming below 2°C.
